BTC had a bear break to lower lows confirming another bear flag but with 4 hour RSI in the low 20s, bulls bought the dip for a solid bounce.
We are looking for a daily higher low and equilibrium to form, and with a higher low and higher high on the 4 hour, we will be confident it has been set.
The current consolidation on the 4 hour is a potential bull flag, but we are still rejecting from EMA 12 on the 4 hour.
The momentum has shifted a bit as last night was the first sign of bulls we have seen in 3 days.
The possibility of a daily inverse head and shoulders bullish reversal pattern is still alive but bulls have a lot of work to do over the next week to try and see it follow through.
Tight stop losses for bulls are using the low of consolidation.
I would be a bit patient as a bear to see how the daily chart shapes up today.
We are looking for a daily higher low and equilibrium to form, and with a higher low and higher high on the 4 hour, we will be confident it has been set.
The current consolidation on the 4 hour is a potential bull flag, but we are still rejecting from EMA 12 on the 4 hour.
The momentum has shifted a bit as last night was the first sign of bulls we have seen in 3 days.
The possibility of a daily inverse head and shoulders bullish reversal pattern is still alive but bulls have a lot of work to do over the next week to try and see it follow through.
Tight stop losses for bulls are using the low of consolidation.
I would be a bit patient as a bear to see how the daily chart shapes up today.
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