The weekly time frame may have shown recent bullish action but it is far from breaking the previous downtrend, let alone entering an uptrend. The question now is if the bulls can hold up the fort at the 8500 region because if not, we may be in for a nose dive.
I'm leaning more bearish than bullish although I'm waiting for a break of the bear flag before considering entering a trade. Find out all about it in today's bitcoin price analysis!
Weekly Time Frame
- We need to break 10,500 to overcome the downtrend
- We need to create a higher lower and a higher high to confirm an uptrend
- High volume for 7 green weeks in a row gives bulls hope
Daily Time Frame
- Bulls are only just managing to hold up the daily uptrend
- Bulls need more volume to convince the market they mean business
Hourly Time Frame
- Bulls walking a tight rope on the support of the bear flag
- Shorting opportunity if we break out of the bear flag
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