Bitcoin formed another tightening pattern on the daily chart and it broke bullish, today. However there is some concern because there seems to be no continuation after we broke $8100 and in fact Bitcoin is currently trading under that level at $8084. It is still a positive result for Bitcoin but it does show some possible weakness, we will find out more tomorrow since the bulls can still come back and push the price above $8100.
The RSI remains down at around 50 points and we are currently trading above the 12 and 26 day EMA’s. The 4 hour chart is in a clear uptrend right now and we are way above the EMA’s and a possible bull flag seems to be forming. The weekly chart at this point shows the bottom of the pullback to be at $7444 but it’s a bit too soon to be certain. The weekly uptrend is still intact though, we would have to break the support at $4861 to change the trend, bulls are pretty safe right now.
A lot of analysts are confident that Bitcoin is set for a bull run due to the upcoming halving which always ends up playing a very important role.
— Plan₿ (@100trillionUSD) June 11, 2019
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