Bitcoin continues bullish on the 4H timeframe and we have some positive signals coming out of the most recent swing and shakeout.
” The action went below 0.618 but is back above this level.
” The higher low did not reach 0.786 Fib. retracement support, which is a signal of strength.
” Trading volume continues to rise and as the action happens above $100,000, this signal works in favor of the bulls.
Short-term, Bitcoin continues green with the bulls in full control of the chart. When in doubt, zoom out; Crypto is going up.
This is obviously a consolidation pattern because we have higher lows but also lower highs. The revealing signal of course comes from the altcoins, look at Bitcoin Cash and you can get a good example.
The market will resolve bullish once the consolidation ends.
I say this based on market data and the charts.
If you agree leave a comment.
Thank you for reading.
Namaste.
