BTC bulls have done a great job holding up after the breakout over $7,000 but it may be time for healthy consolidation.
We established a 4 hour higher low and then rejected from continuation with almost a double top and a big upper wick.
If we lose the 4 hour higher low we can still see healthy daily consolidation, and we are watching daily EMA support catching up.
Volume is solid for the bulls and low on consolidation which is what the bulls want to see.
As long as the daily uptrend holds, the bulls keep control and we are likely to see another daily higher low form if we do lose the 4 hour uptrend.
Bears have a clear top fishing resistance to use now and bulls likely want to remain a bit picky as the weekly lower high may be set soon.
We established a 4 hour higher low and then rejected from continuation with almost a double top and a big upper wick.
If we lose the 4 hour higher low we can still see healthy daily consolidation, and we are watching daily EMA support catching up.
Volume is solid for the bulls and low on consolidation which is what the bulls want to see.
As long as the daily uptrend holds, the bulls keep control and we are likely to see another daily higher low form if we do lose the 4 hour uptrend.
Bears have a clear top fishing resistance to use now and bulls likely want to remain a bit picky as the weekly lower high may be set soon.
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