Summary:
Bitcoin price has been at this crucial range for the past few days. Bears Vs Bulls, Both trying to get the control over the trendline and use it for their advantage. Bears were successfully to push the price below the trendline and keep it there for 1 day yesterday.
If look at the 4 hr chart lot of candles since yesterday have closed below the trendline. The prices is making a breakout to upside of the trendline as i am typing out this post.
The reason i think bulls have better chance of winning the trendline is because of the positive divergence on MACD. MACD is making higher highs while price is making lower lows, I think the last 2 days price down was just a trap by bulls to flush out all the seller before a massive move up. There are less chance of bears flag pattern target to be hit, but i will still keep it on my charts until we see higher highs on the price.
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Disclaimer:
I am not a financial advisor, nor the information posted in this article is a financial advice. The information in this article is my personal opinion and is not recommended to make any investment transactions based on it. I do not take any responsibility for the investments made based on my analysis.
