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Bitcoin - Bears in Control of Momentum in the Short-term

Bitcoin has been consolidating and will likely continue to at least in the coming week. 

BTC/USD 4H Chart

  • In the 4H above, we can see that price found support around $13,000, although there was a tail that extended down to about $10,000.
  • Then there has been a couple of bullish attempts that failed to clear $16,500 and failed to stay above $16,000.
  • These are signs that bears are still in charge at least in the short-term.
  • Furthermore, the RSI in the 4H chart held under 60, which reflects maintenance of the bearish momentum.
  • If we have another correction swing, we should anticipate a bearish outlook to 10K, but we should anticipate buyers there.

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