Bitcoin has a double top and the bulls need to prove themselves if they are to turn around the daily chart. The 4 hour tightening pattern that we have been watching has broken bullish. However, the bulls have not been able to push through the resistance zone of the double top and the resistance of the 12 period EMA on the daily chart. The bears are still in control on the daily chart until this EMA resistance can be broken.
On the 4 hour chart the 12 and 26 exponential moving averages have crossed bullish and the bulls now have the advantage of riding them as support on that time frame. Another 4 hour higher low would be the ideal scenario for the bulls before making another attempt at breaking through the resistance of the double top. Bears will be looking to short with top fishing plays at resistance levels.
4 Hour Chart:
