Bitcoin Price Action Update

Bitcoin consolidation is underway on the 4hr time frame as the bulls try to hold the support of the 12 period exponential moving average. We are expecting an inside bar today and the direction of the break will likely determine whether or not we see further consolidation on the daily time frame. Ideally, the bulls would like to keep the 12 and 26 period EMA's as support on the 4hr time frame. The last 4hr higher low level of support is at $10,280. Bears will be looking to enter on a 4hr lower high if not already in a position.