Last chart we were dropping to lower lows again. Bulls stopped the bleeding at least temporarily at $3129 and we saw a pretty uneventful weekend. Early this morning the bulls began to show up.
Bulls got ahead of both 12 and 26 EMA on 4 hour chart but thus far have been unable to break $3486. Looking out at the daily chart we are rejecting off 12 EMA currently.
Short chart really under minimal pressure thus far and I believe in order to see these shorts get squeezed, the bulls need to break above $3486 (perhaps to somewhere in the 3500's) and then pull back briefly for a higher low and then break out again and into the 3600s+ for shorts to truly feel any pressure and create the squeeze to give a good size run up.
LTC has shown much better strength yesterday and today compared to BTC so lets see if BTC can do the same. I won't hold my breath on it and this could simply just be the bears giving some space to let the bulls set a lower high before bears load back up on short positions and try to drive BTC back to lower lows.
Just My 2 Sats!
