Bitcoin’s Massive Accumulation Phase Shows Where Price is Headed

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Bitcoin’s Massive Accumulation Phase Shows Where Price is Headed




Bitcoin has continued with its daily equilibrium pattern but had a strong bullish day yesterday going from $9,110 to $9,625. Currently, Bitcoin is under consolidation from yesterday’s move but the bulls are comfortable.

The daily 12-EMA will serve as support as the bulls are looking to set a higher low compared to $8,642. This clear tightening pattern is now in favor of the bulls as bullish volume has been increasing.

The short-term is in favor of the bulls but the long-term outlook also looks great. The weekly chart has formed a bull flag and the monthly chart has been in favor of the bulls for the past 3 months.

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