The five-day unbeaten run bitcoin experienced a few weeks ago. This nullified the short-term bears, as it was the longest in a month. Despite 5 days of bullish action bitcoin short of goal.
A bullish resurgence, however, requires a reduced high of $10,956 to be exceeded.
The likelihood of moving over $10,956 has weakened; if prices dropped below the top on the hourly graph at $10,286, which they now have done, it could result in a deeper fall of four figures.
Reports of the MACD histogram depicts bear conditions. Other indices, as discussed earlier this month, are also embracing the bearish trend.
Despite 5 days of bullish action bitcoin short of goal. The five-day streak was the longest since the start of August. Back then from July 30 to August 5, BTC rose over the seven consecutive days.
15 August is the day BTC chartered a rapid recovery from $9,467 to rates above $10,000.
However, if prices discover acceptance below the increasing trendline and plunge below $10,286 (horizontal line of assistance), the bullish situation would collapse.
This would bring the attention back to the bearish indicators of the weekly chart and could lead to a deeper dip to prices below $10,000.