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  • Bitcoin is trading over 2.5% higher on Wednesday as general crypto sentiment remains mixed.
  • The bulls have tried to attack the highs but may have just fallen short once again.

BTC/USD 4-hour chart

Bitcoin has been steadily climbing as the market heads into the halving event next week. The price moved higher once again but failed to test or break the previous wave high of 9,478.66. The level is still there for the bulls to attack again but if this is to be it in terms of the charge support levels will come back into focus. If the 8,500.00 level gets taken out then that would create a lower high lower low wave formation. 

The indicators are looking bearish too. The relative strength index indicator is showing a distinct lack of momentum. The price waves are very close to being equal and the RSI wave is much lower. The volume is also showing there is not nearly as much interest in the move higher than when the price moved up in the previous move to 9,478.66. This suggests there could be a move lower but in the cryptosphere the market could turn at the drop of a hat so be aware. 

Bitcoin bulls vs bears

Additional levels