- BTC/USD is trading around $11,000 without any major changes.
- The daily bull flag is the most important pattern to follow in the short-term.
After its initial breakout, Bitcoin has continued to trade above $10,000 and closed above $11,000 on July 29. Trading volume is slowly decreasing and EMAs are catching up with the current price.
BTC/USD daily chart
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Bitcoin price hasn’t changed much while investors figure out what’s the next move for Bitcoin. According to statistics from BitMEX, there are 86% long positions vs 13% short positions. Longs are worth $350 million in Bitcoin while shorts are only $55 million. This disparity is even higher for ETH which has around 94% in longs.
BTC/USD 4-hour chart
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For the most part, the 4-hour chart has been sideways with Bitcoin losing the 12-EMA briefly. The 26-EMA will be a crucial support level to defend.
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