BTC Update! Consolidation comes but are bears too strong?
Last chart from 2 days ago I posted the expectation of consolidation being likely. I had scaled out of 50% of my position and was waiting to scale out more if we saw another leg up. BTC gave that small leg up and everything else followed. I was in LTC which did not reach higher highs but gave enough of a push to exit a bit more. I was then stopped out of my remaining LTC position over night and am perfectly fine with that as the bears followed through well below my stop level. So personally I am back to full cash and turned a very nice profit on the swing trade of about 2.5 weeks.
So now what for BTC? Consolidation has started and the overall uptrend was lost last night. BTC topped out at $5488 so overall an extremely strong push. As stated last chart BTC had established many levels of support with the most critical in my opinion being down at $4778. BTC has come down to $4967 today so nothing of concerning for price levels. Bear volume was fairly decent and BTC playing a bounce here and will then seek to hold $4967 as the low and prevent bears from dropping towards the more critical levels. I will wait for hourly charts to start changing their trends and re-establish higher highs and higher lows on the smaller time frames before seeking to re-enter any positions personally. If bears drop to lower lows, I personally am not too interested in catching a falling knife unless its close to our lower support levels and I can use those levels as appropriate stops. So back to a patient game of waiting for me to see how things play out and watching volumes as well as pattern shifts on smaller time frames to re-gain higher highs and higher lows.
So now what for BTC? Consolidation has started and the overall uptrend was lost last night. BTC topped out at $5488 so overall an extremely strong push. As stated last chart BTC had established many levels of support with the most critical in my opinion being down at $4778. BTC has come down to $4967 today so nothing of concerning for price levels. Bear volume was fairly decent and BTC playing a bounce here and will then seek to hold $4967 as the low and prevent bears from dropping towards the more critical levels. I will wait for hourly charts to start changing their trends and re-establish higher highs and higher lows on the smaller time frames before seeking to re-enter any positions personally. If bears drop to lower lows, I personally am not too interested in catching a falling knife unless its close to our lower support levels and I can use those levels as appropriate stops. So back to a patient game of waiting for me to see how things play out and watching volumes as well as pattern shifts on smaller time frames to re-gain higher highs and higher lows.
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