BTC Bulls Burden of Proof
The amount we have pulled back from the initial bounce forming the daily higher low is a bit of a red flag for bulls.
We are seeing a lack of follow through and no confirmed 4 hour trend change on many names.
If we do not see a solid bullish Friday and weekend, we will be looking back to the recent lows of support, followed by the low of consolidation support.
I personally am tightening up and will be back to all cash if we continue to see fading and bear control today.
Lots of focus on everyone looking for Alt season.
I think this is absolutely a good idea as alt coins will likely bounce and gain on BTC,
but as I shared in a recent tweet I do not think it will be a sector wide thing, and I do not think we will ever see 2017 alt mania again, based on experience in other hype markets with stocks.
We are seeing a lack of follow through and no confirmed 4 hour trend change on many names.
If we do not see a solid bullish Friday and weekend, we will be looking back to the recent lows of support, followed by the low of consolidation support.
I personally am tightening up and will be back to all cash if we continue to see fading and bear control today.
Lots of focus on everyone looking for Alt season.
I think this is absolutely a good idea as alt coins will likely bounce and gain on BTC,
but as I shared in a recent tweet I do not think it will be a sector wide thing, and I do not think we will ever see 2017 alt mania again, based on experience in other hype markets with stocks.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Checkout our full trading resources online chartguys.com
Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social
Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.