BTC Update! Bulls tiring out or gearing up for the next push up?
Bulls continue to remain in full control to this point. I'm putting up two charts here. Anyone who has followed me for a while knows I utilize the same two EMA's on virtually every chart I post. The 12 and 26 EMAs. These remain my main support and/or resistance EMAs and for good reason in my opinion. We have our 4 hour chart which continues to ride our 12 EMA for support and I am patiently waiting to see if the bulls lose this support. We have seen a weekend with some decent upper wicks indicating profits are being taken and as expected from a chart or two ago, we have seen some decent dip buying from the bulls as indicated with the lower wicks on our 4 hour chart. Bull volume has slowed down here so I am a bit cautious and currently not in a BTC position. I had scaled into some alts over weekend and have exited some profits already and am prepared to exit remainder if we see a leg down today just to protect profits.
Our daily chart remains well above our 12 EMA and we had this hold support since May 1st until a decent pullback where it served as our resistance for several days and then became essentially our entry point for this most recent bull move from 8k. I continue to wait for this 12 EMA to either catch up with price action or price action to come down to meet the 12 EMA and re-confirm it is in fact support. This would be extremely healthy for the bulls and would allow bulls to establish a support. As stated last chart, we have a lack of support since our way up (green horizontal lines on my charts). We had a brief pullback around $8900 but as stated last chart, our strong support is down at the $7400-7700 range. A re-test to the 12 EMA and then a push back up would allow for another support level to establish. Remember, BTC often gives us stairs up and elevators down (elevator down being the big red candles that come extremely quickly). So stay cautious. Protect profits. Utilize stops (stops are based on trading/investment styles). One can use any time frame of higher lows for example whether it be 4 hour, daily, monthly, etc. Bottom line, figure out your style and stick with a game plan to limit risk and protect/lock up profits along bull runs.
I will be seeking to scale out remainder of alt trades today or early this week and then will patiently wait for the next setup for a trade.
Just My 2 Sats!
Our daily chart remains well above our 12 EMA and we had this hold support since May 1st until a decent pullback where it served as our resistance for several days and then became essentially our entry point for this most recent bull move from 8k. I continue to wait for this 12 EMA to either catch up with price action or price action to come down to meet the 12 EMA and re-confirm it is in fact support. This would be extremely healthy for the bulls and would allow bulls to establish a support. As stated last chart, we have a lack of support since our way up (green horizontal lines on my charts). We had a brief pullback around $8900 but as stated last chart, our strong support is down at the $7400-7700 range. A re-test to the 12 EMA and then a push back up would allow for another support level to establish. Remember, BTC often gives us stairs up and elevators down (elevator down being the big red candles that come extremely quickly). So stay cautious. Protect profits. Utilize stops (stops are based on trading/investment styles). One can use any time frame of higher lows for example whether it be 4 hour, daily, monthly, etc. Bottom line, figure out your style and stick with a game plan to limit risk and protect/lock up profits along bull runs.
I will be seeking to scale out remainder of alt trades today or early this week and then will patiently wait for the next setup for a trade.
Just My 2 Sats!
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