BTC Another 4H Failure for Bulls
We must remain critical of bulls as they have most time frame trends against them, and yet again they have failed to change the 4H trend on a bounce attempt. 2 rejections in a row from 12H EMA12 resistance that has been rejecting the price for weeks.
We have to see a turn around this morning or we will expect to just continue to fade back into the mid $6,000s. I still have half of my position that filled and I will be giving the bulls a little more wiggle room because the position is small at this point but I will cut back to all cash today if this keeps up.
RSI has cooled off on the daily and all time frames to potentially allow for another leg down into this weekend. Odds favor another daily inside bar today, as a very similar setup is playing out to what we had 3 days ago on the last 4H bounce attempt and failure to change the trend.
Back to the drawing board for a game plan if I stop out! I would then be interested around the $6,000 level depending on what RSI levels were on different time frames if and when we got there.
We have to see a turn around this morning or we will expect to just continue to fade back into the mid $6,000s. I still have half of my position that filled and I will be giving the bulls a little more wiggle room because the position is small at this point but I will cut back to all cash today if this keeps up.
RSI has cooled off on the daily and all time frames to potentially allow for another leg down into this weekend. Odds favor another daily inside bar today, as a very similar setup is playing out to what we had 3 days ago on the last 4H bounce attempt and failure to change the trend.
Back to the drawing board for a game plan if I stop out! I would then be interested around the $6,000 level depending on what RSI levels were on different time frames if and when we got there.
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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.