BTC Update! Bears remain in control - what I watch for
Good morning crypto traders!
Last chart I discussed using $6441 as my personal stop loss based on it being the most recent Higher Low on the 4 hour chart. Once bulls lost the Higher Highs, I was expecting the bulls to then give way to the bears and let them take a Lower Low. This is where my Stop Loss triggers and locks in my profits from the trade and I happily sit back in cash to watch the trend change play out and see how long the bears will control it.
On this chart, I decided to do more education of how I analyze a chart.
Starting left to right. I placed the green arrows to show our initial uptrend from $6202. We went up, then formed a higher low and then a higher high and continued this pattern until we topped out at $6540. To this point bulls still feel fine as higher lows and higher highs are in tact. They dropped to $6441 for the higher low but then failed to make the higher high after that and then fell to a lower low. Here is the trend change from higher highs and higher lows to lower highs and lower lows. Traders have stops in place to protect capital and lock in profits after the initial uptrend.
Other bearish signs include the EMAs crossing over as well as an uptick in bear volume.
As stated last chart, I was happy sitting in cash unless the bulls were going to show a change from lower highs and lower lows back to higher highs and higher lows.
Bulls made a slight attempt in getting a higher high (all be it by $10) but when consolidating back down, they failed to give a higher low and we saw the spike in bear volume and a push down to this recent low at $6253.
So currently our support is $6253 and then $6202 which was our bottom from when the initial last bull move started at.
Resistance at $6384 for the bulls to re-attempt a higher high. EMAs acting as pretty strong resistance on this move as well so an easy spot for bears to pile in for short positions as EMAs get approached.
So again, remaining all cash and waiting for the trend to change back to the bulls favor. Remember, nothing goes straight up or straight down. There are trades you can make even bullish trades in an overall bearish market that we've seen for nearly a year now.
Just My 2 Sats!
Last chart I discussed using $6441 as my personal stop loss based on it being the most recent Higher Low on the 4 hour chart. Once bulls lost the Higher Highs, I was expecting the bulls to then give way to the bears and let them take a Lower Low. This is where my Stop Loss triggers and locks in my profits from the trade and I happily sit back in cash to watch the trend change play out and see how long the bears will control it.
On this chart, I decided to do more education of how I analyze a chart.
Starting left to right. I placed the green arrows to show our initial uptrend from $6202. We went up, then formed a higher low and then a higher high and continued this pattern until we topped out at $6540. To this point bulls still feel fine as higher lows and higher highs are in tact. They dropped to $6441 for the higher low but then failed to make the higher high after that and then fell to a lower low. Here is the trend change from higher highs and higher lows to lower highs and lower lows. Traders have stops in place to protect capital and lock in profits after the initial uptrend.
Other bearish signs include the EMAs crossing over as well as an uptick in bear volume.
As stated last chart, I was happy sitting in cash unless the bulls were going to show a change from lower highs and lower lows back to higher highs and higher lows.
Bulls made a slight attempt in getting a higher high (all be it by $10) but when consolidating back down, they failed to give a higher low and we saw the spike in bear volume and a push down to this recent low at $6253.
So currently our support is $6253 and then $6202 which was our bottom from when the initial last bull move started at.
Resistance at $6384 for the bulls to re-attempt a higher high. EMAs acting as pretty strong resistance on this move as well so an easy spot for bears to pile in for short positions as EMAs get approached.
So again, remaining all cash and waiting for the trend to change back to the bulls favor. Remember, nothing goes straight up or straight down. There are trades you can make even bullish trades in an overall bearish market that we've seen for nearly a year now.
Just My 2 Sats!
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