BTC Update! Bears seeing follow through...
Welcome back everyone! Hope everyone enjoyed the Holiday! I know I did with minimal going on in the crypto markets until today.
Last chart I discussed continuing to remain cash since my last profit taking up in $3900's as I did not believe the low at the time of $3775 was enough for consolidation on daily chart and we would see lower.
We bounced around sideways and did break lower but nothing significant and finally today we saw the supports start caving and stop losses trigger. This gave for a nice spike in bear volume and the big red candle with a flush down from mid $3700's to $3600 fairly quickly. We are again flagging out sideways now and will see if this is just a bear flag before dropping another leg down or not. $3567 is the new low to hold and personally would love that to be our higher low on daily. I'm comfortable there playing bullish but thus far we are seeing a weak bounce off which makes me cautious. I'll continue to maintain patience as there is just absolutely no rush for a position at this time personally.
Daily chart has us under EMAs and 4 hour chart has use rejecting from EMAs which previously served as nice support and now have become resistance.
$3437 is the next support level below todays low of $3567, 4 hour RSI is back towards oversold but that can get pretty extreme so would not place much emphasis on it.
We (meaning those playing bullish only) are back to fighting the trend. We were in a nice uptrend on 4 hour with higher lows and higher highs but since then we are back to lower highs and lower lows. It is very risky to take on bullish positions when you are battling the trend so pick spots wisely, recognize those stop levels and stay patient. I last took my profits in $3900's six days ago and have zero issue sitting on cash since then.
Just My 2 Sats!
Last chart I discussed continuing to remain cash since my last profit taking up in $3900's as I did not believe the low at the time of $3775 was enough for consolidation on daily chart and we would see lower.
We bounced around sideways and did break lower but nothing significant and finally today we saw the supports start caving and stop losses trigger. This gave for a nice spike in bear volume and the big red candle with a flush down from mid $3700's to $3600 fairly quickly. We are again flagging out sideways now and will see if this is just a bear flag before dropping another leg down or not. $3567 is the new low to hold and personally would love that to be our higher low on daily. I'm comfortable there playing bullish but thus far we are seeing a weak bounce off which makes me cautious. I'll continue to maintain patience as there is just absolutely no rush for a position at this time personally.
Daily chart has us under EMAs and 4 hour chart has use rejecting from EMAs which previously served as nice support and now have become resistance.
$3437 is the next support level below todays low of $3567, 4 hour RSI is back towards oversold but that can get pretty extreme so would not place much emphasis on it.
We (meaning those playing bullish only) are back to fighting the trend. We were in a nice uptrend on 4 hour with higher lows and higher highs but since then we are back to lower highs and lower lows. It is very risky to take on bullish positions when you are battling the trend so pick spots wisely, recognize those stop levels and stay patient. I last took my profits in $3900's six days ago and have zero issue sitting on cash since then.
Just My 2 Sats!
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