BTC Update! 11k fails and down comes Bitcoin!
Sorry, meant to get a post yesterday but didn't get around to it. Last couple of charts we've been bearish simply due to equilibrium having the initial bear break and then last chart discussing BTC desperately trying to defend 11k. Eventually that was lost and in some pretty dramatic fashion, BTC started tumbling. Personally I had said I would be looking to scale in for an oversold bounce trade and this is what I did. I layered in entries and filled about 80% of my position and did enter remainder today on some consolidation earlier. Overall I was comfortable with scaling in based on 4 hour charts RSI being oversold and it did get a bit more extended than I would have liked. My entries under 10k, I will begin scaling out just to lock up some profits and lower my cost basis for break even on remainder of position. Ideally would love to see a bounce to at least $10,500 and ideally closer to $10,900. If bulls can pull this off its just a lower high but then gives some breathing room for bulls to form a higher low compared to our low of $9470 on this drop. Bulls would then seek to shift trend back in their favor with a higher low and then shoot for the higher high compared to wherever we top out today or this weekend for our initial lower high.
So a fair amount of work for the bulls but we got the significant pullback we really wanted and now have a low to watch ($9450) and will patiently see where the bulls set their lower high (ideal to me would be $10.5-10.9k by this weekend). If bulls fail to get much higher on this bounce today and do start trending towards new lows, it will be some tougher decisions on stop losses due to the pretty extended nature already on 4 hour chart. This is primary reason I seek to lock up some profits here shortly just to free up cash as well in case another leg down does occur. Otherwise would seek to refill that on any consolidation after our lower high is set.
Just My 2 Sats!
So a fair amount of work for the bulls but we got the significant pullback we really wanted and now have a low to watch ($9450) and will patiently see where the bulls set their lower high (ideal to me would be $10.5-10.9k by this weekend). If bulls fail to get much higher on this bounce today and do start trending towards new lows, it will be some tougher decisions on stop losses due to the pretty extended nature already on 4 hour chart. This is primary reason I seek to lock up some profits here shortly just to free up cash as well in case another leg down does occur. Otherwise would seek to refill that on any consolidation after our lower high is set.
Just My 2 Sats!
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