BTC Update! Are bulls about to take a break?
Wow, what an incredible 6-7 days or so for this swing trade. Those in positions have been very happy and I continue to say, Alts are NOT the place to be. I've said it multiple times over last several weeks. Alt/BTC pairings for 99% of them are just getting destroyed. USD value may be increasing on many but only because BTC is running up the price but people would much rather be in BTC than alts and enjoying much greater % gains. Ok, on to the charts.
Last chart I spoke of the 4 hour uptrend and that was my personal guide for following stop losses up. The trend continues to remain in tact and we've added a few more higher lows since last chart. Last night we laid our support at $11,565 for a higher low after rejecting from just under 12k. Still perfectly healthy as that higher low was significantly above the one below of $10,770. And then overnight/early morning the bulls made their push for
12K and got to $12,320.
This is where things became interesting. A big bearish volume push came in and dumped price back down to $11,598. This is a higher low still so bulls haven't taken a break yet but it is also the first red flag in my opinion. Increased bearish volume and essentially a double bottom attempt bulls want to hold here. 4 Hour 12 EMA is also serving as a guide and is extremely close to this higher low range currently. A solid bullish bounce here would keep our 12 EMA rising but a loss of the 12 EMA will likely also coincide with a low of the 4 hour higher lows. I have personally tightened up my stop losses yet again and really couldn't argue against anyone choosing to scale out on a bounce up back towards12K here. Bears gave a significant pullback in a short period and bulls need to defend otherwise will risk our first red day in over a week.
Just My 2 Sats!
Last chart I spoke of the 4 hour uptrend and that was my personal guide for following stop losses up. The trend continues to remain in tact and we've added a few more higher lows since last chart. Last night we laid our support at $11,565 for a higher low after rejecting from just under 12k. Still perfectly healthy as that higher low was significantly above the one below of $10,770. And then overnight/early morning the bulls made their push for
12K and got to $12,320.This is where things became interesting. A big bearish volume push came in and dumped price back down to $11,598. This is a higher low still so bulls haven't taken a break yet but it is also the first red flag in my opinion. Increased bearish volume and essentially a double bottom attempt bulls want to hold here. 4 Hour 12 EMA is also serving as a guide and is extremely close to this higher low range currently. A solid bullish bounce here would keep our 12 EMA rising but a loss of the 12 EMA will likely also coincide with a low of the 4 hour higher lows. I have personally tightened up my stop losses yet again and really couldn't argue against anyone choosing to scale out on a bounce up back towards
12K here. Bears gave a significant pullback in a short period and bulls need to defend otherwise will risk our first red day in over a week. Just My 2 Sats!
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