BTC Update! Got the break expected. Got the lower high expected
Quick Sunday evening update on BTC.
Two charts ago we were watching the break down and were looking for where the short term bottom would be and it fell in at $3869. We were then expecting in order for the bulls to try and regain control they will need to form a lower high compared to $4298 and then get a higher low and then the higher high.
This is all in process of still playing out now. Bulls formed the lower high at $4277 and are now pulling back and need a higher low here. Heavy bear volume on this hourly candle has me cautious the bulls will be able to pull this off and is keeping me cash still.
Friday evenings post was more on looking at the short term trade. Of bears would enter on a break of $3869 as we had double bottomed there already for support and bulls would enter on a break of $4020 as we had double topped there already. The bulls won the battle and provided anyone trading with a nice 4% move in 2 hours on nice bull volume and eventually another 2.5% gain from there until it hit our lower high. I personally stayed away from charts and trading for the weekend but was a pretty easy and low risk trade for anyone just setting a stop buy for the entry and then setting your sells somewhere in anticipation of the lower high compared to $4298.
So now that the week is back, I'll wait and see if bulls are going to hold for a higher low or if bears can maintain control of 4 hour chart with their lower highs and lower lows.
Just My 2 Sats!
Two charts ago we were watching the break down and were looking for where the short term bottom would be and it fell in at $3869. We were then expecting in order for the bulls to try and regain control they will need to form a lower high compared to $4298 and then get a higher low and then the higher high.
This is all in process of still playing out now. Bulls formed the lower high at $4277 and are now pulling back and need a higher low here. Heavy bear volume on this hourly candle has me cautious the bulls will be able to pull this off and is keeping me cash still.
Friday evenings post was more on looking at the short term trade. Of bears would enter on a break of $3869 as we had double bottomed there already for support and bulls would enter on a break of $4020 as we had double topped there already. The bulls won the battle and provided anyone trading with a nice 4% move in 2 hours on nice bull volume and eventually another 2.5% gain from there until it hit our lower high. I personally stayed away from charts and trading for the weekend but was a pretty easy and low risk trade for anyone just setting a stop buy for the entry and then setting your sells somewhere in anticipation of the lower high compared to $4298.
So now that the week is back, I'll wait and see if bulls are going to hold for a higher low or if bears can maintain control of 4 hour chart with their lower highs and lower lows.
Just My 2 Sats!
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