Not much to update from a few days ago. We continue to battle within the $11,100 and $9000 range. This is essentially a weekly bar we are within and with this weeks candlestick about to close in a few hours, thought I'd update a weekly chart.
Bears may seek to push price down and get a bearish weekly inside bar close and hope for continuation with the new weekly candlestick that will start tonight. Bulls will desperately seek to defend this low $9k area but they have their work cut out to get back up towards those $11k's. Besides a personal long position, I am currently all cash and patiently waiting for bears to dump price for a potential oversold bounce play or bulls to shift trends with some higher lows and higher highs. Hourly chart for bulls was trying desperately to make a climb but not much follow through. This has me thinking bearish with potential for bear flag on 4-6 hour time frames and a flush below $9k coming soon. Certainly does not have to occur but as a trader, I am leaning bearish which has my trading capital locked up in cash until some clearer opportunities present themselves.
Just My 2 Sats!
Bears may seek to push price down and get a bearish weekly inside bar close and hope for continuation with the new weekly candlestick that will start tonight. Bulls will desperately seek to defend this low $9k area but they have their work cut out to get back up towards those $11k's. Besides a personal long position, I am currently all cash and patiently waiting for bears to dump price for a potential oversold bounce play or bulls to shift trends with some higher lows and higher highs. Hourly chart for bulls was trying desperately to make a climb but not much follow through. This has me thinking bearish with potential for bear flag on 4-6 hour time frames and a flush below $9k coming soon. Certainly does not have to occur but as a trader, I am leaning bearish which has my trading capital locked up in cash until some clearer opportunities present themselves.
Just My 2 Sats!
