BTC Update! Choppiness makes for tough trading
Been away from here for about a week. Last chart we had watched BTC lose it uptrend with the loss of our higher lows which led to me personally getting stopped out and locking up profits from last trade in the mid 10.5's.
We were sitting at about this same level back on last chart posting on 8/21 and I was patiently waiting for another leg down to begin scaling in and being able to use the $9,470 as a stop loss. We got that next leg down shortly after and sent us under 10k and into the 9700s. This allowed me to fill about 50% of my buys and currently I have already taken my profits for some small gains since then. We've had quite a bit of choppiness which had me really not interested in holding a position and risking a quick stop out on some volatility.
I am watching our 12 and 26 EMAs on both the 4 hour and daily chart.
4 hour chart posted here and bulls have pushed price action above the EMAs a couple of times but on both re-tests back down to the EMAs where they ideally would find support, they failed. Daily chart had same issue on its only attempt this past week to get above its EMAs. So we currently sit below the EMAs and are receiving some resistance. BTC overall in some pretty shaky trading environments and that choppiness just makes it tough to feel confident on any trade setup. I am comfortable in cash currently. Markets in general pretty shaky lately so sometimes the best position to play is the sidelines in these situations. We don't always need to be in a trade and if we miss a bull move, there will always be another to come.
So for now, I am patiently waiting, even zooming out at weekly chart which has given some lower highs and lower lows since our end of June high. If the lower lows continue on weekly chart, I'd be eyeing the lower $8,000's potentially as the next lower low. Bulls to change that trend need to find a weekly higher low compared to $9,071 and I am not confident $9,470 is it due the poor follow through on the bounce and general choppiness.
Sorry for long post and a bit scattered on thoughts but just not a ton to do in this type of trading environment.
Just My 2 Sats!
We were sitting at about this same level back on last chart posting on 8/21 and I was patiently waiting for another leg down to begin scaling in and being able to use the $9,470 as a stop loss. We got that next leg down shortly after and sent us under 10k and into the 9700s. This allowed me to fill about 50% of my buys and currently I have already taken my profits for some small gains since then. We've had quite a bit of choppiness which had me really not interested in holding a position and risking a quick stop out on some volatility.
I am watching our 12 and 26 EMAs on both the 4 hour and daily chart.
4 hour chart posted here and bulls have pushed price action above the EMAs a couple of times but on both re-tests back down to the EMAs where they ideally would find support, they failed. Daily chart had same issue on its only attempt this past week to get above its EMAs. So we currently sit below the EMAs and are receiving some resistance. BTC overall in some pretty shaky trading environments and that choppiness just makes it tough to feel confident on any trade setup. I am comfortable in cash currently. Markets in general pretty shaky lately so sometimes the best position to play is the sidelines in these situations. We don't always need to be in a trade and if we miss a bull move, there will always be another to come.
So for now, I am patiently waiting, even zooming out at weekly chart which has given some lower highs and lower lows since our end of June high. If the lower lows continue on weekly chart, I'd be eyeing the lower $8,000's potentially as the next lower low. Bulls to change that trend need to find a weekly higher low compared to $9,071 and I am not confident $9,470 is it due the poor follow through on the bounce and general choppiness.
Sorry for long post and a bit scattered on thoughts but just not a ton to do in this type of trading environment.
Just My 2 Sats!
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