BTC Update! Bears giving the slow drag down!
Sorry, been away a couple days but BTC not a ton of change other than I did get stopped out of my last trade. Last chart I was seeking to exit some of my position for small profits after entering based on EMA support. We got the bounce to allow me to scale out a small portion and just lower my cost basis and thus lower my stop loss to break even on the trade. That was triggered later on so no harm done personally for my trade. We have seen a slow grind by the bears with some consistent lower highs and lower lows on the 4 hour chart with bulls slowly trying to shift this trend as I write this up.
On our daily chart here, we have lost 12 EMA support and will now see if 12 EMA serves as resistance. We have a very wide trading range on this daily until the bottom of the pullback is found. Currently our low is $9651 which is about a 30% pullback from the top. Would love for that to hold as our low and bulls to shift the 4 hour chart to a higher low and higher high today or tomorrow. This would have me personally back interested in a trade. If the bulls fail and continue to drop to lower lows then we are in danger of losing support at the $8900 level and from there we'd be looking at 8k psychological support and what I consider our strongest nearby support of $7400-7700. Ideally bulls find a low here above $8900 and shift the trend back upwards but with our peak up just under
14K, I would expect a fair amount of time to trade within the range or our high and our low once its found.
Just My 2 Sats!
On our daily chart here, we have lost 12 EMA support and will now see if 12 EMA serves as resistance. We have a very wide trading range on this daily until the bottom of the pullback is found. Currently our low is $9651 which is about a 30% pullback from the top. Would love for that to hold as our low and bulls to shift the 4 hour chart to a higher low and higher high today or tomorrow. This would have me personally back interested in a trade. If the bulls fail and continue to drop to lower lows then we are in danger of losing support at the $8900 level and from there we'd be looking at 8k psychological support and what I consider our strongest nearby support of $7400-7700. Ideally bulls find a low here above $8900 and shift the trend back upwards but with our peak up just under
14K, I would expect a fair amount of time to trade within the range or our high and our low once its found. Just My 2 Sats!
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