BTC Update! Will 11k hold or are bears about to drop price again
We had the bear break on the equilibrium we'd been watching which kept me personally in all cash position and anyone who shorts would have been able to take a nice short trade opportunity on the break. Thus far bulls have been able to defend $11k psychological level with our bottom of this drop at $11,088. From there we watch for a lower high to be set and then our trade radars get turned back on.
We potentially have the lower high as of yesterday at $11,585 and will watch this range today.
Bulls will need a higher low compared to $11,088 which we just touched $11,235 and then a higher high compared to $11,585 to begin shifting trend. Bears will be seeking a drop below $11,088 either here or could take $11,235 and then set a lower high compared to $11,585 and then drop back to lower lows from there (essentially a mini equilibrium). Overall a pretty tight range to watch. If bulls can shift trend here and get a higher high, I'd be more interested in starting to shift back towards bullish trades. If bears drop price below $11k, will be back to watching oversold bounces for trade entries.
We also have seen our 12 and 26 EMAs cross bearish for first time on 4 hour chart since July 22nd. Will watch these EMAs as potential resistance. The daily chart is currently using these EMAs as potential support so a break on 4 hour bullish or break on daily bearish with the EMAs is also worth watching.
Just My 2 Sats!
We potentially have the lower high as of yesterday at $11,585 and will watch this range today.
Bulls will need a higher low compared to $11,088 which we just touched $11,235 and then a higher high compared to $11,585 to begin shifting trend. Bears will be seeking a drop below $11,088 either here or could take $11,235 and then set a lower high compared to $11,585 and then drop back to lower lows from there (essentially a mini equilibrium). Overall a pretty tight range to watch. If bulls can shift trend here and get a higher high, I'd be more interested in starting to shift back towards bullish trades. If bears drop price below $11k, will be back to watching oversold bounces for trade entries.
We also have seen our 12 and 26 EMAs cross bearish for first time on 4 hour chart since July 22nd. Will watch these EMAs as potential resistance. The daily chart is currently using these EMAs as potential support so a break on 4 hour bullish or break on daily bearish with the EMAs is also worth watching.
Just My 2 Sats!
