BTC Update! Recognizing support & resistance levels!
Good evening everyone! We had about 48 hours of nothing occurring since last update.
Two charts ago we were watching to see which side caved with the 3 supports in $6400's and 3 resistances in $6600's. The bears won that battle and sent us down to $6399 which is when I entered some positions, using $6320 as my stop loss based on the next support level. We then saw a rally up where again, we knew we had 3 resistance spots of $6610, 6640, and 6642. This has me taking some profit in the upper $6500's just to lock the profit in and recognizing potential resistance spots. We topped out at $6603.
Last chart I discussed just having patience with the remainder of my position and if bulls could not break the resistances, I'd be watching for a 4 hour higher low to be formed and this would then become an updated stop loss area just to protect profits. Bulls established that at $6511 on the consolidation. And finally after literally no movement up or down for a while, we saw the bulls try and make their move. They rallied straight to, you guessed it, resistance. $6641 is where this move topped out. I personally left my position in tact as was not at a computer to move from SL to profit taking but do not believe I would have exited anyways. At this time, I'll ride the stop losses to protect profits and wait to see if the bulls can prove themselves and get above the resistance spot now at $6641 and $6642. So we essentially have a triple top including $6640 from before.
Ok, so am I bullish or bearish? Overall I am neutral because the weekly remains in an equilibrium pattern. So let's weigh some positives and negatives of current market. Positive, bulls got above the high from 2 days ago at $6603. Negative, they still could not beat the 3 resistance zones, getting ahead of $6610 and rejecting hard with the triple top. Negative - the upper wick on the candle screams profit taking just as it did before. I'll keep a few stop losses loose personally just to avoid the market makers fishing for those stops as this market continues to be easily moved with thin order books. Market is in a bit of a channel currently as well so I am keeping a close watch on that. While I'll happily stop out if higher lows are lost and protect my profit, I'd then be watching the channel to re-enter positions and use the channel as a SL if needed. Lots of ways to play this market but overall its currently a market I am not dedicating a ton of time to as the moves have been small so a couple of checks on the chart each day just to see where things are and if I need to adjust stops or alerts.
Just My 2 Sats!
Two charts ago we were watching to see which side caved with the 3 supports in $6400's and 3 resistances in $6600's. The bears won that battle and sent us down to $6399 which is when I entered some positions, using $6320 as my stop loss based on the next support level. We then saw a rally up where again, we knew we had 3 resistance spots of $6610, 6640, and 6642. This has me taking some profit in the upper $6500's just to lock the profit in and recognizing potential resistance spots. We topped out at $6603.
Last chart I discussed just having patience with the remainder of my position and if bulls could not break the resistances, I'd be watching for a 4 hour higher low to be formed and this would then become an updated stop loss area just to protect profits. Bulls established that at $6511 on the consolidation. And finally after literally no movement up or down for a while, we saw the bulls try and make their move. They rallied straight to, you guessed it, resistance. $6641 is where this move topped out. I personally left my position in tact as was not at a computer to move from SL to profit taking but do not believe I would have exited anyways. At this time, I'll ride the stop losses to protect profits and wait to see if the bulls can prove themselves and get above the resistance spot now at $6641 and $6642. So we essentially have a triple top including $6640 from before.
Ok, so am I bullish or bearish? Overall I am neutral because the weekly remains in an equilibrium pattern. So let's weigh some positives and negatives of current market. Positive, bulls got above the high from 2 days ago at $6603. Negative, they still could not beat the 3 resistance zones, getting ahead of $6610 and rejecting hard with the triple top. Negative - the upper wick on the candle screams profit taking just as it did before. I'll keep a few stop losses loose personally just to avoid the market makers fishing for those stops as this market continues to be easily moved with thin order books. Market is in a bit of a channel currently as well so I am keeping a close watch on that. While I'll happily stop out if higher lows are lost and protect my profit, I'd then be watching the channel to re-enter positions and use the channel as a SL if needed. Lots of ways to play this market but overall its currently a market I am not dedicating a ton of time to as the moves have been small so a couple of checks on the chart each day just to see where things are and if I need to adjust stops or alerts.
Just My 2 Sats!
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