So, we got the correction as expected. BTC was rising way too quickly to maintain, and this correction is what we needed to continue higher.
This drop is allowing RSI to cool off, but keep the uptrend intact. We have not broken to a lower low on the 4-hour chart. As of right now we are looking to set a higher low for either continuation or an equilibrium.
I have a feeling that this will make for a nice equilibrium setup, which makes for an easy emotion-free play when it breaks.
I've also added the .618-.786 fib retracement channel, as it has historically shown great support during bull markets. As of now, you can see that drops to this level are quickly being bought up by the bulls.
This is a great sign, and we have nothing to worry about so long as the uptrend stays intact.
Red flags would be a drop below the fib retracement channel and drops below the supports that I've labeled under that channel.
This drop is allowing RSI to cool off, but keep the uptrend intact. We have not broken to a lower low on the 4-hour chart. As of right now we are looking to set a higher low for either continuation or an equilibrium.
I have a feeling that this will make for a nice equilibrium setup, which makes for an easy emotion-free play when it breaks.
I've also added the .618-.786 fib retracement channel, as it has historically shown great support during bull markets. As of now, you can see that drops to this level are quickly being bought up by the bulls.
This is a great sign, and we have nothing to worry about so long as the uptrend stays intact.
Red flags would be a drop below the fib retracement channel and drops below the supports that I've labeled under that channel.
