BTC Weak Oversold Bounce, Need Hourly Continuation
BTC is seeing a weak bounce with the hourly rejecting from EMA resistance and the 4 hour RSI still in the mid 20s.
Bulls have to form an hourly higher low and see a break through the top of this bounce for continuation.
I scaled into two positions last night, 1st avg. $7,550 then I set sell orders upper 7500 to mid 7600 follow by more buy orders in case we break $7,500. I was comfortable doing this due to hourly and 4 hour RSI at the time.
This leaves me with 25% of the position left and an average under $7,500 so I am comfortably patient.
If we see another leg down I will look to add more, for the inevitable 4 hour bounce.
We will anticipate a 4 hour lower high set once the bounce gets follow through.
Bulls have to form an hourly higher low and see a break through the top of this bounce for continuation.
I scaled into two positions last night, 1st avg. $7,550 then I set sell orders upper 7500 to mid 7600 follow by more buy orders in case we break $7,500. I was comfortable doing this due to hourly and 4 hour RSI at the time.
This leaves me with 25% of the position left and an average under $7,500 so I am comfortably patient.
If we see another leg down I will look to add more, for the inevitable 4 hour bounce.
We will anticipate a 4 hour lower high set once the bounce gets follow through.
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