BTC Update! Bears in control. Bulls desperately needing a bounce
Sorry for lack of updates over the weekend. Last chart I was watching as our 12 EMA failed, 26 EMA held support and offered a short term bounce. My concern was a rejection at the 12 EMA off the bounce and then seeing the 26 EMA failing. Also of concern was seeing the 12 and 26 EMAs move towards crossing.
So how it actually played out was the bulls saw a decent bounce off 26 EMA and temporarily had cleared 12 EMA which did have me starting to consider exiting a portion but I opted to just move my SL to approximately where 26 EMA would be lining up if we moved back down towards it. I did get stopped out at about 11k average from my BTC position and am currently seeking to reload. 4 hour is oversold on RSI and and daily came within 3% of our next support level which is at $9651. But thus far bulls haven't shown much of a turn around from todays low of $9901. EMAs are getting closer and closer as we are stuck in this bearish move and once again, we have not seen those cross since February!
We have a few resistances ahead now and those are quite a bit above us so I am expecting any bounce to likely just give us another lower high compared to our resistance (red lines). In order for the bulls to reverse trend, likely would need the bounce for a lower high, then a higher low and then higher high.
Bears currently very comfortable here and current supports (green lines) of $9651 and then $8919 (9k psychological) and with what I've been saying for weeks now, our strongest support down at $7400-7700. I will not be surprised if we do re-test this area for support but ideally want to see bulls get the trend reversing before then.
Just My 2 Sats!
So how it actually played out was the bulls saw a decent bounce off 26 EMA and temporarily had cleared 12 EMA which did have me starting to consider exiting a portion but I opted to just move my SL to approximately where 26 EMA would be lining up if we moved back down towards it. I did get stopped out at about 11k average from my BTC position and am currently seeking to reload. 4 hour is oversold on RSI and and daily came within 3% of our next support level which is at $9651. But thus far bulls haven't shown much of a turn around from todays low of $9901. EMAs are getting closer and closer as we are stuck in this bearish move and once again, we have not seen those cross since February!
We have a few resistances ahead now and those are quite a bit above us so I am expecting any bounce to likely just give us another lower high compared to our resistance (red lines). In order for the bulls to reverse trend, likely would need the bounce for a lower high, then a higher low and then higher high.
Bears currently very comfortable here and current supports (green lines) of $9651 and then $8919 (9k psychological) and with what I've been saying for weeks now, our strongest support down at $7400-7700. I will not be surprised if we do re-test this area for support but ideally want to see bulls get the trend reversing before then.
Just My 2 Sats!
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