Last chart we were watching to see if bulls could get their continuation from the small bull break they had. Bulls had topped out at $3766 and was watching for continuation either yesterday or today or would the bears step in? Unfortunately for anyone bullish, the bears stepped in this morning and once again it was another elevator down.
I had been in an LTC position which fortunately was a stronger bull move and had even tried to make its continuation move before BTC got slapped down so I did get stopped out, about a 6% move for my trade which I am happy with.
So now what?
I am using both 4 hour as usual as well as a daily chart today just to show the lack of support on daily. This last move by the bulls was a fairly weak lower high (prior high we were watching was up at $4115). The low bulls wanted to hold here was $3481 and we double bottomed this morning within 53 cents. I personally do not expect this double bottom to hold and underneath that is a lack of support again until our low down at $3129. Not a place I'd care to try and catch a falling knife so likely remaining cash for myself to wait and see a change in trend again at least on the hourly with higher highs and higher lows. Overall just a tough market for those only seeking bullish entries and will certainly test your patience. I've made a handful of small trades in the past 2 months and overall for the past year its just been a lack of trading opportunities for bulls in this environment. Lets see if the bulls can defend this double bottom today and get a bounce back up or if the bears strike again in hopes of driving this back towards $3k.
Just My 2 Sats!
