Since Google hangouts is still down for me (super big ugh) I am posting this 1hr chart as an update for my followers. I am not in a trade at the moment and have little interest in taking a new position based on current trade location and size of my account. Having said that, there are those out there that do want/need to trade and so with that in mind, here are my thoughts.
As was previously mentioned, BTC has regained some of its of late and price swings of greater than 10% in either direction shouldn't be unexpected. We did indeed bottom off the OTE long sweet spot tag mentioned in yesterday's post and that rally was substantial. So much so, that it broke the existing price pattern and has put the bear back into his box for the time being. However that rally also built in some divergences that need to be cleaned up before any new rally highs can be seen. Indeed, Willy got a little 'stupid' and the buying registered a divergence too. Interestingly, we do have the big FBI auction coming up shortly and I see that as we head into that event many of the higher time frame over-bought /oversold conditions have been resolved....maybe a little consolidation is needed before we get our next move in earnest.
So at the moment, consolidation targets '1st stop' (38.2) and OTE (long) zones ought to represent reloading zones should the bull want to press forward. Once into the OTE (short) zone I would be rather cautious as to further upside objectives.
Cheers all and hope it helps
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