The past 3 4hr candles have been somewhat indecisive closing as dojis with the most current 4hr candle started by dipping down low as a red candle all the way to the support line of the TLine(in yellow) before bouncing back upwards. Thecurrent minor retracement/dojis is mainly due to the RSI reaching up and touching the 70 range on the 4 hour...However the RSI is still looking very steady on the day chart so I think with enough bearish wicking on the next few 4 hour candles with them ultimately closing as dojis and helping to drop the 4hr RSI rate...I predict a much tighter range of resistance and support and lots of sideways trading for the next 1/2-3 days tops...However I think the big whales involved in bitcoin probaby want to see us break above the inverted head and shoulder pattern's neckline even more than us guppies so they likely won't be afraid to flex their dominance to help break that neckline within the enxt 1/2-5 days...the longer we go the smaller the amount bitcoin will have to climb to break that neckline. These patterns become somewhat of a self-fulfilling prophecy the more the big traders make their trading decisions based on them being triggered. I'd say only buy in at this point and really try your best to do so during dips(which as of now is anything in the 11200s or udner) With the 4hr RSI currently at near overbough levels this is usually when you will be able to catch great temporary dips.
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by the 4th of march we will only have to break above 11580 and by the 6th of march it will only have to break above 10560. I personally am hoping it trades sideways for at elast 5 days so I can be mroe prepared for the breakout but it could easily happen any day prior tot hat.
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I don't anticipate the bull trend reversing butit would probably be a safe bet to put a stop loss in at 11200 because at that point we have a lower low in a fahion that could lead to a followup bearish candle or 2 before the retrcement flips back to bullish...however I don't think we will reach that lower low, but its good to always set up a failsafe.
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being that we're well above the buy sell signal still I'd say any major dip today will be more so an opportunity to buy more at the dips rather than remove any of your position hoping you get lucky enough to buy it back in at the right time for a profit.
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if it does amnage to dip below 11200 and trigger your stop loss a good place to set up a limit buy to get back in will likely be 11160
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manage* not amnage....if the Bulls still have even half the momentum they did a day ago then it will probably stay above 11200 though.
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you'll notice on the day chart that in order for it to switch to bearish on the day chart we'd have to dip down below the last lowest low on the 1day chart which is down in the lower 9000s.. though not impossible it is highly improbable.
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we are under 11200 my stop loss has been triggered.
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falling fast next amjor support is at 11000
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nerves of steel are required in these moments of volatility...we knew some sort of decline was coming due to RSI levels...however judging by the huge buy wall at 11000 and again at 10990 I think the candle is most liekly to stay well within the green shoulder area with worst case scenario being a quick wick outside or below it. There's been far too much bullish momentum for it to bearishly plow through such support right now..I expect a big bounce by then, Let's hope I'm right.
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so the latest 4 hour candle closed as a bearish engulfing candle which may be enough to cause further downside...even if so I feel confident that we will see a big bounce or rebound back up once/if it reaches the major buy wall support at 11000 10990
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currently on the 1 day chart the 23.80% line seems to be holding as support...we've wicked under it once or twice but it keeps returning back to it confirming it as at least temporary support for the 1 day candle.
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this consolidation dump has effectively dropped the 4hr charts rsi levels from overbought(above 70) back down to an even playing field around 50 which is healthy and necessary for futher upside...how far it will dip before it regains its bullish composure is the question.
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new 4 hour candle is already bouncing back...it may try to go back down and retest the bottom that the previous bearish engulfing candle had but if it doesn't I'm glad I bought in more at the bottom of the dip.