BTC continues to drop with every 4 hour candle a lower high than the previous one. I previously was not interested in a bounce play but now the conditions are right for me to set a few bids in the mid to upper $7ks anticipating we will get a 4 hour oversold bounce before 7,300 key support is tested in my opinion.
Keep in mind because of the 40% move up, we have no support between $8k and 7.3k as far as previous price history. Target on any fills would just be for a move under 4H EMA resistance, but to be honest with where my orders are set I would be surprised if they filled on this drop. As soon as a 4H bounce gets going I will pull any unfilled orders.
This move continues to be a drag on the whole sector, and if $7,300 cannot hold as our monthly higher low, we will be looking into the $6,000s to try and form the higher low vs. the $3,000s we initially bounced from.
Keep in mind because of the 40% move up, we have no support between $8k and 7.3k as far as previous price history. Target on any fills would just be for a move under 4H EMA resistance, but to be honest with where my orders are set I would be surprised if they filled on this drop. As soon as a 4H bounce gets going I will pull any unfilled orders.
This move continues to be a drag on the whole sector, and if $7,300 cannot hold as our monthly higher low, we will be looking into the $6,000s to try and form the higher low vs. the $3,000s we initially bounced from.
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