Another quick update. Chart this morning I spoke of watching for BTC to trade within the low and our original high off the bounce of $3910 and we did that for majority of the day before breaking out to a higher high later in afternoon. I was looking for bulls ideal situation to have the brief consolidation and then get their higher high to give the confidence for money to re-enter. I personally entered on the consolidation earlier as bulls were searching for their higher low and established that at $3627. Bulls were then able to see a nice volume spike again and get a higher high at $4120. I did scale out of partial position just over $4k just to lock in some profits and will utilize $3627 as my SL area for remainder. Ideally for bulls now as we consolidate again here is a repeat performance with some brief consolidation, no spike in bear volume but get us a spike in bull volume to push to higher highs again on this bounce.
Anyone who has remained on the sidelines, don't feel discouraged even tho the overall bounce from the low was significant % wise for many trading this weekend. Simply, zoom out. Look at the bigger picture. We finally cracked the 12 EMA on 4 hour but unable to reach 26 EMA. Zoom out further to daily chart and it is nowehere near changing the trend to favor the bulls and simply could turn into a bear flag and back down again. Those trading, we have to recognize these % moves get magnified down at these lower price levels as it takes far less of a dollar move to see a significant % move. BTC has now given nearly a 20% move off the bottoms this weekend which is great but a lot of work to do to begin changing any trend to favor the bulls. The massive drop we had allowed for a significant bounce and was main reason I was searching for a short term bottom yesterday when we were sitting around $3600. For now, I am personally going to look to lock in profits as they come and not get greedy or have any sort of confidence that we truly bottomed. I need the larger time frames to change trends for that to be of consideration.
Anyone who has remained on the sidelines, don't feel discouraged even tho the overall bounce from the low was significant % wise for many trading this weekend. Simply, zoom out. Look at the bigger picture. We finally cracked the 12 EMA on 4 hour but unable to reach 26 EMA. Zoom out further to daily chart and it is nowehere near changing the trend to favor the bulls and simply could turn into a bear flag and back down again. Those trading, we have to recognize these % moves get magnified down at these lower price levels as it takes far less of a dollar move to see a significant % move. BTC has now given nearly a 20% move off the bottoms this weekend which is great but a lot of work to do to begin changing any trend to favor the bulls. The massive drop we had allowed for a significant bounce and was main reason I was searching for a short term bottom yesterday when we were sitting around $3600. For now, I am personally going to look to lock in profits as they come and not get greedy or have any sort of confidence that we truly bottomed. I need the larger time frames to change trends for that to be of consideration.
