TheChartGuys

BTC Cautious of Another 4 Hour Leg Down

COINBASE:BTCUSD   Bitcoin
BTC has certainly entered consolidation mode with a loss of hourly higher lows, then a loss of 4 hour higher lows, and now the bulls try and maintain a higher low on the daily chart.
The current bounce attempt looks like a bear flag and will be confirmed if we drop to a lower low.
Hourly RSI will be right at oversold levels and 4 hour RSI will be approaching low 30s if we see bearish continuation.
I personally will not look for an entry unless we see another move down for an oversold bounce.
Watching for the potential setup highlighted in the video yesterday where we get a daily higher low, a bounce for a daily lower high, and then a lower low to change the daily trend and give us the weekly lower high we are waiting on.
Scaling back my trading as the environment shifts from breakout bull to consolidation.

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