BTC bulls broke resistance and confirmed the 4 hour inverse head and shoulders pattern we have been watching for the last couple days.
We did not get a ton of follow through but the 15 min RSI was very overbought and the hourly RSI broke 70 on the initial bull reaction.
We will now need to keep 4 hour higher lows and higher highs and 4 hour EMA supports for the bulls to remain in control.
Any high volume bear dumps will be a red flag.
Keep in mind we are still in a daily and weekly down rend.
Our target is daily EMA resistance which is currently at $6,700.
I personally still have 60% of my entry from the $6,200s and will remain protective with stop losses under support.
I will look to scale some out into strength if we get another leg up.
We did not get a ton of follow through but the 15 min RSI was very overbought and the hourly RSI broke 70 on the initial bull reaction.
We will now need to keep 4 hour higher lows and higher highs and 4 hour EMA supports for the bulls to remain in control.
Any high volume bear dumps will be a red flag.
Keep in mind we are still in a daily and weekly down rend.
Our target is daily EMA resistance which is currently at $6,700.
I personally still have 60% of my entry from the $6,200s and will remain protective with stop losses under support.
I will look to scale some out into strength if we get another leg up.
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