My2Sats

BTC Update! Bulls make a weak effort before Bears pile in!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Well the bears took BTC down and took price down fairly quickly. This morning I had outlined the box I was watching and wanted to see a break out above those $10,200's up towards $10,500 or a break down would occur if bears dropped us below $10k. Overall a very tight range and bulls looked like they were interested as they began poking above our 4 hour 12 and 26 EMAs today but daily chart it was just a rejection right off the 12 EMA . Unfortunately that was all the bulls had in them and could not break out and a few hours later the bears stepped in and dumped price 7% within 30 minutes. We now have our low of $9522 today and bulls giving a fairly weak bounce attempt here which usually just means cooling off RSI's and bears will reload for another leg down. We do have a couple of supports to be watching including $9470, $9110, and $9071. So really $9k-9.5k will be pretty crucial for the bulls to try and keep price from slipping below.
I am personally just waiting for a better trade setup as bears are currently in control and very difficult to try and catch a bottom. Will be watching hourly chart for price action to ideally catch up to EMAs and see if rejections occur there.

Just My 2 Sats!

Comments

Nice, thanks for the analysis...You only do longs right?
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Bears didn’t dump... Not bears... But WHALES. Whales are much heavier than bears are. ;)
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