TheChartGuys

BTC Previous Resistance trying to Hold Support

COINBASE:BTCUSD   Bitcoin
BTC saw a bull break last night where multiple 4 hour resistances were all taken out at the same time as speculated in the video.
It was a very brief move with little follow through however, as we have been consolidating the entire night since then.
The bulls are trying to hold the previous double top of resistance as support, but is on the verge of losing it.
We are not confident an hourly higher low has been set until the 15 min trend changes for the bulls.
This gives us another leg up on the daily, but the next ETF decision is still looming, and the bears will likely try and pounce on it.
Hourly EMA support also on watch as the bulls need to establish a clear support this morning and see the range tighten up a bit.
I entered a market buy when an alarm went off under $6,700. I sold half of my position to remain protective above $6,800 so I am sitting on a small cushion above break even. Once bulls establish the hourly higher low I will use this essentially as a break even stop loss level.

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