Last 2+ weeks now we have been watching the weekly chart. We watched as the bulls set their higher low compared to our December low of $3129 and bulls made $3338 the higher low. We were then watching a strong bounced towards $4k a few days ago but anything under $4239 was just a lower high on the weekly.
I have to admit, I became optimistic the bulls may shift this trend since ETH and LTC had already done so on their weekly charts. But BTC remains the king and bears sat and waited patiently until price approached $4200 before shoving price violently down 10%+. The whole stairs up and elevator down strategy.
So $4188 is now the lower high on weekly to watch and as stated last chart, we'd be watching for an equilibrium pattern on weekly to shape up with lower highs and higher lows.
Personally last chart I was watching for the rejection of a lower high somewhere in the low $4,000's and perhaps seeing a higher low down in the $3600-3800 range. $3712 thus far is where the bear dropped price too but we have seen weak bounce attempts since then. It also happened so quickly and on such high bearish volume, makes me thing bulls will have a hard time bouncing right back for a quick equilibrium bull break to higher highs. But anything above $3338 on weekly will give this bulls a higher low so they have some breathing room and we may see some decreased volume next couple of days as things take a while to play out.
I will remain patient as always and need to see these bulls prove their trend change on weekly to higher highs before taking this market for anything more than bearish with tradeable bounces. Many other coins have shift trend and look much stronger than BTC but in the end, nothing runs too far without BTC. Also worth noting, other coins always dump harder than BTC too, see ETH and LTC with both 20%+ losses today compared to BTCs 10%. Continue to stay protective of capital as I don't mind trading bounces here and there but won't be holding until the longer term time frames shift trends and BTC has yet to do this.
I will be out of town several days coming up so likely out of trading for the week but will try and keep my eyes on things.
Just My 2 Sats!
I have to admit, I became optimistic the bulls may shift this trend since ETH and LTC had already done so on their weekly charts. But BTC remains the king and bears sat and waited patiently until price approached $4200 before shoving price violently down 10%+. The whole stairs up and elevator down strategy.
So $4188 is now the lower high on weekly to watch and as stated last chart, we'd be watching for an equilibrium pattern on weekly to shape up with lower highs and higher lows.
Personally last chart I was watching for the rejection of a lower high somewhere in the low $4,000's and perhaps seeing a higher low down in the $3600-3800 range. $3712 thus far is where the bear dropped price too but we have seen weak bounce attempts since then. It also happened so quickly and on such high bearish volume, makes me thing bulls will have a hard time bouncing right back for a quick equilibrium bull break to higher highs. But anything above $3338 on weekly will give this bulls a higher low so they have some breathing room and we may see some decreased volume next couple of days as things take a while to play out.
I will remain patient as always and need to see these bulls prove their trend change on weekly to higher highs before taking this market for anything more than bearish with tradeable bounces. Many other coins have shift trend and look much stronger than BTC but in the end, nothing runs too far without BTC. Also worth noting, other coins always dump harder than BTC too, see ETH and LTC with both 20%+ losses today compared to BTCs 10%. Continue to stay protective of capital as I don't mind trading bounces here and there but won't be holding until the longer term time frames shift trends and BTC has yet to do this.
I will be out of town several days coming up so likely out of trading for the week but will try and keep my eyes on things.
Just My 2 Sats!
