TheChartGuys

BTC Bears back in control

COINBASE:BTCUSD   Bitcoin
The loss of the 4 hour higher lows marked the top on the daily chart and the bears are dropping the price significantly due to lack of support.
The bulls will have to change the 4 hour trend back in their favor in order to be looking for a tightening daily range.
On any bounce we will be looking for a 4 hour lower high to keep the bears in control.
The odds are back to favoring the bears on the weekly chart, but it will not be game over for bulls until supports break.
Oversold bounces have no appeal to me personally in this market environment.
This is the most patience I have ever exhibited in the crypto space and it is easy for me at this point because I set a rule and now I react to it like a robot.
"Are we still in a tightening weekly pattern?" If the answer is yes... I do not enter any trades bullish.
Liking BTC ETH and XRP to be the sentiment gauge for the crypto space. ETH and XRP showed us weakness on the 4 hour before BTC did yesterday.

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