We continue to watch the daily equilibrium as well as our 12 EMA for support. Last chart I had scaled into BTC and ETH as they had dropped down to find their higher low compared to $6600 on the daily and used the EMA as guidance on where to place my buys. Bulls established the higher low at $7467 and it appears bulls are setting their next lower high at $8175. So we now have the high of the overall move at $8388, lower high at $8315 and it appears our next lower high at $8175. I left this tentative as would like to see a bit more follow through by the bulls to confirm this is indeed another lower high. From there the bulls will seek to maintain their higher lows to keep the pattern tightening. $7467 is the level I am watching and anything above that would give the higher low. If using the 12 EMA, somewhere in the $7700's would be a great higher low for the bulls. This would really tighten up the equilibrium and would ideally see a bull break out of that to bust to higher highs. A lot of traders are now watching this tightening range so I am expecting a fairly strong move depending on which way the pattern breaks. Have your plan ready with your buys, sells, stops, etc.
Happy Trading and those in the US, Happy Memorial Day!
Just My 2 Sats!
Happy Trading and those in the US, Happy Memorial Day!
Just My 2 Sats!
