BTC saw a bull break yesterday but the consolidation was more significant than bulls would like to see.
Because the pullback was significant, the most likely scenario is a bounce and lower high set on the 4 hour.
There is also no bull volume whatsoever behind the 4 hour bounce.
We will watch for this 4 hour equilibrium to give us direction today, and bears are looking for an entry on a lower high, with a stop at the double top of resistance highlighted on the chart. This is also giving us a daily inside bar to potentially form today.
I am currently all cash after exiting the last of my ETH when the pullback got too significant.
I will patiently wait for a more clear setup.
Because the pullback was significant, the most likely scenario is a bounce and lower high set on the 4 hour.
There is also no bull volume whatsoever behind the 4 hour bounce.
We will watch for this 4 hour equilibrium to give us direction today, and bears are looking for an entry on a lower high, with a stop at the double top of resistance highlighted on the chart. This is also giving us a daily inside bar to potentially form today.
I am currently all cash after exiting the last of my ETH when the pullback got too significant.
I will patiently wait for a more clear setup.
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