Last chart I was cautious of taking any bullish positions as there was some increasing bear volume and I was having my doubts the bulls would hold the prior low of $3869 and give us a higher low. They did fail and we fell to a lower low on this move which now sits at $3732.
The positive was from there the bulls did make a slight higher high on 4 hour chart. Beating out $4018 and getting up to $4035. Some would argue $4018 wasn't a true high to watch for and really it is up at $4185 or $4277. I am perfectly fine with that line of thinking simply because these recent bull rallies (really short bounces in reality) since our high of $4415 have all been extremely short lived.
Either way, from $4035, we are now back to falling again and seeing if the bulls can stop these lower lows from repeating. $3732 is the level they'd love to hold but once again, having my doubts and continue to happily sit in cash this week. Bulls really need to start proving they can sustain a bounce for more than 4-12 hours otherwise it is just giving the bears plenty of time to load into short positions and absolutely no rush to cover any open shorts.
Will continue to check in each day on chart and anything jumps out will try and get an updated chart posted. Hope everyone has a nice week and continues to protect that capital!
Just My 2 Sats!
The positive was from there the bulls did make a slight higher high on 4 hour chart. Beating out $4018 and getting up to $4035. Some would argue $4018 wasn't a true high to watch for and really it is up at $4185 or $4277. I am perfectly fine with that line of thinking simply because these recent bull rallies (really short bounces in reality) since our high of $4415 have all been extremely short lived.
Either way, from $4035, we are now back to falling again and seeing if the bulls can stop these lower lows from repeating. $3732 is the level they'd love to hold but once again, having my doubts and continue to happily sit in cash this week. Bulls really need to start proving they can sustain a bounce for more than 4-12 hours otherwise it is just giving the bears plenty of time to load into short positions and absolutely no rush to cover any open shorts.
Will continue to check in each day on chart and anything jumps out will try and get an updated chart posted. Hope everyone has a nice week and continues to protect that capital!
Just My 2 Sats!
