TheChartGuys

BTC Still Healthy on the 4H

COINBASE:BTCUSD   Bitcoin
A few flushes overnight for the 5 and 15 min RSI to get oversold again, with each time resulting in some bounce. This shows us the bulls are keeping control and there are dip buyers stepping in. Expecting a daily inside bar to form today and if it does, how it breaks tomorrow will indicate if this move has topped out and daily consolidation is underway... or the move still has juice left for the bulls.

EMA 12 support on the 4 hour is approaching, and whether it holds or not will likely dictate the direction the potential inside bar will break. I am remaining patient and would be more comfortable scaling in for the daily higher low.

Keeping an eye on possible correlations to Gold. They are not screaming obvious to me at this point but there are enough similarities to be paying attention.

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