Jumping off charts from two days ago. We were looking to see how the bulls rebounded from the top at $6580 to the drop down to $6378. I stated if the bulls formed a lower high compared to $6580, I'd then be watching for a lower low compared to $6378. This is exactly what happened. Bulls tried to break $6580 and fell $15 short with a lower high being set at $6565. We then saw a lower low come in early this morning at $6324. I am now looking for see if our daily is also set for its lower high ($6580) and if we trend back towards bottom of highlighted section on daily. The quick spike down this morning was very nicely bought up by the bulls which was a positive to see if playing bullish.
Overall, BTC remains in a fairly tight range with our new highs to beat being at $6565 and $6580 and lows to hold down at $6324 from this morning and then $6191. I was expecting this lower high and lower low to confirm the daily would be looking to consolidate but based on how aggressively the bulls bought this recent dip, they may have a bit more fight in them to try and push things a bit higher before daily is ready to consolidate. Bulls need to see a spike in bull volume to show they mean business and start to try and put some pressure on the shorts as right now, shorts are extremely comfortable within their positions. Otherwise, I'll continue to expect another lower high and lower low here on the 4 hour.
Just My 2 Sats!
