Just flipped BTC bullish mid writing this up, scaled in under 7k and scaled out over 7k for a little win to start the day. We are seeing all kinds of stop losses trigger as the initial dump took out 3 of the 4 hour higher lows at once. Hourly RSI plummeted to the teens and 4 hour RSI got right to 31. We are clearly seeing a momentum shift going on while the bulls will still try and hold the daily higher low at $6,790. Watching for a 4 hour lower high to be set on a bounce, and if we see continuation down after that we are likely to lose the daily uptrend. This will then give us confidence our weekly lower high is set at $7,400. Bears loving the dump on ETH, weekly inside bar break and loss of daily higher lows leading to the bear flag. Patient... as we continue to wait for the weekly pattern to tighten.
Here's my Sept 5th BTC analysis. Shakeout or end of impulse? | Watch daily close & 6900 support closely:
ravdadi
⋅
anyone know if this was news driven? sudden move
zackxl
⋅
@ravdadi, possibly CNBC. Its apparently a thing to countertrade their sentiment on Twitter. After they turned bullish yesterday everything started tanking. This happens frequently.
Buckarooz
⋅
Thanks for taking the time to put this out there
telensky
⋅
BTW, hourly closed below 200 EMA, which up to now has always been followed by drop down to 6000. Do you think it will happen again or is the situation now somehow different?
Stranger_
⋅
There was too little ressistance on the way up, I think it was only a matter of time when such correction would take place.