BTC has been consolidating after the temporary bounce top on the daily and the way the 4 hour chart has been in a downtrend, without bears getting much follow through, has lead to scouting for a daily higher low.
Remember the bounce leaders like ETH, XRP and others have been setting little daily higher lows on their way up while BTC just went straight from the low to the high of the bounce on the daily.
At this point, after being stopped out in the $8,200s, I am scouting a spot I like for a potential re-entry on that position. There will be opportunity for both bulls and bears to fish against the recent highs and lows of this daily range. With a bull break, we zoom out and look for a weekly lower high vs. $10,934. There is also still daily EMA resistance approaching which we have not tested yet on this bounce.
Remember the bounce leaders like ETH, XRP and others have been setting little daily higher lows on their way up while BTC just went straight from the low to the high of the bounce on the daily.
At this point, after being stopped out in the $8,200s, I am scouting a spot I like for a potential re-entry on that position. There will be opportunity for both bulls and bears to fish against the recent highs and lows of this daily range. With a bull break, we zoom out and look for a weekly lower high vs. $10,934. There is also still daily EMA resistance approaching which we have not tested yet on this bounce.
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