Wow, pretty volatile day today. Yesterdays chart I posted about looking for daily to bull flag and give a leg up to $9k either yesterday or today. Well we got that early today and bulls pushed price up to $9090 relatively quickly followed by a quick rejection and a crash back down to under $8k! As of this we are floating around $8,300. Personally I did get stopped out and am perfectly fine with that. I was not at a computer to change to any limit sells as we approached my $9k target but happy with a stop loss to protect profits and further damage as we sank lower. All in all, very profitable trade for BTC and ETH for me and sets me back into cash.
What I am personally watching for BTC is the daily 12 EMA to see if this will hold support again. We had a slight dip below but bulls recovered and are currently riding along this EMA trying to maintain support. Personally do have my doubts as the bearish volume was increasing this time which is not ideal. Also, if you zoom out to a weekly chart, we are pretty over extended with this bullish run and could start seeing our weekly chart finally consolidate. So I am in no rush to get back into a trade and will be patient here to wait for a nice set up. I want to see if bulls can shift hourly chart back to higher lows and highers highs and then will assess from there.
Just My 2 Sats!
What I am personally watching for BTC is the daily 12 EMA to see if this will hold support again. We had a slight dip below but bulls recovered and are currently riding along this EMA trying to maintain support. Personally do have my doubts as the bearish volume was increasing this time which is not ideal. Also, if you zoom out to a weekly chart, we are pretty over extended with this bullish run and could start seeing our weekly chart finally consolidate. So I am in no rush to get back into a trade and will be patient here to wait for a nice set up. I want to see if bulls can shift hourly chart back to higher lows and highers highs and then will assess from there.
Just My 2 Sats!
