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My2Sats
Aug 2, 2019 12:29 PM

BTC Update! Continued battle between bulls and bears  

Bitcoin / United States DollarCoinbase

Description

Bulls and bears have put on quite the battle for the last 2 weeks. Last chart we sat around $9550 and I was watching our large range of $9000-11,100. 6 days later and we continue to be well within this range. I was personally looking for some oversold bounce opportunities as well as a possible flush below 9k. We did see the sell off from mid $9000's down to $9108 with a very quick rebound of 6-7% within a couple hours. Positive of this is the bulls defended the prior low of $9,071 by $37 so essentially a double bottom. We now have support building with touches at $8919, 9071, and 9108. Our weekly candle remains an inside bar with bulls last weeks high of $10,688. Most importantly to me personally is $11,112. If bulls cannot break that and set a lower high here then we will be tightening up an equilibrium pattern. We have our higher low at $9108 and then would be the lower high (anything under $11,112) on the daily chart. This could cause continued extension of the range for a while longer.
Personally I did not play the oversold bounce as was not at a computer and move was just too quick for me to get to one and act. I did personally enter a small trade position around $9700 and was utilizing $9300 range as my stop loss (more clear on hourly chart). I have since raised my stop loss to 9800s to make it a profitable trade regardless. Another leg up today or this weekend would have me moving SL up towards 10.3k assuming the pullback to $10,321 yesterday can hold today.
Alts seem to continue to struggle greatly compared to BTC which really doesn't have me interested much in anything else at this time.

Just My 2 Sats!
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