BTC still bearish 4hr, What I'm watching for bottom indication!
Things to look out for are as follows:
1- is approaching oversold conditions.
- if we were to reach oversold conditions we would see price action most likely around the 200EMA or macro further giving the likelihood of an oversold bounce strength.
2 - Declining on each leg down
- as you can see on the chart, we are witnessing less bear on each LH,LL formation. This could be indicating that bears are slowly losing momentum which will not favour them if we approach oversold conditions with 200EMA and support.
3- Daily uptrend still in tact
- Until $8,940 is lost, we are still in a daily uptrend
What am I watching for next:
The main two things that I will be keeping my eye on in the short term are price action and volume. An increase in bull with a break of the 4hr downtrend would create a environment in my opinion and I will start positioning myself back into the market upon this occurring.
I hope that this chart has given a few of you a good idea of what I am looking at and possibly some good trade plans to use upon certain breakouts if they occur.