- Bitcoin has started off the week down to new lows as price continues to remain heavily bearish
- We can see a near perfect tap of supply as sell orders got filled on that liquidity touch and price has since fallen dramatically
- EMAs continue to nose-dive as they are still very far from price so we could see some consolidation at these prices or get a touch of the demand zone below around $4900 before taking a break
- We are getting very close to the psychological $5000 level where most expect to see some type of defense by the bulla
- We have yet to really see bulls put up a fight so far but we are starting to get into zones ($4K-$5K) where we might start to see some interested from hibernating bulls
- Spot buys for the long-term are always nice to pick up at these levels but from leveraged trading, best practice is to wait for a sign of strength before entering positions
Thanks guys!
Comment:
Perfect bounce off the support OB! Long for a scalp tight stops