BTC Update!
Staying with yesterdays charts I was originally watching the daily in a small equilibrium that bear broke. I was then watching our daily symmetrical triangle to see if that would hold as well as our $7058 low from about 2 weeks ago. Main concern was bear flags and just continuing lower and thus far that is what we have seen.
Symmetrical triangle pattern broke bearish. $7058 and $7k psychological broke bearish. And we sort of free fell from there.
This only confirms our weekly chart has not finished pulling back and $6,450 remains the higher low to hold. This is really the area/level I am personally watching and do not want to see the bulls lose it. However, if they are going to lose it, I'd rather then lose it within the next day or two. Reason being is our RSI's are extremely oversold and BTC may not flush terribly lower than that level, perhaps we could get a rally. It's some straws to grasp at if BTC does break the weekly equilibrium bearish. But I will turn bearish for the short/intermediate term if the level fails and bulls do not see any immediate turn around.
I did scale into a few small positions personally today and currently holding those to see if bulls can get any type of bullish momentum. Zooming in on some smaller time frames, 15/30/60 min has an equilibrium pattern playing out currently. It could shape into just another cooling off for RSIs on smaller time frames and then another leg down so will continue to remain heavily cash until I can see some confirmation that bulls have momentum.
Overall I remain neutral to slightly bearish just due to weekly equilibrium sitting closer and closer to its bear break currently.
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