BTC Update!
Just a quick update on what I am watching for. Last chart was off 4 hour with some educational info. Based off that chart I had laid out a few scenarios with the most bullish one being BTC pushes through the $7600 resistance areas and that is what it did and ran up to $7697. I wasn't looking to FOMO in tho and instead waited for the consolidation and did take some small BTC positions down in the low $7600s and high $7500's as pull back was fairly brief. But the higher high and then the higher low gave me confirmation to expect BTC would get above $7700 and be a low risk entry of the pull back from just under $7700. I'm strictly looking for low risk entries as a trader. I don't care if it was cheaper or more expensive when I enter as long as it's a safe and low risk entries and easier to make consistent profits.
So now I am shifting back towards daily and weekly charts.
We have resistance at the 50 week moving average currently as expected so hopefully bulls can push up and through that today or tomorrow. If so, then I'll be focused on our triangle pattern from daily chart. To see if BTC can make it's way back towards the top of the triangle (would be great sign that the bulls still have plenty of strength) or does BTC reverse earlier and get rejected before top of pattern, perhaps around 50 day moving average.
Current higher high to beat is $7777 which if bulls manage to do so, would get us back above 50 week moving average. Higher low I'd like to see bulls stay above is $7570.
Still fully expect another lower high on our weekly chart to stay within the weekly equilibrium pattern and it would be healthiest. Bulls will need nice volume and momentum if they do eventually break the weekly pattern bullish. Traveling from $7k to $10k would likely exhaust the bulls and would not have the big momentum push to break yet. Ideally do want this pattern to continue to tighten over this month and just plan to continue to trade the moves within the overall pattern until we get an eventual break on weekly chart.
Otherwise just relaxing a few more days as I am out of town and on a mini vacation with the family so will be away from charts for a bit! Happy trading everyone
Just My 2 Sats!
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Nice, take. I think my TA agrees from a different perspective. I like that you're including MAs. I like to switch around with different indicators in my posts to show different views. I like what you're doing here!
thanks. It's definitely been frustrating market for both bulls and bears the last week or so. Some pretty quick moves up and down which seems to just be the lack of volume/liquidity in the market currently. Easier to push these prices and certainly makes it more frustrating for technical analysts/traders