BTC Update!
Consolidation has begun which was fully expected.
Yesterdays chart we were watching potential resistance areas of 50 week MA on weekly chart and $8600 on daily chart. Looks like thus far the 50 week MA is our resistance and we topped out at $8488. We have now seen about 16 hours worth of slow downward action but absolutely a healthy pull back here. RSI's are cooling off.
Also off yesterdays charts, I mentioned I was personally looking to change over to some alt entries and that plan thus far has worked out well. Opted to play BNB and ONT yesterday and now have stop losses comfortably above my entry points just to protect profits.
I am also scaling back into BTC as well at this time during this pull back with anticipation we do turn back up to re-test 50 week MA and then $8600 resistance area if the FOMO/hype of ETF can continue.
Swing traders should be extremely comfortable within positions and day traders are likely looking for re-entries between $7600-8100. Ideally do want bulls to hold 4 hour 26 EMA which sits just under $7900 currently. Bulls trying to hold 12 hour EMA currently but personally do expect that to fail. If 26 EMA fails on 4 hour, really would look down to $7628 and then down to $7328. I do not expect a pull back to there at this time as bulls definitely have hype and momentum on their side.
Just My 2 Sats!
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