BTC Update!
Apologies - yesterdays chart would not post to Steemit for me. I don't know why but it would not allow me to post photo and kept giving me an error. Perhaps someone has insight to this as it has happened before to me and has been a frustrating part of trying to use Steemit more often. So below text regarding yesterdays chart comes from chart I posted in a couple FB groups.
Jumping off yesterday's chart. I continue to compare current situation to 2014. But let's focus today's chart on the price action we have seen today.
Yesterday I mentioned we had held our February low by under $50 and some would be calling double bottom but in the end, I fully expected the low from February to fail. We had that today and fell to $5,777 as our current low to now hold.
We then saw a strong bounce at about noon eastern today. We saw a strong 8%+ rally in an hour time span. Unfortunately I was not at the computer to play this when it started and refused to personally chase it once I saw it pushing $6200 at the time I actually got to computer. We topped out at $6255 today with a pretty clear rejection area. $6250 was a prior high and $6249 prior to that. We also rejected off the 26 EMA on 4 hour chart here (also a 12 EMA rejection on 6 hour). But main thing, $6250 area has rejected price 3 times in 2 days now. We consolidated from $6255 and pulled back to $6111. Perfectly healthy on the pull back as hourly held above both 12 and 26 EMA and 4 hour held above 12 EMA. Would love bulls to hold these EMA's as support on hourly and 4 hour over night. The triple top here at $6250 does remind me a bit of last weeks triple top around $6800. Bears eventually knocked it down further. Today's move was a bit stronger so will see if bulls can keep it going.
Bulls will need to see a leg up here tonight or tomorrow for continuation and break the $6250 resistance area.
Daily chart closed today with a decent looking reversal candlestick so tomorrow will be important to see some follow through from the bulls.
Bigger picture - do I think we have bottomed? Not personally. Again, it's just an opinion but nothing in the chart is telling me that was it and off the bulls will run. I am also a trader so actual price really is irrelevant to me as all I am concerned with is entering low risk positions and flipping them for quick profits. Basically a take profits and walk attitude. So I don't care if BTC is $5k or $10k for my next trade entry. In the end, I personally care about % return on each trade I make so buying BTCs at $5k and flipping at $5250 or buying at $10k and flipping at $10,500 is all the same to me. Would I like it to be the bottom and bulls get a strong rally? Absolutely. It's still easier trading a bullish market.
We really didn't even create a short squeeze to aide this rally. Shorts still pretty comfortable in their positions but we could see a squeeze if we can get up and over $6250 area. So we patiently wait and watch to see if BTC can break resistance and get some continuation tomorrow/this week.
Just My 2 Sats!
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