HI All, Crypto Sludge here.
Today was a an interesting day, it seems the bear and the bulls were equally strong, and BTC's price seem to be stabilized for now in the 8K$ area, but i am not convinced we are ready for a new rally, not yet. I still believe the down movement was part of a bigger trend and we might have synced with the traditional markets. I really want to see a detachment from them if it's at all possible at this stage.
But for the short term, i am returning to the 4H chart, and on it we are going to close a TD9 Sell signal, which usually signals a 1-4 candle correction, and then re-evaluation (usually to the upside). We also have the stochRSI flattening out in the oversold area.
I still believe the market is in a too uncertain position to enter a good trade, i think 7300 (50MA and the top of the cloud) and 8750 (TD risk line) is a no trade zone, a movement to any side beyond those two points will serve as the confirmation of where the market is heading.
Let me know what you think
Stay Strong.
Trade ON!
Crypto Sludge