BTC Update!
Alrighty ladies & gents. Been a few days so jumping off my last chart posts from Tuesday. We are playing out as expected and those following technical analysis are quite happy.
Last chart we had lost our daily higher low of $7850 which was a red flag and to me confirmed that our weekly chart was now going to consolidate further down. I still personally had a small position and was waiting for any small bounce to scale out of remainder. We saw that with a bounce from low $7500s up to low $7700s and I was out of majority of position there and then stopped out on remainder. So small loss overall but nothing significant and just protecting capital. Can't win them all.
Weekly - reason I was looking for exits was pretty simple, our weekly needed to consolidate as ever since this bounce started from $5777 I was fully expecting a lower high on our weekly chart. At the time on Tuesday we were sitting around $7500 and eye balling the chart I was looking down towards $6800-7000 as a nice spot for the bulls to show back up and give us a higher low on the weekly. We hit that range today and are still hanging around there now. I personally filled one small order just over $7k and have more layered in under $6900. We will also see the cross of 30 and 50 week moving averages tomorrow. At this time, nothing of concern as just as explained on Tuesday, the lower we are/further away from where that cross occurs, the better. I am watching the 75 week MA as well for possible support but ideally do not want to see price get down that low as it would be a weak higher low even if it did hold support.
Daily - we are now at 7 consecutive bear days which has not occurred at all this year and probably not for a few years. I am watching $6800 area closely as that is where we should see support based on it serving as strong resistance previously. (Prior resistance often becomes future support once you get above it).
4 Hour - we remain stuck under 12 EMA and currently nowhere near it. It's consistent lower highs and lower lows on this chart all week. I am expecting this to potentially continue and thus if we do see a bounce by the bulls, I will be playing off the 12 EMA area as a spot to scale out of any positions and collect profits. I need bulls to prove themselves again before holding onto anything for more than quick flips for profits. RSI remains over sold but bears continue to play it beautifully with bear flag after bear flag to cool off RSI just enough to give them a chance to drop price again.
ETF - continues to linger as a possibility, I continue to remain doubtful on its approval and do suspect if we get a denial we make new lows for 2018. If by chance it is approved, I still do not believe it locks in bull market as kicking off again. We will certainly see a nice bull pump but by no means will I be convinced the bear market is over just because of some bullish event.
Just My 2 Sats!
