We had the bear break on the equilibrium we'd been watching which kept me personally in all cash position and anyone who shorts would have been able to take a nice short trade opportunity on the break. Thus far bulls have been able to defend $11k psychological level with our bottom of this drop at $11,088. From there we watch for a lower high to be set and then our trade radars get turned back on.
We potentially have the lower high as of yesterday at $11,585 and will watch this range today.
Bulls will need a higher low compared to $11,088 which we just touched $11,235 and then a higher high compared to $11,585 to begin shifting trend. Bears will be seeking a drop below $11,088 either here or could take $11,235 and then set a lower high compared to $11,585 and then drop back to lower lows from there (essentially a mini equilibrium). Overall a pretty tight range to watch. If bulls can shift trend here and get a higher high, I'd be more interested in starting to shift back towards bullish trades. If bears drop price below $11k, will be back to watching oversold bounces for trade entries.
We also have seen our 12 and 26 EMAs cross bearish for first time on 4 hour chart since July 22nd. Will watch these EMAs as potential resistance. The daily chart is currently using these EMAs as potential support so a break on 4 hour bullish or break on daily bearish with the EMAs is also worth watching.
Just My 2 Sats!
We potentially have the lower high as of yesterday at $11,585 and will watch this range today.
Bulls will need a higher low compared to $11,088 which we just touched $11,235 and then a higher high compared to $11,585 to begin shifting trend. Bears will be seeking a drop below $11,088 either here or could take $11,235 and then set a lower high compared to $11,585 and then drop back to lower lows from there (essentially a mini equilibrium). Overall a pretty tight range to watch. If bulls can shift trend here and get a higher high, I'd be more interested in starting to shift back towards bullish trades. If bears drop price below $11k, will be back to watching oversold bounces for trade entries.
We also have seen our 12 and 26 EMAs cross bearish for first time on 4 hour chart since July 22nd. Will watch these EMAs as potential resistance. The daily chart is currently using these EMAs as potential support so a break on 4 hour bullish or break on daily bearish with the EMAs is also worth watching.
Just My 2 Sats!
