BTC Update! EMA support, consolidation incoming?
Yesterday I had been stopped out of the remainder of my position for BTC and ETH and was very happy with the trade for some nice profits. I was then watching hourly chart to change its trend and establish a higher low and then higher high. BTC was able to do so with the low of the dump yesterday at $7972, a bounce to $8375, higher low at $8110, a lower high at $8325, another higher low at $8195 and then finally the higher high to get this bounce really starting. So a safe entry on BTC to me was off the break above $8325 and could now just ride higher lows for stops on the hourly. I personally played NEO instead of BTC here today. Main reasoning was I was looking for a quick flip for ideally 4-5% gain for a solid day trade. I was able to scale into NEO, and began exiting at 2% up to 6% profits and am currently back to all cash again. I remain hesitant on establishing another swing trade here until BTC has some better set ups as this would be an appropriate area to start seeing consolidation on our larger time frames. I may again seek some alt coin flips for quick profits over weekend but in no rush to chase anything as I want to protect profits from the month of May and avoid giving back.
Back to BTC - 12 EMA held support barely on our daily chart so we have the low down at $7972 and high up at $9090 and will see if we bounce around this range this weekend. If consolidation does come and bears begin to move us lower, remember we will then be trading against the shorter term trends so any trades personally would be very quick entries and exits for quick flips of profit on smaller bounces. If the bulls are able to rally and march back upwards (personally will watch for a lower high compared to $9090 here and then 4 hour would need to get a higher low and then higher high to give me confidence the bulls are not done) I'd shift back to being interested in longer swing trades and holding for a re-test at 9k and then watching for 9.5k and 10k resistances.
Just My 2 Sats!
Back to BTC - 12 EMA held support barely on our daily chart so we have the low down at $7972 and high up at $9090 and will see if we bounce around this range this weekend. If consolidation does come and bears begin to move us lower, remember we will then be trading against the shorter term trends so any trades personally would be very quick entries and exits for quick flips of profit on smaller bounces. If the bulls are able to rally and march back upwards (personally will watch for a lower high compared to $9090 here and then 4 hour would need to get a higher low and then higher high to give me confidence the bulls are not done) I'd shift back to being interested in longer swing trades and holding for a re-test at 9k and then watching for 9.5k and 10k resistances.
Just My 2 Sats!
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