After a sleepy week of trading the bulls showed up yesterday to defend support and keep a fighting chance to try and negate the weekly bear flag. At this point the consolidation from this short term move is very healthy.
That being said the bulls still have lots of proving to do. I still consider anything under $8,469 as a daily lower high, keeping the bears in control of the longer term time frame. I will remain skeptical of bulls until they negate a weekly bear flag by getting over the top of resistance in the $8,800s.
Alt coins like XRP, BNB, ZRX continue to tighten on the daily trading sideways. Bears are close to taking out the daily up trends on these names and starting weekly consolidation. Lots of traders are waiting for BTC clarity, but those names have more clarity to me for potential setups and entries. I personally would be looking for triggers for bearish entries on the names that have not started weekly consolidation.
That being said the bulls still have lots of proving to do. I still consider anything under $8,469 as a daily lower high, keeping the bears in control of the longer term time frame. I will remain skeptical of bulls until they negate a weekly bear flag by getting over the top of resistance in the $8,800s.
Alt coins like XRP, BNB, ZRX continue to tighten on the daily trading sideways. Bears are close to taking out the daily up trends on these names and starting weekly consolidation. Lots of traders are waiting for BTC clarity, but those names have more clarity to me for potential setups and entries. I personally would be looking for triggers for bearish entries on the names that have not started weekly consolidation.
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