After what begin as a promising bounce yesterday afternoon, the bulls could not hold up overnight and we are back to lower lows on the 4 hour.
We positioned ourselves for the potential of a daily higher low and thanks to the strength of the bulls allowed for profit or worst case break even stop losses.
At this point hourly and 4 hour RSI are approaching oversold but we will likely need to drop to the mid $9k range to see RSI levels break 30.
Back to patient. We will continue looking for setups to position ourselves for a more prolonged bounce,
but always a good idea to take profits along the way and protect the position as it is fighting the trend.
I personally am not making any trades until at least the 5, 15 and hourly charts are oversold.
We positioned ourselves for the potential of a daily higher low and thanks to the strength of the bulls allowed for profit or worst case break even stop losses.
At this point hourly and 4 hour RSI are approaching oversold but we will likely need to drop to the mid $9k range to see RSI levels break 30.
Back to patient. We will continue looking for setups to position ourselves for a more prolonged bounce,
but always a good idea to take profits along the way and protect the position as it is fighting the trend.
I personally am not making any trades until at least the 5, 15 and hourly charts are oversold.
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