BTC yesterday formed a double top right at the high of the move, and then dropped to lose the 4H higher low support. This was enough to trigger the stop on my remaining position from $6,555 and lock in profit to be back to all cash.
Since then, we can see the bears did not have any meaningful follow through and the break of support with no follow through means zoom out and look for a potential bull flag (12H).
If we see another leg up the target will be $8,000, as the bulls hope to get over daily EMA resistances. Right now we are also watching the possibility that we set a 4H lower high on the recovery attempt.
Bears are still watching $7,679 resistance, though most bears that entered yesterday have likely already been stopped out unless their entry was on the top fish with resistance. I personally will be sitting on the sidelines until I see a setup I like for re-entry, with no FOMO even if we do see another leg up knowing the daily and weekly charts are in downtrends.
Since then, we can see the bears did not have any meaningful follow through and the break of support with no follow through means zoom out and look for a potential bull flag (12H).
If we see another leg up the target will be $8,000, as the bulls hope to get over daily EMA resistances. Right now we are also watching the possibility that we set a 4H lower high on the recovery attempt.
Bears are still watching $7,679 resistance, though most bears that entered yesterday have likely already been stopped out unless their entry was on the top fish with resistance. I personally will be sitting on the sidelines until I see a setup I like for re-entry, with no FOMO even if we do see another leg up knowing the daily and weekly charts are in downtrends.
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