BTC:USD 4 hour chart DAILY UPDATE (day 100)
Today is the 100th post of the daily update and I want to give a big thanks to everyone who is following! I also want to give an even bigger thanks to the individuals that take the time to like and comment, each one is greatly appreciated!
Thankfully I get to make a favorable post on this memorable day.
Yesterday I was “expecting a small bounce from $7,385” and wanted to see “the formation of a bear flag under $7,600 resistance.” I also tweeted about a nice head and shoulders pattern on ETH:USD that was just too good for me to pass up. I cancelled my order to short BTC at $7,024 and opened a position on ETH at $594. I added at $583 when the neckline broke and now I am fully entered (target is $305).
Bitcoin is currently facing strong resistance from $7,450 - $7,600. That is where the 50 period MA is on the 4 hour chart, the 12 period EMA on the daily, as well as established horizontal resistance. If not in a position this is a good risk:reward play. The target remains $4,950.
We are currently retesting the triangle (pink) and bull channel that has been holding us up for the past couple months. I am feeling confident that it will breakdown this time around due to how weak the last bounce was. IMO the bulls are already deflated and will be unable to push the price past the current levels of resistance. The only people still buying are high on hopium.
Will be watching for a new low below $7,350 and that is when I expect it to get bloody. Conversely, If bulls can create a new high above $7,800 then it will be time to reconsider my position.
Until next time trade happily and remember the age old adage: "If you can't beat them, join em!"
Sawcruhteez
Thankfully I get to make a favorable post on this memorable day.
Yesterday I was “expecting a small bounce from $7,385” and wanted to see “the formation of a bear flag under $7,600 resistance.” I also tweeted about a nice head and shoulders pattern on ETH:USD that was just too good for me to pass up. I cancelled my order to short BTC at $7,024 and opened a position on ETH at $594. I added at $583 when the neckline broke and now I am fully entered (target is $305).
Bitcoin is currently facing strong resistance from $7,450 - $7,600. That is where the 50 period MA is on the 4 hour chart, the 12 period EMA on the daily, as well as established horizontal resistance. If not in a position this is a good risk:reward play. The target remains $4,950.
We are currently retesting the triangle (pink) and bull channel that has been holding us up for the past couple months. I am feeling confident that it will breakdown this time around due to how weak the last bounce was. IMO the bulls are already deflated and will be unable to push the price past the current levels of resistance. The only people still buying are high on hopium.
Will be watching for a new low below $7,350 and that is when I expect it to get bloody. Conversely, If bulls can create a new high above $7,800 then it will be time to reconsider my position.
Until next time trade happily and remember the age old adage: "If you can't beat them, join em!"
Sawcruhteez
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