BTC Still no Sign of a 4 Hour Trend Change
Bears have had a firm grasp of control the last 3 days as we look for a daily higher low to form.
We currently have another potential 4 hour bear flag forming.
I entered into some smaller BTC and LTC short term bounces last night just looking for a flip.
I decided to lock in 1% quick on half and set a stop break even under the lows for the 2nd half which have not triggered yet at this point.
This allows exposure to potentially hit the daily higher low, but also protection knowing there can always be another leg down.
4 hour EMA resistance is key along with the clear lower highs as we watch for a shift in momentum.
If we do see another leg down, we will be on the verge of 4H oversold.
Could we just drop straight to lower lows under 9k? Yes. Anything is possible and we must always plan for scenarios in both directions. However with how extended the 12H is the last 6 candles and with where the 4 hour RSI is we would not expect much follow through under 9k initially... if that were to happen.
We currently have another potential 4 hour bear flag forming.
I entered into some smaller BTC and LTC short term bounces last night just looking for a flip.
I decided to lock in 1% quick on half and set a stop break even under the lows for the 2nd half which have not triggered yet at this point.
This allows exposure to potentially hit the daily higher low, but also protection knowing there can always be another leg down.
4 hour EMA resistance is key along with the clear lower highs as we watch for a shift in momentum.
If we do see another leg down, we will be on the verge of 4H oversold.
Could we just drop straight to lower lows under 9k? Yes. Anything is possible and we must always plan for scenarios in both directions. However with how extended the 12H is the last 6 candles and with where the 4 hour RSI is we would not expect much follow through under 9k initially... if that were to happen.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Checkout our full trading resources online chartguys.com
Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social
Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.