BTC Update! Bigger picture outlook!
Hope everyone is doing well. What a couple weeks or so its been in crypto.
I am heading out of town and will be gone about a week so won't be posting until I return. So thought now may be a good time to offer up my old weekly chart.
I believe the last time I posted this we were searching for a higher low compared to $3338 to then try and shift momentum and get the higher high above $4188. Clearly BTC did that and really anyone buying in on the weekly chart shift from its bearish lower highs and lower lows to the bullish pattern of higher lows and higher highs once we broke above $4188 have been extremely happy. Its been almost a straight bull run since then. Weekly chart is pushing above some major MA's. RSI is overbought for the first time since end of 2017! I have some old resistance points plotted from a while back so have left those in place. The past few weeks has been so bullish, we have not established much in terms of supports on the way up. I'd certainly be happy with some consolidation, a higher low and then moving up but anyone who has been in this market knows the bulls can start running more parabolic if FOMO sets in.
Personally I wasn't going to enter anything while being out of town but with the nice pullback over weekend of 10%+ across all names, I did scale into ETH, LTC, and a couple smaller alts. In hindsight, wish I had just played BTC but still very happy with my entries and will be a nice trade. For now I plan to just ride stop losses based on higher lows for these rather than trying to actively trade anything while gone. Will hope bulls continue the momentum and keep things pushing upwards but on a technical side, we really could use some consolidation and forming some bases of support.
Just My 2 Sats!
I am heading out of town and will be gone about a week so won't be posting until I return. So thought now may be a good time to offer up my old weekly chart.
I believe the last time I posted this we were searching for a higher low compared to $3338 to then try and shift momentum and get the higher high above $4188. Clearly BTC did that and really anyone buying in on the weekly chart shift from its bearish lower highs and lower lows to the bullish pattern of higher lows and higher highs once we broke above $4188 have been extremely happy. Its been almost a straight bull run since then. Weekly chart is pushing above some major MA's. RSI is overbought for the first time since end of 2017! I have some old resistance points plotted from a while back so have left those in place. The past few weeks has been so bullish, we have not established much in terms of supports on the way up. I'd certainly be happy with some consolidation, a higher low and then moving up but anyone who has been in this market knows the bulls can start running more parabolic if FOMO sets in.
Personally I wasn't going to enter anything while being out of town but with the nice pullback over weekend of 10%+ across all names, I did scale into ETH, LTC, and a couple smaller alts. In hindsight, wish I had just played BTC but still very happy with my entries and will be a nice trade. For now I plan to just ride stop losses based on higher lows for these rather than trying to actively trade anything while gone. Will hope bulls continue the momentum and keep things pushing upwards but on a technical side, we really could use some consolidation and forming some bases of support.
Just My 2 Sats!
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