BTC Pop and Drop
A little climax fake out, as the bears waited for one more push before going on attack. Temporary tops are set on many names as we now look for a bounce on the hourly to give us a lower high. We are also looking for daily higher lows to form at this point.
Personally back to all cash from the ETH trade over the last couple days. Aside from some oversold bounce day trades (if lots of time frames line up) I am going to be sitting patiently for the short term future it appears. The reason is, we are expecting weekly lower highs on most names. Remember, BTC could even possibly be a weekly bear flag at this point. As long as the daily higher lows remain, our weekly lower high is not set, but the size of the pullback on BTC shows it will be a long way back up to see daily continuation attempted.
Bears will be looking for loss of daily higher lows as a potential swing entry for the possibility the weekly chart drops to lower lows.
Personally back to all cash from the ETH trade over the last couple days. Aside from some oversold bounce day trades (if lots of time frames line up) I am going to be sitting patiently for the short term future it appears. The reason is, we are expecting weekly lower highs on most names. Remember, BTC could even possibly be a weekly bear flag at this point. As long as the daily higher lows remain, our weekly lower high is not set, but the size of the pullback on BTC shows it will be a long way back up to see daily continuation attempted.
Bears will be looking for loss of daily higher lows as a potential swing entry for the possibility the weekly chart drops to lower lows.
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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.