BTC Update! Game of patience!
Hello fellow traders.
Yesterday I discussed leaning slightly on the bearish side after a reversal candlestick on the 4 hour chart that I mostly follow for trading. A few hours later we saw the follow through with the bears crushing the bulls yet again.
Here we go again wiht this being a game of patience. I am happy sitting on my hands and waiting for the bulls to prove themselves before re-entering any type of position. Our low today was $4863 and as I type this, looks like bears are about to try for another leg lower. Remember, watch for trend changes. I had given the bulls some small hope with their higher low and higher high even tho that was also the reversal candlestick which red flagged me personally as bulls bring unlikely to get another higher low and then higher high again to show the shift in trend.
Currently its just a free fall. Don't catch falling knives. Don't try and time bottoms. Be willing to give up some reward and minimize your risk by waiting for confirmations. BTC can't even get a 15 minute chart to give higher lows and higher highs. Once I see that occur, I look at hourly to see if it can do the same, and then to the 4 hour. You can also use the EMAs for resistance points as bears love to pile in when BTC re-approaches these EMAs.
Stay patient during markets like this.
Just My 2 Sats!
Yesterday I discussed leaning slightly on the bearish side after a reversal candlestick on the 4 hour chart that I mostly follow for trading. A few hours later we saw the follow through with the bears crushing the bulls yet again.
Here we go again wiht this being a game of patience. I am happy sitting on my hands and waiting for the bulls to prove themselves before re-entering any type of position. Our low today was $4863 and as I type this, looks like bears are about to try for another leg lower. Remember, watch for trend changes. I had given the bulls some small hope with their higher low and higher high even tho that was also the reversal candlestick which red flagged me personally as bulls bring unlikely to get another higher low and then higher high again to show the shift in trend.
Currently its just a free fall. Don't catch falling knives. Don't try and time bottoms. Be willing to give up some reward and minimize your risk by waiting for confirmations. BTC can't even get a 15 minute chart to give higher lows and higher highs. Once I see that occur, I look at hourly to see if it can do the same, and then to the 4 hour. You can also use the EMAs for resistance points as bears love to pile in when BTC re-approaches these EMAs.
Stay patient during markets like this.
Just My 2 Sats!
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