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Higherhighs

BTC Update! Bulls hold support and rally higher!Two charts ago we were anticipating an eventually break above $5665 for BTC and had been watching the 12 EMA support. Then came the negative tether news which sent BTC down, losing the 12 EMA support but managed to hold the higher lows in tact on daily chart by $18. Those have continued to hold and last chart we were watching to see if hourly and 4 hour charts could regain their higher lows and higher highs to start the march back up or if the bears would reload. Bulls win again here and BTC back up to new highs for this year which is always nice to see. I continue to have my box of heavy resistance up ahead that I laid out a few charts ago. Personally I did enter position on an Alt coin a few days ago on 4/29 which was with ONT. Thus far its given about a 10% return despite not being one of the stronger alts in recent days. I have sold some just to lock up a bit of profits and will ride higher lows on hourly or 4 hour chart for remainder of position. I chose ONT simply due to what appeared to be a bottoming candle on hourly chart on 4/29 where bears drove price down to $1.00 (nice round psychological number) and bulls showed an extremely high bull volume come in. I began layering in buys over the next several hours and filled around $1.05 for an average buy and was then able to initially use $1.00 as my stop loss until the bulls got things moving up higher. Overall happy with the trade and will see if ONT bulls can start a march towards yearly highs again. Just My 2 Sats!
COINBASE:BTCUSD
by My2Sats
BTC Update! Bull break and now watch for continuation!Welcome back bulls. Yesterdays chart I spoke about watching the tightening pattern as BTC was in an equilibrium. I had personally entered an LTC position recognizing using the lows as a stop loss gave me a risk of less than 1% on my position and was hopeful for a 4-5% ideally on a bull break up. We got that and then some with LTC as BTC broke out bullish. We wanted to see volume and the big green candlestick and bulls have given us that. Bulls broke through all 3 of the prior resistance levels I had laid out yesterday (3657, 3667 and 3711) and topped out currently at $3766 for this move. % wise for BTC nothing crazy but bulls comfortably in a position, some brief consolidation today and another leg up allows for all the bulls to safely stay in position if they choose without risking a loss on the trade. For me personally, I was sleeping when the move happened so did not exit any of my LTC trade which at its peak ($33.15) was about a 10% move for my personal trade. I've moved my SL up now just to guarantee a positive trade in case bulls do not give continuation. Otherwise, I'll comfortably wait and see if we get continuation today or by tomorrow for our next leg up and can ride stop losses up higher as bulls establish higher lows or scale out of some position as the bulls run. Overall a pretty straight forward setup from yesterday we were watching and expecting LTC to give the better % gains. For BTC, $3580 is our higher low to currently hold and ideally want to see bulls go nowhere near there before they get another leg up. They need to start building the higher lows and higher highs now and stair step back up for this to give some more significant momentum to the bulls. EMAs on 4 hour also gave us a bull cross for first time in about 2 weeks so hopefully the bulls can maintain that. Good luck with those trading, bulls still have a lot of work to do to prove themselves but happy the charts continue to give safe trades even in this market. Just My 2 Sats!
COINBASE:BTCUSD
by My2Sats
BTC Update! Bulls are marching on! Consolidation today?We got the break last night we were patiently waiting for to see bulls set their higher low at $3437 and allowed many to scale into positions during that consolidation before the next bull break. We are now into the $3800s which is fantastic to see the bulls pushing higher. I personally scaled out of half my position at $3787 last night and remainder I am utilizing higher lows on 4 hour for stops. I am expecting consolidation today or definitely by tomorrow as we are pretty extended on 4 hour time frame. Remember, consolidation is perfectly normal and healthy. No reason to shake people out of positions and should be reason to scale into positions provided there are no red flags on the consolidation. Red flags I will be watching for is any loss of higher lows (start with hourly and then to 4 hour), spike in bearish volume (I want to see small declining bearish volume on any consolidation, not large and increasing bearish volume). Overhead resistance I am watching is $3875 and $4035 from back in early December. If the bulls can push this into the low $4000s before consolidation, it would be a nice sign and would give the bulls some much needed breathing space on the daily chart to try and eventually set a higher low (and then ideally a higher high to start shifting this trend). I know a lot in the space are getting bullish so only word of caution is we have seen this before this year and then eventually fall lower. Even our move in late November was a 27-28% gain for BTC and we all know that eventually turned into lower lows still. This move the past 3-4 days has been about 24% gains so far. In order for these bulls to really start proving themselves they need to shift these lower lows into higher lows and then higher highs on daily chart and then eventually on the weekly chart but that is a long ways away from being able to do that. For anyone who did not hop in on this bull move, hard to justify chasing here and would ideally want to see some consolidation and entries there. But at least the space is back on my trading radar again and has me keeping a much closer watch. Sorry for the long read. Please like, share, comment! Just My 2 Sats!
COINBASE:BTCUSD
by My2Sats