BTC Update! Bulls clear resistance... need continuation!
Well we finally got the resistances cleared. This mornings post I discussed bulls being so close last night and was leaning towards bulls finding that move today to clear through the previously resistances laid out. Bulls managed to do just that and we saw a nice 3.5% move in about 15 minutes this morning for bulls to clear through all the resistance. This allowed low risk entry for me personally to help push through the resistances and thus far I have opted to not scale out of anything just yet. As stated this morning, ideally wanted to see bulls prove themselves with a break out, brief consolidation (bull flag) and then continuation. So far we saw the break out but consolidation taking on a bit more time than I'd care for. Positive is price is sticking above where traders would have had their stop buys so keeping everyone in profitable trades. Perhaps we come back down and re-test our 12 EMA and see if it can once again serve as support. Regardless, would like to see bulls make their continuation move overnight or tomorrow otherwise we risk the bears taking control. LTC was a pack leader and did have some significant pullback today while ETH has done very well. Some other alts have also been very nice movers and am also personally in a small alt position for ADA from its bulls move.
Just because the bulls broke their resistance and got a decent push up initially does not mean our low of the pull back is in. We need the continuation to tell us weekly consolidation is done and we are returning to re-test the highs of this recent move. This could simply be a bounce for the weekly chart for a lower high and then sink back down to lower lows. Traders should be prepared for any scenario and have a plan as there is no guarantee, only probabilities to be playing. I had said I was not interested in BTC between $7400's-8000 or below 12 EMA resistance and needed to see bulls make a push to break those daily lower highs. We got that started today and that's where I had my stop buy to trigger along with many others and gives the bullish momentum to clear those resistances we had been watching. Will see if bulls can get some further momentum to make the trade worthwhile for a decent profit or if they let this bounce fade and sink back lower. ok, I've rambled on long enough.
Just My 2 Sats!
Just because the bulls broke their resistance and got a decent push up initially does not mean our low of the pull back is in. We need the continuation to tell us weekly consolidation is done and we are returning to re-test the highs of this recent move. This could simply be a bounce for the weekly chart for a lower high and then sink back down to lower lows. Traders should be prepared for any scenario and have a plan as there is no guarantee, only probabilities to be playing. I had said I was not interested in BTC between $7400's-8000 or below 12 EMA resistance and needed to see bulls make a push to break those daily lower highs. We got that started today and that's where I had my stop buy to trigger along with many others and gives the bullish momentum to clear those resistances we had been watching. Will see if bulls can get some further momentum to make the trade worthwhile for a decent profit or if they let this bounce fade and sink back lower. ok, I've rambled on long enough.
Just My 2 Sats!
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