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.