Yesterday the bulls were pulling back from their recent high of $3643 and we were waiting to see if/where a higher low on 4 hour chart would land. Anything above $3254 will give a 4 hour higher low. Ideally would have loved to see 12 EMA offer the support since it has been resistance for so long but bulls were unable to do that.
We dipped just under $3300 with a low of $3293 this morning which again gives me more reason to continue to wait and see if the bulls can prove anything on these bounces the last week. If $3293 holds it gives a higher low but once again the bulls just continue to test within a tight range of our lows.
As stated multiple times this year, this is not a bullish sign and eventually the lows will crack if we continue to test them. The difference I see here is when we bottomed to $3212 we saw a massive bullish volume and run up. When we saw the higher low at $3254 we again saw a decent bull volume spike and run up but thus far at $3293 we have seen a small bounce but nothing significant/quick like before.
Unsure if bulls are just running out of steam to protect these lows or what but certainly has me cautious and protective still. Will see if bulls can again re-test 12 EMA which over night was back to being resistance yet again.
Daily chart certainly doesn't look healthy and bulls thus far could not even get up to test the 12 EMA on daily.
Staying patient and trading other sectors as plenty of volatility elsewhere but always keeping my eye on BTC.
Just My 2 Sats!
We dipped just under $3300 with a low of $3293 this morning which again gives me more reason to continue to wait and see if the bulls can prove anything on these bounces the last week. If $3293 holds it gives a higher low but once again the bulls just continue to test within a tight range of our lows.
As stated multiple times this year, this is not a bullish sign and eventually the lows will crack if we continue to test them. The difference I see here is when we bottomed to $3212 we saw a massive bullish volume and run up. When we saw the higher low at $3254 we again saw a decent bull volume spike and run up but thus far at $3293 we have seen a small bounce but nothing significant/quick like before.
Unsure if bulls are just running out of steam to protect these lows or what but certainly has me cautious and protective still. Will see if bulls can again re-test 12 EMA which over night was back to being resistance yet again.
Daily chart certainly doesn't look healthy and bulls thus far could not even get up to test the 12 EMA on daily.
Staying patient and trading other sectors as plenty of volatility elsewhere but always keeping my eye on BTC.
Just My 2 Sats!
