Bitcoin - The Bear Dip ~ @Pro Team Market Update

MARKET UPDATE: Scenario 1 ended up playing out with “The 3h 200 EMA being the near term low where we would anticipate the 5m 200 EMA to provide support allowing price to begin its oversold counter micro-trend bull rally without getting oversold on the 4h… price is likely to get rejected at 4h 60% RSI level printing a lower high than the pivot high at $10,500 leading to weekly consolidation. I am anticipating a counter-trend rally could lead to the formation of a 4h Head & Shoulders pattern with the right shoulder topping out at the “Bear Hammer” $10,200 range.” The described resulted in a 8.9% Bear Dip sending price into our next support level, the infamous 4h 200 EMA. The measured move target of the Head & Shoulders candlestick pattern is $8780 which will be confluent with the daily 200 EMA in about a week. You all know I define Bull/Bear macro-trends by the support and/or resistance of the 4h 200 EMA. Although price is printing seller exhausting candlestick patterns on the 15m the RSI is Bear Flagging. This suggests that price will revisit the pivot lows and give support a second back test. If you do not have any open positions this is a great time to take a break since price is in the Grey Zone below the daily 12 EMA and above the 4h 200 EMA. For those of you that want to trade there are several coins looking good for oversold longs with conservative targets and several coins ripe for the Bears on the next rejection into resistance.
My trade game plan to remain cautious while price is in the Grey Zone and counter-trend long a few altcoins from the lows scaling out at the 5m 200 EMA 33%, 15m 200 EMA 33%, and if price continues higher 38.2% retracement 33%. I am not going to assume price will go above the 50% retracement on an oversold bounce. I will also be looking to short coins weak vs BTC on oversold bounces into resistance. (This is my personal trade game plan please make your own trading decisions).

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