BTC broke the $6k mark for lower lows and is in the range of our lowest price since all time highs in the $5,700s.
We currently have a bounce that looks like a 4 hour bear flag, cooling off short term RSI levels.
The hourly EMA 12 resistance is rejecting the price, keeping the bears in control.
Shorts continue to climb anticipating a break of $5,900 today to confirm the bear flag.
Congrats bears but you need to be cautious as well! The more everyone is looking in the same direction, the more cautious I get.
This does not mean do not enter bearish... it just means remain protective and use stop losses.
Daily RSI will get oversold if we do break to new lows.
Bulls are patiently waiting and protecting capital, not catching falling knives and trying to be the hero nailing the bottom.
We currently have a bounce that looks like a 4 hour bear flag, cooling off short term RSI levels.
The hourly EMA 12 resistance is rejecting the price, keeping the bears in control.
Shorts continue to climb anticipating a break of $5,900 today to confirm the bear flag.
Congrats bears but you need to be cautious as well! The more everyone is looking in the same direction, the more cautious I get.
This does not mean do not enter bearish... it just means remain protective and use stop losses.
Daily RSI will get oversold if we do break to new lows.
Bulls are patiently waiting and protecting capital, not catching falling knives and trying to be the hero nailing the bottom.
Checkout our full trading resources online chartguys.com
Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social
Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Checkout our full trading resources online chartguys.com
Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social
Improve your TA with our free ebooks chartguys.ac-page.com/lp-all-ebooks?utm_source=tradingview&utm_medium=social
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.