After a daily inside bar bear break, and loss of 4 hour higher lows, we are now seeing daily consolidation on BTC.
We are back testing EMA support, and so far the bulls are buying the hourly oversold RSI dip from the support break.
We have to be cautious as there is a lack of support in this area. Bulls need to change the hourly trend to be looking for our daily higher low to have formed.
The more we pull back from here the less likely a bullish continuation move on the daily occurs.
There are still no major red flags for the bulls at this point, but the 4 hour loss of support is enough that some bears have entered positions on the weakness.
Alts are still providing more volatility, with some bear breaks leading to 5-10% drops fairly quickly.
Bulls will have to change the 4 hour trend as well to regain control. Bears control the mid term time frames as long as 4 hour lower highs remain.
If bulls not in on hourly oversold or bears are not in on the support break... it is time to be patient while within this current range.
We are back testing EMA support, and so far the bulls are buying the hourly oversold RSI dip from the support break.
We have to be cautious as there is a lack of support in this area. Bulls need to change the hourly trend to be looking for our daily higher low to have formed.
The more we pull back from here the less likely a bullish continuation move on the daily occurs.
There are still no major red flags for the bulls at this point, but the 4 hour loss of support is enough that some bears have entered positions on the weakness.
Alts are still providing more volatility, with some bear breaks leading to 5-10% drops fairly quickly.
Bulls will have to change the 4 hour trend as well to regain control. Bears control the mid term time frames as long as 4 hour lower highs remain.
If bulls not in on hourly oversold or bears are not in on the support break... it is time to be patient while within this current range.
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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.