BTC broke $8k and bounced with hourly RSI levels down around 21.
At this point we are still seeing 4 hour lower highs and lower lows, which means the bears still control the trend.
We will need to see a higher low and higher high in order to be confident our new daily support is forming.
I personally will not enter again without oversold hourly conditions in the low 20s, or a change in the 4 hour trend.
Flipped a small position of ETH last night as my staggered bids started to fill under $660.
Note the declining volume on the 4 hour candles for the bounce, another reason to be looking for a 4 hour lower high to be set.
ETH still holding daily support which BTC broke long ago.
At this point we are still seeing 4 hour lower highs and lower lows, which means the bears still control the trend.
We will need to see a higher low and higher high in order to be confident our new daily support is forming.
I personally will not enter again without oversold hourly conditions in the low 20s, or a change in the 4 hour trend.
Flipped a small position of ETH last night as my staggered bids started to fill under $660.
Note the declining volume on the 4 hour candles for the bounce, another reason to be looking for a 4 hour lower high to be set.
ETH still holding daily support which BTC broke long ago.
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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.