BTC Update! Elevator Down!Been a few days and last chart was from Monday where bulls were sitting at low $4,000's and I discussed not being impressed by the bulls since they had failed to break to higher highs from when we had hit $4239. I also spoke about the bulls needing to avoid the elevator back down.
Well yesterday we saw that elevator down. Bulls fell about 12% yesterday in a short time frame and the bears once again proved they understand this market better than the bulls. When the bears strike, they are striking violently so anyone in position and without a stop loss is likely not too happy. I'm pushing towards 2 weeks now since my last trade in crypto so hence the lack of chart updates from me. These bulls just aren't showing me enough that they can sustain any type of momentum to this point.
From here the bulls stopped the bleeding at $3560 yesterday and bulls trying to prevent this from just being another bear flag on 4 hour before another leg down. I personally would not be trying to time this bottom down for the current drop as if its another bear flag with another leg down, bears could push it right back towards our lows in $3100's. I'll personally wait for 4 hour to return to a higher low and higher high format as current bullish trades are tough to hang onto outside of quick flips for small % moves as we are back to trading in a more bearish environment.
If you zoom out to daily chart, the support was down at $3567 as really our final support before our low of $3129. This bottom yesterday at $3560, fine with calling a double bottom for the support level. So continuing to remain patient and waiting for this trend to shift back towards bulls favor. I'll continue to try and post a couple charts each week but bottom line, market still not pretty and certainly not confirmed we have set our bottom.
Just My 2 Sats!
