BTC Update! Continues to follow as hoped
Last few charts have been fairly similar so here is a weekend update!
Personally had scaled into about 2/3 of my position couple of days ago and remain in that position. I got one more small fill overnight and have my last fill sitting around 10.5k. I have personally been waiting for the pullback down to 10.5-11k as stated last chart. We topped out at $12,064 on this bounce and pulled back last night to $10,761. If that holds as our low would be perfectly fine as now in about 75-80% of my position but we need more of a bounce here to confirm. This would look like a lower high on 4 hour chart, higher low and then higher high. Last couple charts I also discussed expectation that we'd trade within our high of the year at $13,868 and low of the pullback at $9651. I still believe bulls will hold this low but bulls do need to reverse the 4 hour chart back into their favor after losing it yesterday. If bears do drop price below the low of $9651 then we will re-examine from there and be looking at the 9k psychological level and weak support down there and then strongest support down at $7400-7700 range. Personally don't want to see BTC dropping back down that direction as we will then see the negative media of bull run is over for 2019 and the fear begins to set back in for the bulls that we are dropping back to 3k, etc.
Continued ideal setup with a higher low compared to $9651 (ideally that 10.5-11k range discussed previously which is where we fell to last night) and then work our way back up towards higher highs. This move is much healthier than the fun parabolic moves BTC loves to give. While it may not be as exciting, if bulls can establish bases of support along the run up, much healthier in my opinion.
Just My 2 Sats!
Personally had scaled into about 2/3 of my position couple of days ago and remain in that position. I got one more small fill overnight and have my last fill sitting around 10.5k. I have personally been waiting for the pullback down to 10.5-11k as stated last chart. We topped out at $12,064 on this bounce and pulled back last night to $10,761. If that holds as our low would be perfectly fine as now in about 75-80% of my position but we need more of a bounce here to confirm. This would look like a lower high on 4 hour chart, higher low and then higher high. Last couple charts I also discussed expectation that we'd trade within our high of the year at $13,868 and low of the pullback at $9651. I still believe bulls will hold this low but bulls do need to reverse the 4 hour chart back into their favor after losing it yesterday. If bears do drop price below the low of $9651 then we will re-examine from there and be looking at the 9k psychological level and weak support down there and then strongest support down at $7400-7700 range. Personally don't want to see BTC dropping back down that direction as we will then see the negative media of bull run is over for 2019 and the fear begins to set back in for the bulls that we are dropping back to 3k, etc.
Continued ideal setup with a higher low compared to $9651 (ideally that 10.5-11k range discussed previously which is where we fell to last night) and then work our way back up towards higher highs. This move is much healthier than the fun parabolic moves BTC loves to give. While it may not be as exciting, if bulls can establish bases of support along the run up, much healthier in my opinion.
Just My 2 Sats!
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