BTC bulls have impressively defended the pushes down to support, and this morning we are testing resistance.
Bulls need to get over 4 hour EMA resistance to be looking up at the tops of the bounce reactions.
During the last few days LTC and ETH had shown clear greater weakness than BTC, but yesterday that shifted.
LTC bulls have shown up in a big way as daily RSI was approaching oversold. LTCBTC with the oversold bounce.
I had orders set to scale in but a bit too low down in the low $60s. Anything unde r$79 is just a daily lower high so bulls have lots of work to do.
ETH bulls are also bouncing and trying to change the daily trend with a break of $159. This would be the first indication our weekly higher low is set.
Bottom line is the bearish news for Bitfinex is being digested, and the bulls are keeping full control at this point. BTC still has not started weekly consolidation to see a higher low form.
Bulls need to get over 4 hour EMA resistance to be looking up at the tops of the bounce reactions.
During the last few days LTC and ETH had shown clear greater weakness than BTC, but yesterday that shifted.
LTC bulls have shown up in a big way as daily RSI was approaching oversold. LTCBTC with the oversold bounce.
I had orders set to scale in but a bit too low down in the low $60s. Anything unde r$79 is just a daily lower high so bulls have lots of work to do.
ETH bulls are also bouncing and trying to change the daily trend with a break of $159. This would be the first indication our weekly higher low is set.
Bottom line is the bearish news for Bitfinex is being digested, and the bulls are keeping full control at this point. BTC still has not started weekly consolidation to see a higher low form.
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