Sorry everyone, been away for almost 2 weeks now! Last chart post was back on Feb 8th and BTC had set its higher low at $3338 and we were watching to see how it would bounce. Knowing full well anything under $4239 is just another lower high on our weekly chart. Well 11 days later and here we are, same chart with minimal change. Bulls have pushed price up from $3700 11 days ago to now reaching our high at $3970 today. Solid move by the bulls across many names the past 11 days but we continue to stay cautious on BTC and market in general. That is why I zoomed out back then to weekly chart and while it was nice to see a higher low finally setting on BTC for weekly, a higher high is what bulls really want to see to try and start to shift this trend.
If the bulls fail and only get a lower high then most likely scenario is an equilibrium pattern. Bulls would try to defend the higher low at $3338 and establish another higher low and then seek to break to higher highs.
Let's see what rest of the week brings and if bulls have enough strength to test $4239 or if the bears take price back down. Personally would be fine seeing a lower high here at $3970 or low $4,000s even as long as the bulls can then get a higher low perhaps in the $3600-3800 range and then push for higher highs.
Just My 2 Sats!
If the bulls fail and only get a lower high then most likely scenario is an equilibrium pattern. Bulls would try to defend the higher low at $3338 and establish another higher low and then seek to break to higher highs.
Let's see what rest of the week brings and if bulls have enough strength to test $4239 or if the bears take price back down. Personally would be fine seeing a lower high here at $3970 or low $4,000s even as long as the bulls can then get a higher low perhaps in the $3600-3800 range and then push for higher highs.
Just My 2 Sats!
