BTC Update!
Well it's been an exciting day for sure.
Jumping off charts from Saturdays post. I was continuing to look for scale in positions at $6800-6900 as that area jumped out as an ideal higher low for the bulls to try and hold and give us a bounce back up to the 4 hour EMAs where I'd then collect profits.
All played out well and was able to fill all but 1 of my buys and then began taking profits in upper $6900's and fully exited today at $7125 just to lock in those profits. This was just sticking to the original plan from 3 days ago of take that the chart is consistently giving you, lower lows and lower highs. Fill up on the lows, sell on the rejection at 12 or 26 EMAs on 4 hour time frame. It's small % gains but all I look for is consistency.
So I was fortunate to be all cash and patiently waiting for another set up once we rejected from 26 EMA.
Then the news of the ETF delay came. This was certainly expected as highly likely but a date of when they'd tell us was a bit unknown. So they picked today and the dump has followed suit. This just further confirms to me that the market is extremely weak and if we eventually see an actual denial of the ETF, be ready for the cliff dive.
I remain back in all cash at this time and am playing it safe of just waiting for things to shake out, really no interest unless we are under $6500 at this time. Bulls will still want to hold a weekly higher low but with the denial, it may be tough and we may just continue the same pattern of another lower low on the weekly after our recent lower high at $8488. Weekly chart has the 75 week MA down around low $6400's and a few days ago, I mentioned it as potential support again but ideally wanted bulls to hold higher than that. This was before the ETF delay so now, bulls may just want to hope that can hold as support as if we keep re-testing the $6k area, I just don't believe it holds and would drive us much lower.
Just My 2 Sats!
