BTC Update!!
Jumping off last charts from Thursday. I was watching overhead resistance at 6.8-7k and watching for consolidation to occur with bulls wanting to ideally hold $6411 which was the most recent higher low at the time on 4 hour chart. We ended up seeing just that with some brief consolidation hours after with bulls setting $6450 as another higher low on the 4 hour time frame (so holding pattern by $39). We have since formed $6512 as another higher low from there. I personally scaled into some positions and also scaled into more yesterday in the low $6500's where I remain comfortably in. We had a bull break last night and were able to beat the lower $6800 prior tops just barely but immediately came back down some. So new high to beat is $6843 and remains within the zone of resistance we've been watching for a while now. Currently watching some consolidation occurring after nearly 24 hours of trading within a $75 window or so.
Would love bulls to continue to hold their 4 hour higher lows. If they fail, bulls still remain fairly healthy as daily chart still needs to have its consolidation at some point which would likely cause the loss of 4 hour higher lows. Daily chart did show a nice break above 26 EMA and our 12 EMA has acted as strong support for several days. Consolidation and a hold of 12 EMA on daily would keep bulls very happy as it maintains 4 hour higher lows and 12 EMA support on daily keeping the bulls in control short term.
Short term - neutral. Still want to see a higher low and higher high on daily but bulls currently in control
Intermediate - bearish until the bulls start changing the trend on daily
Long term - bullish
Just My 2 Sats
