BTC Update!
Jumping off last several charts really as not much has changed on bigger picture. Critical level I have wanted bulls to hold is $6257 which they held by $22 yesterday. Yesterday I was expecting another leg down and ideally was looking for $6300-6350 for that leg down so did enter position in low $6300's and using $6257 as SL area. Just my way of looking for low risk entries where I know my risk is under 1%. I did scale out just under $6400 to lock in some mini profits on partial position and just minimize any loss further if we do see another leg down and hit my SL. We are currently pretty range bound with a couple of bottoms down around $6280 and a few tops up around $6400 so waiting to see which side caves.
RSI's had a chance to cool off some overnight but 4 hour still pretty low overall. Daily chart - yes I am watching the inverse head and shoulders pattern along with every other trader. Yes I hate head and shoulder patterns but do watch them when I know loads of others are as well. It sets our neck line up around $6800's so really the pattern itself is irrelevant to my trading style as the $6.8-7k area has been my primary area to watch for a couple of weeks now.
So for now it's comfortably back in position with low risk entry and if we see a break above $6400, will again scale out further to scalp quick profits rather than holding in an overall downtrend of a market.
Short term - neutral. Range bound currently.
Intermediate - bearish. Still do not believe we have bottomed and need a daily higher low and higher high to start reversing this trend
Long term - bullish. Still believe crypto is here to stay (do not believe vast majority of alts are here to stay however).
Just My 2 Sats!
