BTC Update!
Been a couple days so going to jump off last chart I posted from 7/3. I personally scaled into a position in the $6400's and have already gone back to cash and taken my profits. At the time I was watching for resistance area of $6,800-7,000 and we topped out at $6797. I took profits in $6500's (basically my insurance policy, lock in early profits and gives greater flexibility for remainder of position), then exited in $6700's and then stopped out on remainder of position in $6500's just to protect profits and because it was the 4th of July and I just didn't have time to even look at charts yesterday.
Sticking with daily chart here, we've continued to battle the 26 EMA and still have our overhead resistance at 6.8-7k. I am watching for further consolidation and daily chart to potentially form a higher low which makes me zoom in towards 4 hour chart and see where potential consolidation could settle in at. Bulls would love to hold $6411 which was prior higher low on 4 hour chart or perhaps our 26 EMA on 4 hour. Below that would be looking at $6257 which is currently a must hold for me personally. Closing below that and I'd be concerned bears are taking control again and pushing towards another yearly low. But overall, just a battle back and forth with bulls and bears trying to determine short term market direction which is giving us some pretty good wicks at tops and bottoms of candles and makes it just a bit too choppy for my trading style. I'll wait until a more clear direction shapes up.
Short term - neutral (just choppy right now)
Intermediate term - bearish (need a higher low and higher high on daily to confirm at least the trend is changing)
Long term - bullish
Just My 2 Sats!
