BTC Continues to ride 12 EMA Support! Equilibrium in play
Hello eveyone! I've been out of town for about a week and got back a few days ago. Finally getting around to posting for charts and will update on my personal positions.
BTC has been bouncing around slowly recently and daily chart has taken shape for a nice equilibrium. We had the high of the move at $8388 and low of the pull back at $6600.
Bounced for a lower high at $8315 and looks to be safe to say a higher low at $7467 although waiting for a bit more follow through on 4 hour chart to confirm this.
This gives BTC a nice equilibrium to be watching.
The 12 EMA I always have on my chart continues to hold very nicely as support and offers excellent buys or rebuys for those trading the market. I personally bought back in this last pull back for BTC using the 12 EMA as guidance and was able to scale in as BTC pulled back and re-approached the EMA. I scaled in on both BTC and ETH again.
Last trade off those I had sold BTC at $7850 and sold ETH at $277 and $254 and was able to re-enter positions of BTC at an average of low $7600's and ETH at an average of $243. I am back into a full position here and will utilize 4 hour higher lows as my stop losses. If the BTC bulls can break this equilibrium bullish then I'm looking up at $8488 and $8600 resistance. Otherwise looking up at 9k and 10k psychological. A long ways away from that but bulls continue to show they are buying the dips, EMAs continue to hold support and the sideways action for the past week or so has allowed RSIs to cool off some and ideally give the bulls room for a bull break. It's a holiday weekend in the US so will be away from charts until Tuesday. Lets see if the bulls can show up over the weekend and get the break we are waiting for. If the equilibrium does break bearish, I'd be looking down at 26 EMA to see if that can hold support for the bulls and allow bulls to buy the dip again.
BTC has been bouncing around slowly recently and daily chart has taken shape for a nice equilibrium. We had the high of the move at $8388 and low of the pull back at $6600.
Bounced for a lower high at $8315 and looks to be safe to say a higher low at $7467 although waiting for a bit more follow through on 4 hour chart to confirm this.
This gives BTC a nice equilibrium to be watching.
The 12 EMA I always have on my chart continues to hold very nicely as support and offers excellent buys or rebuys for those trading the market. I personally bought back in this last pull back for BTC using the 12 EMA as guidance and was able to scale in as BTC pulled back and re-approached the EMA. I scaled in on both BTC and ETH again.
Last trade off those I had sold BTC at $7850 and sold ETH at $277 and $254 and was able to re-enter positions of BTC at an average of low $7600's and ETH at an average of $243. I am back into a full position here and will utilize 4 hour higher lows as my stop losses. If the BTC bulls can break this equilibrium bullish then I'm looking up at $8488 and $8600 resistance. Otherwise looking up at 9k and 10k psychological. A long ways away from that but bulls continue to show they are buying the dips, EMAs continue to hold support and the sideways action for the past week or so has allowed RSIs to cool off some and ideally give the bulls room for a bull break. It's a holiday weekend in the US so will be away from charts until Tuesday. Lets see if the bulls can show up over the weekend and get the break we are waiting for. If the equilibrium does break bearish, I'd be looking down at 26 EMA to see if that can hold support for the bulls and allow bulls to buy the dip again.
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