Been pretty uneventful few days since our drop through several supports. I personally have been happy in cash and waiting for things to settle down. This allows RSI's to cool off, moving averages to catch up. Sticking with the 4 hour chart, primarily watching the EMA's, 12 and 26 that are always on my charts. Bulls were stuck under 12 EMA and as it came down to meet price after the big drop, I shift to if bulls can get above the 12 EMA, will the bears step in at 26 EMA to knock price back down?
Thus far the bears have done this and are keeping the bulls in check. Price has come back down and bulls trying to hold this above $6200. If bulls can get a higher low here compared to $6178 or definitely above $6105 and then move to a higher high above $6288 then the bulls have a chance to get some momentum going. Otherwise, really no interest in the market unless we break below $6k support. RSI on 4 hour has cooled off from 19's to now around 40, giving the bears a nice opportunity to slowly fill their short positions before the next leg down. This has me leaning bearish still but overall this $6k-6.4 or 6.5k range is becoming a now trade zone for myself. Risk/Reward just isn't there for me to enter a trade.
Just My 2 Sats!
Thus far the bears have done this and are keeping the bulls in check. Price has come back down and bulls trying to hold this above $6200. If bulls can get a higher low here compared to $6178 or definitely above $6105 and then move to a higher high above $6288 then the bulls have a chance to get some momentum going. Otherwise, really no interest in the market unless we break below $6k support. RSI on 4 hour has cooled off from 19's to now around 40, giving the bears a nice opportunity to slowly fill their short positions before the next leg down. This has me leaning bearish still but overall this $6k-6.4 or 6.5k range is becoming a now trade zone for myself. Risk/Reward just isn't there for me to enter a trade.
Just My 2 Sats!
