Hello guys, BTC bulls didn't see any follow through yesterday, instead retracing back to under the currently important neckline at 6250. While it is quite remarkable that the bears needed 6 bars to reverse one bullish hammer (and couldn't even reverse fully), the bulls still have to show up. The bull flag yesterday was their perfect chance to move higher, and they let slip this opportunity. Instead, forming this high without follow through, we're looking at an ascending upper trendline right now (the yellow one), which is always more bearish than bullish.
We are currently under both EMAs on the 4H, on the Hourly they're crossing bearish right now. If we cannot hold the Hourly lows at 6121, we'll have to look at a 4H higher low. There is nothing to trade here until we get some clear patterns & follow throughs.
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About myself: Global citizen & early Bitcoin adopter from Germany. I invested in the 2nd rally from 50 to 1.000 Dollars in BTC.
We are currently under both EMAs on the 4H, on the Hourly they're crossing bearish right now. If we cannot hold the Hourly lows at 6121, we'll have to look at a 4H higher low. There is nothing to trade here until we get some clear patterns & follow throughs.
If you find my analysis helpful, please like & subscribe, and watch my daily videos! ;) (description in my status)
About myself: Global citizen & early Bitcoin adopter from Germany. I invested in the 2nd rally from 50 to 1.000 Dollars in BTC.