For now the markets are relatively stable. We however, did fall out of the falling wedge to see the 8700 level. We needed a retrace following the climb from 6600; however, is this retrace over? Until we form a higher high (9800), we are assumed to still be in a retracement. The powers to be may not want the media attention that 10,000 will bring, so that is an important physiological level. For now, we are range-bound between the two 4 hour support/resistance levels located at 9150 and 9400. Should 9150 break, it is highly likely we will retest the 8700 level. Should this happen it is also likely we push further towards the 8400 level. Given the weekend coming up, and thus lower volume, I do not believe at this time we will be forming another higher high in the next couple days. While BTC is rangebound, alts will continue to grow, but if we should see the downside scenario, I would exit alts and look to buy at the next support level.
Happy trading and as always I appreciate any and all feedback, and I hope you have a happy weekend!
Happy trading and as always I appreciate any and all feedback, and I hope you have a happy weekend!