BTC Daily Double Bottom

BTC bulls defending support with a solid 3%+ bounce off the lowest price we have seen on this pullback. We still have the top of the bounce resistance to be watching at $8,343 and as long as that level is resistance, the bears have the upper hand on the daily chart. If bulls are able to break it, we look to daily EMA resistance.

The short term action will likely lead to an hourly equilibrium this morning, as the move came entirely off the low and we have not even changed the hourly trend yet. Bulls need a higher low to form on the hourly and then lower highs will have to break. Right now the bulls only played defense, and they will have to start going on some offense for it to be significant.

LTC, ETH and many alt coins are holding up a bit better than BTC the last 4 days, but still looking for their own daily lower highs even if their bounces see some further continuation. Bears are establishing their game plans for potential entries. I am still in my BTC position from $7,800, no other bids filled on the drop and I will patiently hold it with an exit target in the mid to upper $8,000s.