BTC Update! Watching for daily bull flag or 12 EMA support
Bulls continue to remain in control and have seen some solid dip buying. I personally exited a small portion of my BTC and ETH positions 2 days ago just to lock in profits and have more flexibility with my stops.
Ideal scenario here in my opinion is for the daily to be a bull flag here with continuation today or tomorrow towards 9k. Resistance from initial move is up at $8949 and low of the pullback was overnight down at $8426. This is potentially a new stop loss area for those traders in positions or if looking to have more wiggle room could time against the 12 EMA which is just under $8200 now and slowly rising. I am continuing to keep an eye on a date announcement from Fidelity for when they will officially open up BTC trading to their institutions/pro traders (see post a couple weeks ago regarding my thoughts on this situation).
But until that date is announced and coming up, enjoying riding the wave the bulls are in and will continue to lock up profits.
Just My 2 Sats!
Ideal scenario here in my opinion is for the daily to be a bull flag here with continuation today or tomorrow towards 9k. Resistance from initial move is up at $8949 and low of the pullback was overnight down at $8426. This is potentially a new stop loss area for those traders in positions or if looking to have more wiggle room could time against the 12 EMA which is just under $8200 now and slowly rising. I am continuing to keep an eye on a date announcement from Fidelity for when they will officially open up BTC trading to their institutions/pro traders (see post a couple weeks ago regarding my thoughts on this situation).
But until that date is announced and coming up, enjoying riding the wave the bulls are in and will continue to lock up profits.
Just My 2 Sats!
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