Did you take my advice from my last BTC chart and buy on the lower trendline? I know I didn't have the guts to do so! If you did, congratulations on a nice short-term swing play. Is there more upside -- your guess is as good as mine, but we can a look at some price levels of interest.
1. $3571 was the suggested buy level for those with high-risk tolerance.
2. $3691.50 is a key area for considering a stop-loss on the 4-Hr if we begin to lose momentum on the next 4-Hr candle. It could also hold as support, so leave some wiggle room!
3. $3857.70 level should hold as a resistance point, but if the bulls are trying to run us up to the $4100+ level to liquidate, it will not hold for more than a candle or two.
Outlook: Bullish. This was not a major move but a few hundred bucks in a matter of minutes, is why we're in this game, right?
Protect your profits and move that stop up if we continue the bullish momentum. Watch for price distribution to fade lower which in normal in a healthy market (price to fade lower and explode up again). I am always skeptical of BTC, but what seems interesting from a macro perspective is that I don't think BTC moved this market -- I feel ETH did and BTC followed suit. That's for you guys to argue out!
Sorry for the short analysis, but things move fast in the crypto-sphere. I was doing an ETH analysis when I noticed ETH ran North on me while I was typing!
Good luck,
Biff
Stay tuned -- I will be on all day today and all night, so follow me on twitter for my real-time updates and analysis!
1. $3571 was the suggested buy level for those with high-risk tolerance.
2. $3691.50 is a key area for considering a stop-loss on the 4-Hr if we begin to lose momentum on the next 4-Hr candle. It could also hold as support, so leave some wiggle room!
3. $3857.70 level should hold as a resistance point, but if the bulls are trying to run us up to the $4100+ level to liquidate, it will not hold for more than a candle or two.
Outlook: Bullish. This was not a major move but a few hundred bucks in a matter of minutes, is why we're in this game, right?
Protect your profits and move that stop up if we continue the bullish momentum. Watch for price distribution to fade lower which in normal in a healthy market (price to fade lower and explode up again). I am always skeptical of BTC, but what seems interesting from a macro perspective is that I don't think BTC moved this market -- I feel ETH did and BTC followed suit. That's for you guys to argue out!
Sorry for the short analysis, but things move fast in the crypto-sphere. I was doing an ETH analysis when I noticed ETH ran North on me while I was typing!
Good luck,
Biff
Stay tuned -- I will be on all day today and all night, so follow me on twitter for my real-time updates and analysis!
