BTC had a very laggard reaction to the bearish Bitfinex news yesterday and I must be honest the carnage is better than I would have anticipated.
If the Bitcoin bulls can come out of this FUD holding $5k it will be a significant statement as to the resiliency of the bulls.
We have not even started weekly consolidation yet, we would have to break $4,900 to see it.
As we continue to watch the news get digested, we are watching hourly EMA 12 resistance which is currently rejecting the bounce attempt.
If the bulls can turn it into support we will look for a 4 hour EMA resistance test.
I personally flipped the break of $5,000 for a 2% trade and will be interested in scaling into 4 hour oversold RSI if we do see another leg down.
If the Bitcoin bulls can come out of this FUD holding $5k it will be a significant statement as to the resiliency of the bulls.
We have not even started weekly consolidation yet, we would have to break $4,900 to see it.
As we continue to watch the news get digested, we are watching hourly EMA 12 resistance which is currently rejecting the bounce attempt.
If the bulls can turn it into support we will look for a 4 hour EMA resistance test.
I personally flipped the break of $5,000 for a 2% trade and will be interested in scaling into 4 hour oversold RSI if we do see another leg down.
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