Good morning! This setup reminds me of a few weeks ago in May where the bulls strung together quite a few green days in a row before a decent sell off. Bulls have been in full control since the break of resistance around $8050 last week that I initially got my stop buy triggered on. I have now scaled out of about 70% of my position to lock up profits and came within about $50 of being stopped out of remainder with the short pullback last night. I am following the daily chart here with each day setting a new higher low. This was almost lost last night but bulls managed to hang on and are trying to fight again today for yet another higher high on daily. Daily chart continues to outpace the 12 EMA and I do expect this gap to narrow. If looking at 4 hour chart, the 12 EMA has been tested pretty closely and began to lose its support last night with the pullback. This had me scale out some more of my position here in the $9200's this morning just to protect more profits. With a sufficient amount scaled out personally and profits locked up, my remaining 30% will ride stop losses unless bulls make a quick run up that would have me seeking to scale out remainder. $9475 is the high from yesterday bulls want to get above with $8975 being the higher low from yesterday the bulls will seek to defend. IF bears drop price below, we will need to see 1. how many stop losses trigger, 2. do the bulls buy the immediate dip, 3a. if dip is bought do the bulls see continuation 3b. if bulls do not buy the dip can bears prove continuation on their end.
Just My 2 Sats!
Just My 2 Sats!
