Hey guys,

Hope you’re having a great weekend. I went out last night and I’m about to go and get waffles for breakfast. Yes, waffles! How good are waffles!! 😂

Anyway, this little spurt of bullish price action we’re seeing across the cryptosphere has to be keeping you at least a little optimistic, right?

But... We’ve discussed this at nauseum on the blog. The fact we’re in a higher time frame bearish trend and these initial bounces need to break resistance levels to mean anything.

Take a look at the Bitcoin daily chart:

BTC/USD Daily

First of all, just look at price and the way that we’re nowhere near a higher high. That is the first pattern we need to print if we’re to consider a possible change in higher time frame trend.

Secondly, I’ve just quickly slapped on some fibs and low and behold, price has stalled at the 50%. Take a look at this highlighted on the hourly chart:

BTC/USD Hourly

I’m still holding a long position from last week, but if price fails to do any significant technical damage, I’m not letting it come all the way back.

Peace ✌🏻.