BTC has seen some sideways action for the past couple of days. I believe this could be just a cool off forming a bull flag until the next leg up that will hopefully bring us past $8k+. The other possibility that could play out would be a large bart pattern on the 4 hour, which would bring us to a target of 6800 or so. If we do make it that low, I will look to enter a leveraged long as there is significant support there and a drop to that point would mean a virtual reset for all of the indicators. Here's the chart I'm looking at:
We are still overbought on the 1 day timeframe, but we can stay that way for a while. The first place that I'll look to build a long is 7200. If that level fails, I will enter a short until 6800 or a little higher to play that support bounce. It seems that the whole market is waiting to see what BTC does before any alts really move. For now, BTC and some ETH bags are my only positions.
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