Good morning everyone and welcome to my daily analysis of Bitcoin. Today I have the 4hr pulled up and I can see that things still look gloomy for those bulls. From the looks of it the bears are plotting their next move. Will we make it through the weekend above 9k??? There is a real possibility that we do see a decent drop before the end of the weekend although we do have some support below us on different time frames. Lets discuss the possibilities...
First of all the 4hr 200 MA is what I am noticing at the moment. We have seemingly lost it as support which is concerning if you are a bull. The 4hr 200 MA was supporting us from a drop yesterday but that support has faded a but the bulls dont want to give 9400 up yet so now we are attempting to bust back through resistance but I see a pretty strong hurdle to climb at this time. The bears and bulls are really locked in a brawl.
If we cannot reclaim the 200 MA on the 4hr as support we are likely to drop folks. The market loses confidence as we lose key support like the 50 MA or the 200 MA on multiple time frames. Not to mention the cloud. Currently we reside below the 4hr cloud and that is considered bearish. The writing is seemingly on the wall folks. If you are thinking about longing this I urge you to consider setting a good stop loss. This is really the only line of defense against the relentless bears.
Of course I do see some promising things on the chart. Especially on the weekly as we are still above the weekly cloud. But things dont look good there either if you ask me. We have already wicked this week into the weekly cloud which is something that should be a bit worrisome to the bulls. If we fall back into the weekly cloud things could get a bit ugly. The weekly 50 MA is still inside the weekly cloud and sitting around 8700. If we dropped into the weekly cloud I would assume the weekly 50 MA should provide us with some support. Of course we will have to wait and see if this dump continues.
RSI is low on the 4hr which is bullish in nature. But its not oversold. The farther we drop the more likely a bear rally will show its face. Traders all want to one up each other and try and sell before the dip really kicks in causing more sell related fomo. If you ask me cheaper Bitcoin may be bad if you are long... But cheaper Bitcoin is also an opportunity. You can accumulate when the price drops. This is where being patient is important. If you jump the gun you will buy too soon and either be stuck with the bag or have your stop loss tripped. Either way you likely just lost some $. The real test at this moment is where the 4hr is going. If we end up below the 4hr 200 MA (also the daily 50 MA) Confidence will disappear. We will likely crash to the mid 8k region or even further. I dont want to cause a mass panic. Its just what I can see on the chart right now. I really hope the bulls can turn this around. I will be watching... But WTFDIK right??
TLDR: It looks a little dumpy
First of all the 4hr 200 MA is what I am noticing at the moment. We have seemingly lost it as support which is concerning if you are a bull. The 4hr 200 MA was supporting us from a drop yesterday but that support has faded a but the bulls dont want to give 9400 up yet so now we are attempting to bust back through resistance but I see a pretty strong hurdle to climb at this time. The bears and bulls are really locked in a brawl.
If we cannot reclaim the 200 MA on the 4hr as support we are likely to drop folks. The market loses confidence as we lose key support like the 50 MA or the 200 MA on multiple time frames. Not to mention the cloud. Currently we reside below the 4hr cloud and that is considered bearish. The writing is seemingly on the wall folks. If you are thinking about longing this I urge you to consider setting a good stop loss. This is really the only line of defense against the relentless bears.
Of course I do see some promising things on the chart. Especially on the weekly as we are still above the weekly cloud. But things dont look good there either if you ask me. We have already wicked this week into the weekly cloud which is something that should be a bit worrisome to the bulls. If we fall back into the weekly cloud things could get a bit ugly. The weekly 50 MA is still inside the weekly cloud and sitting around 8700. If we dropped into the weekly cloud I would assume the weekly 50 MA should provide us with some support. Of course we will have to wait and see if this dump continues.
RSI is low on the 4hr which is bullish in nature. But its not oversold. The farther we drop the more likely a bear rally will show its face. Traders all want to one up each other and try and sell before the dip really kicks in causing more sell related fomo. If you ask me cheaper Bitcoin may be bad if you are long... But cheaper Bitcoin is also an opportunity. You can accumulate when the price drops. This is where being patient is important. If you jump the gun you will buy too soon and either be stuck with the bag or have your stop loss tripped. Either way you likely just lost some $. The real test at this moment is where the 4hr is going. If we end up below the 4hr 200 MA (also the daily 50 MA) Confidence will disappear. We will likely crash to the mid 8k region or even further. I dont want to cause a mass panic. Its just what I can see on the chart right now. I really hope the bulls can turn this around. I will be watching... But WTFDIK right??
TLDR: It looks a little dumpy
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.