Good morning everyone and welcome to my daily analysis of Bitcoin. Today I have the 4hr time frame pulled up again and not much has changed since yesterday. I wish I could have woken up to a massive green candle but it is what it is huh??? I do have my eye on the chart as we havent taken the plunge I expected us to take when we lost the 4hr 200 MA. Their is some support on the other time frames holding us up at this time but if you ask me the writing is on the wall folks.
First of all I will mention the 4hr 200 MA again. The candles have been struggling to get back above the key area of support. But we have some heavy resistance above us. The 4hr 200 MA and the 4hr 50 MA and the 4hr cloud is now above us. That is not bullish at all folks. I would love to give you better news but it is what it is... If we can somehow manage to climb back above the 4hr 200 MA we still have the 4hr cloud and the 4hr 50 MA above us that could serve the candles with a likely rejection. There is just more and more resistance building up above us and that is bearish.
A look at the daily is a bit of a relief but we have been testing the daily 50 MA pretty hard since we approached it 4 days ago. The longer we hang out on this key area of support the easier its going to be to fall through it. These markets are cyclical in nature and therefore downtrends are a part of a healthy market. We do have some support below us still on the daily in the case of the daily 50 MA failing. The daily has a golden cross that will likely reverse if we lose the 50 MA on the daily. But it will very likely reverse if we lose the daily 200 MA. Either way I am not really expecting much bullishness from this golden cross... The 2 year + resistance above us is still pretty significant and we just cannot seem to break this key area of resistance. It may take one more cycle of a downtrend followed by another uptrend in order to finally break on though to the other side...
I know you hear it a lot but patience is absolutely key if you are trading. After all trading is just a way to take money from the impatient and deliver it to the patient traders. If you want to go long here you are braver than I am. But if you really see something I do not just make sure you set that stop loss... There is no reason not to. Especially with all the bearish signals I see on the chart. If you ask me I have been seeing a lot of moves happen after the weekly close on Sunday.... So I will be watching this evening. The more support we lose the more likely a downtrend is going to become our reality. We have really been in consolidation for ages at this point and every attempt to break up from that 2 year resistance above us has been rejected.
Whatever happens to the charts just make sure you are protected with a well placed stop loss and a plan. I say that often but I mean it. Trading without a plan is like jumping from a plane without a parachute. Sure you might live but chances are you will not. The weekly cloud is also still below us so I guess there is still hope. But Im not holding my breath. I really hope this analysis is wrong folks. Have a great Sunday and good luck with your positions! WTFDIK????
TLDR: Bitcoin = Freedom
First of all I will mention the 4hr 200 MA again. The candles have been struggling to get back above the key area of support. But we have some heavy resistance above us. The 4hr 200 MA and the 4hr 50 MA and the 4hr cloud is now above us. That is not bullish at all folks. I would love to give you better news but it is what it is... If we can somehow manage to climb back above the 4hr 200 MA we still have the 4hr cloud and the 4hr 50 MA above us that could serve the candles with a likely rejection. There is just more and more resistance building up above us and that is bearish.
A look at the daily is a bit of a relief but we have been testing the daily 50 MA pretty hard since we approached it 4 days ago. The longer we hang out on this key area of support the easier its going to be to fall through it. These markets are cyclical in nature and therefore downtrends are a part of a healthy market. We do have some support below us still on the daily in the case of the daily 50 MA failing. The daily has a golden cross that will likely reverse if we lose the 50 MA on the daily. But it will very likely reverse if we lose the daily 200 MA. Either way I am not really expecting much bullishness from this golden cross... The 2 year + resistance above us is still pretty significant and we just cannot seem to break this key area of resistance. It may take one more cycle of a downtrend followed by another uptrend in order to finally break on though to the other side...
I know you hear it a lot but patience is absolutely key if you are trading. After all trading is just a way to take money from the impatient and deliver it to the patient traders. If you want to go long here you are braver than I am. But if you really see something I do not just make sure you set that stop loss... There is no reason not to. Especially with all the bearish signals I see on the chart. If you ask me I have been seeing a lot of moves happen after the weekly close on Sunday.... So I will be watching this evening. The more support we lose the more likely a downtrend is going to become our reality. We have really been in consolidation for ages at this point and every attempt to break up from that 2 year resistance above us has been rejected.
Whatever happens to the charts just make sure you are protected with a well placed stop loss and a plan. I say that often but I mean it. Trading without a plan is like jumping from a plane without a parachute. Sure you might live but chances are you will not. The weekly cloud is also still below us so I guess there is still hope. But Im not holding my breath. I really hope this analysis is wrong folks. Have a great Sunday and good luck with your positions! WTFDIK????
TLDR: Bitcoin = Freedom
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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.