Bitcoin 4hr analysis 11/12/2020
Good morning again ladies and gentlemen and welcome back to my daily look into the world of Bitcoin. Today I have the 4hr time frame pulled up after a new 2020 high over night. What a rip off. Im here sleeping and BTC is out there making new highs. By the time I woke up this morning the push had subsided and we are currently at 15800 which is still something to be proud of. The bulls have taken the show and the bears are clearly on the retreat. After over 2 years of running the charts I guess the bears decided to hibernate. But we still have a 16k problem. Lets take a look at the chart.
Over night we eclipsed the previous yearly high of nearly 16k. We keep getting rejected as we approach the 16k level. That shows that 16k is definitely resistance and it should be on our radar. With that being said I see a lot of reasons to feel confident with our placement on the chart. The candles are currently sitting upon some pretty built up support which could be stoking confidence in the Bitcoin market.
The ascending wedge pattern I have drawn on the chart seems pretty bullish if you ask me. I even looked up some other opinions on this wedge formation and in an uptrend these patterns (more often than not) are continuation pattern. And if that is true we will likely break 16k by Saturday. Of course I would love to say I am 100% confident that we break up and crush 16k but I wouldnt go counting my chickens before they hatched. The safest way to play this is go long and set a good stop loss. Let the chips fall where they may.
With plenty of support below us (especially on the 4hr) I think it is just giving traders that push they need to stay in their trades in hopes of more profit. Perhaps they see what I see with the continuation pattern. I cant say for sure. What I can say is I am bullish. If you are not bullish what are you waiting for? We can be happy and confident in Bitcoin and the recent pumps, but always stick to your strategy. Like for me I dont care if every support on the planet is below BTC. Im still setting a stop loss. Period. I wish you all luck with your trades. Make good smart choices folks!! WTFDIK???
TLDR: Ascending wedge. Could break 16k within the next 3 days if the bulls bring it. Set a stop loss.
Over night we eclipsed the previous yearly high of nearly 16k. We keep getting rejected as we approach the 16k level. That shows that 16k is definitely resistance and it should be on our radar. With that being said I see a lot of reasons to feel confident with our placement on the chart. The candles are currently sitting upon some pretty built up support which could be stoking confidence in the Bitcoin market.
The ascending wedge pattern I have drawn on the chart seems pretty bullish if you ask me. I even looked up some other opinions on this wedge formation and in an uptrend these patterns (more often than not) are continuation pattern. And if that is true we will likely break 16k by Saturday. Of course I would love to say I am 100% confident that we break up and crush 16k but I wouldnt go counting my chickens before they hatched. The safest way to play this is go long and set a good stop loss. Let the chips fall where they may.
With plenty of support below us (especially on the 4hr) I think it is just giving traders that push they need to stay in their trades in hopes of more profit. Perhaps they see what I see with the continuation pattern. I cant say for sure. What I can say is I am bullish. If you are not bullish what are you waiting for? We can be happy and confident in Bitcoin and the recent pumps, but always stick to your strategy. Like for me I dont care if every support on the planet is below BTC. Im still setting a stop loss. Period. I wish you all luck with your trades. Make good smart choices folks!! WTFDIK???
TLDR: Ascending wedge. Could break 16k within the next 3 days if the bulls bring it. Set a stop loss.
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