Bitcoin 4hr analysis 11-9-2020
Good morning ladies and gentlemen and welcome back to my daily look into Bitcoin... I have the 4hr time frame pulled up mainly because my trading setup is so far away from the candles still on the daily. The MA's are catching up and so is the cloud but for now I will look closer at the 4hr time frame because my setup is working better on this time frame at the moment. I see we took a plunge this weekend causing some to claim we were going to fall below 14k... Or even further perhaps. That dip was pretty violent but its since subsided and we recovered back to the mid 15k region quite nicely. Lets take a look at the chart this morning.
I brought up the fact that we took a plunge on the charts Saturday. People were claiming that it was because they announced the new president (US) and I cant tell you for sure that is the reason. Perhaps it did play a roll in the drop. I can tell you that the timing of the announcement and the drop were pretty close so WTFDIK?? I also know that we approached 16k before that small dump back to 14500. A due retrace is what other will say. Regardless of the reason for the dip we have since recovered nicely and have pumped quite a bit since I began this analysis (200$ +) Nice work bulls.
Are we out of the woods? Not exactly. There is a lot in limbo right now with the election being fiercely debated. Not to mention all the other factors. Ill name a few. The halving was quite some time ago and this pump could be attributed to the post halving pump... I also know that ever since we broke the 2.5 year descending trend line (started at 20k and ended around 10k) But when we did finally break above this pesky long term resistance the fireworks started. Almost the perfect storm. It took us to 16k. Can it take us to a new ATH?? Only time will tell.
There are plenty of factors that can be attributed to the current situation on the charts. Pick your poison. All I know is we are doing much better than we were 9 months ago (3800) and Im just curious as to how many of you thought we would end up at 15k back on March 13th when we dipped to 3800. I saw a lot of disparaging comments and people basically giving up. If you bought that dip you are up nearly 4x. Beautiful return.
I looked for a gap and there was a gap from what I could see. But we already filled it. Most gaps fill pretty quickly and this week was no different. There are 3-5 gaps below us. I forget where they are at but I think the closest one to us is 11400. Do I think we fill this gap soon? I dont think so. But you should be prepared for anything. Set a stop loss and it wont matter if Im right or wrong. Protect your investment and you should do fine. The traditional markets open soon and we will see if the election has the effect people are claiming. I hear there will be blood in the streets for stocks. I know a few people that told me they are waking up early today just to sell their positions in the stock market. I am not a stock guy. Im a Bitcoin guy. So I will definitely be watching. Lets break 16k today yall! Have a great day and make good choices! WTFDIK???
TLDR: Its Monday and the election has been called. But I would not count my chickens before they hatched. Remember what happened to Al Gore lol. We pumped to 15700 since starting this analysis so Im hoping we can keep it up and break 16k today. Only time will tell!
I brought up the fact that we took a plunge on the charts Saturday. People were claiming that it was because they announced the new president (US) and I cant tell you for sure that is the reason. Perhaps it did play a roll in the drop. I can tell you that the timing of the announcement and the drop were pretty close so WTFDIK?? I also know that we approached 16k before that small dump back to 14500. A due retrace is what other will say. Regardless of the reason for the dip we have since recovered nicely and have pumped quite a bit since I began this analysis (200$ +) Nice work bulls.
Are we out of the woods? Not exactly. There is a lot in limbo right now with the election being fiercely debated. Not to mention all the other factors. Ill name a few. The halving was quite some time ago and this pump could be attributed to the post halving pump... I also know that ever since we broke the 2.5 year descending trend line (started at 20k and ended around 10k) But when we did finally break above this pesky long term resistance the fireworks started. Almost the perfect storm. It took us to 16k. Can it take us to a new ATH?? Only time will tell.
There are plenty of factors that can be attributed to the current situation on the charts. Pick your poison. All I know is we are doing much better than we were 9 months ago (3800) and Im just curious as to how many of you thought we would end up at 15k back on March 13th when we dipped to 3800. I saw a lot of disparaging comments and people basically giving up. If you bought that dip you are up nearly 4x. Beautiful return.
I looked for a gap and there was a gap from what I could see. But we already filled it. Most gaps fill pretty quickly and this week was no different. There are 3-5 gaps below us. I forget where they are at but I think the closest one to us is 11400. Do I think we fill this gap soon? I dont think so. But you should be prepared for anything. Set a stop loss and it wont matter if Im right or wrong. Protect your investment and you should do fine. The traditional markets open soon and we will see if the election has the effect people are claiming. I hear there will be blood in the streets for stocks. I know a few people that told me they are waking up early today just to sell their positions in the stock market. I am not a stock guy. Im a Bitcoin guy. So I will definitely be watching. Lets break 16k today yall! Have a great day and make good choices! WTFDIK???
TLDR: Its Monday and the election has been called. But I would not count my chickens before they hatched. Remember what happened to Al Gore lol. We pumped to 15700 since starting this analysis so Im hoping we can keep it up and break 16k today. Only time will tell!
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