Good morning ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I have the 4hr time frame pulled up after a big red candle. As soon as I got my computer I saw that we were in free fall. We lost some support in the process and now we are back to where we were a few days ago. The bulls are still clinging to 11k with all their strength. Lets take a look at the current situation on the charts.
We fell from 12k. It proved to be too much resistance and we fell back below the built up support of the 4hr 50 MA and the 4hr 200 MA along with the 4hr cloud. I do see that 11100 held through the plunge. 11100 has been dependable as support in the recent past and it looks to still be active. As all my followers probably already know being beneath my trading set up is considered bearish. If we want to turn this around the first step is to retake the cloud. 11400 is the magic number (bottom border of the 4hr cloud) here and we will need to beat a lot of resistance to turn this around.
I see that on the daily the 50 MA is really close to the candles at this point in time. It is currently around 11k and could provide some much needed support in the event of us losing 11100. The daily cloud is also in the same general vicinity which provides traders with a bit of confidence when they see built up support. Lets hop that this equates to green candles.
The 4hr candle is around 20 mins from closing and it looks to me that the bulls are trying their best to retake the 4hr cloud in this candle. In the last few minutes of a candles life things can get quite jumpy and as a result a candle that was solid red for 3 hours and 50 mins can change green in the last 10 mins. This is one reason I usually am patient and wait for a candle to close before I typically make any decisions on possibly closing a trade. Not always but most of the time. If we cannot retake the 4hr cloud soon we have a break in the 4hr cloud in the next 24 - 48 hours and that could be a prime opportunity for the bulls to retake lost ground. Only time will tell for sure. Cmon bulls! Lets start by retaking the 4hr cloud (11400) Have a good day and make good choices folks! WTFDIK??
TLDR: Timberrrrrr
We fell from 12k. It proved to be too much resistance and we fell back below the built up support of the 4hr 50 MA and the 4hr 200 MA along with the 4hr cloud. I do see that 11100 held through the plunge. 11100 has been dependable as support in the recent past and it looks to still be active. As all my followers probably already know being beneath my trading set up is considered bearish. If we want to turn this around the first step is to retake the cloud. 11400 is the magic number (bottom border of the 4hr cloud) here and we will need to beat a lot of resistance to turn this around.
I see that on the daily the 50 MA is really close to the candles at this point in time. It is currently around 11k and could provide some much needed support in the event of us losing 11100. The daily cloud is also in the same general vicinity which provides traders with a bit of confidence when they see built up support. Lets hop that this equates to green candles.
The 4hr candle is around 20 mins from closing and it looks to me that the bulls are trying their best to retake the 4hr cloud in this candle. In the last few minutes of a candles life things can get quite jumpy and as a result a candle that was solid red for 3 hours and 50 mins can change green in the last 10 mins. This is one reason I usually am patient and wait for a candle to close before I typically make any decisions on possibly closing a trade. Not always but most of the time. If we cannot retake the 4hr cloud soon we have a break in the 4hr cloud in the next 24 - 48 hours and that could be a prime opportunity for the bulls to retake lost ground. Only time will tell for sure. Cmon bulls! Lets start by retaking the 4hr cloud (11400) Have a good day and make good choices folks! WTFDIK??
TLDR: Timberrrrrr
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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.