Good morning bulls and welcome back to my daily look into the world of Bitcoin. Today I have the 4hr time frame pulled up after an impressive showing by the bulls yesterday. I must admit I am impressed. But where do we go from here? I see some key support below us I will touch on later in this analysis. In the mean time grab a chair and lets chat about the charts shall we?
First thing I noticed when I opened the chart this morning is a minor retrace from the apex of yesterdays pump. We made it to approximately 13850 before finally relenting and now we are moving along at 13500. Not too shabby if you ask me. A retrace was long overdue according to many but to short the king would be brave. I would definitely exercise caution if you plan to short BTC. The bulls just showed us what they are capable of. I have been wrong before so if you do decide to short please set a stop loss.
So the next logical step is to assess where future support may lie. I pointed it out on the chart but lets quickly go over it here. There are 4 places I think support can show up and they are in a pretty tight area. This could instill confidence in the market. I know I am always less hesitant to enter a long when support is abundant. So back to the support. 4hr 50 MA and the .236 fib is around 12920. Double support at this level. Also previous rejection at the 13335 area may also suggest support could show up here (though unlikely in my eyes) Also the 4hr cloud which has a range of 12900 - 13400 in the next few candles. Just some numbers for you guys to keep in mind.
I love when the bulls take over like they did yesterday. But alas, what goes up must come down. Nothing shoots straight to the moon. Even rockets typically do a rotation or 2 around the Earth before the trip to the moon. Bitcoin is no different. Maybe we are just loading up with enough fuel to make it past the moon. When Mars is what we should be saying. I know its easy to be euphoric at a time like this but stick to the plan folks. Set a stop loss. We may drop back quite a bit. Nothing is guaranteed in Bitcoin trading. That is what they make stop losses for after all.
We did start a drop while I was writing this analysis and so far the 13335 level of support I mentioned earlier held. But it may fail. Only time will tell. If we can break 14k things could get really juicy folks. 14k is last years high. We are on the verge of greatness. We are so close! I may have had an extra cup of hopium today so I may be a bit excited. But keep yourself grounded. Dont let the bulls allow you to deviate from your trading plan. Keep walking the stop loss up and lock in profit. Dont get caught slippin because you didnt think you would need a stop loss. I have seen tons of folks get burnt by deciding to forget about a stop loss. Dont let this be you. I hope you all have a great day. Make good choices folks! WTFDIK??
TLDR: Can someone suggest putting WTFDIK in Websters dictionary? Ernie Villz came up with this but I stole it and ran with it.
First thing I noticed when I opened the chart this morning is a minor retrace from the apex of yesterdays pump. We made it to approximately 13850 before finally relenting and now we are moving along at 13500. Not too shabby if you ask me. A retrace was long overdue according to many but to short the king would be brave. I would definitely exercise caution if you plan to short BTC. The bulls just showed us what they are capable of. I have been wrong before so if you do decide to short please set a stop loss.
So the next logical step is to assess where future support may lie. I pointed it out on the chart but lets quickly go over it here. There are 4 places I think support can show up and they are in a pretty tight area. This could instill confidence in the market. I know I am always less hesitant to enter a long when support is abundant. So back to the support. 4hr 50 MA and the .236 fib is around 12920. Double support at this level. Also previous rejection at the 13335 area may also suggest support could show up here (though unlikely in my eyes) Also the 4hr cloud which has a range of 12900 - 13400 in the next few candles. Just some numbers for you guys to keep in mind.
I love when the bulls take over like they did yesterday. But alas, what goes up must come down. Nothing shoots straight to the moon. Even rockets typically do a rotation or 2 around the Earth before the trip to the moon. Bitcoin is no different. Maybe we are just loading up with enough fuel to make it past the moon. When Mars is what we should be saying. I know its easy to be euphoric at a time like this but stick to the plan folks. Set a stop loss. We may drop back quite a bit. Nothing is guaranteed in Bitcoin trading. That is what they make stop losses for after all.
We did start a drop while I was writing this analysis and so far the 13335 level of support I mentioned earlier held. But it may fail. Only time will tell. If we can break 14k things could get really juicy folks. 14k is last years high. We are on the verge of greatness. We are so close! I may have had an extra cup of hopium today so I may be a bit excited. But keep yourself grounded. Dont let the bulls allow you to deviate from your trading plan. Keep walking the stop loss up and lock in profit. Dont get caught slippin because you didnt think you would need a stop loss. I have seen tons of folks get burnt by deciding to forget about a stop loss. Dont let this be you. I hope you all have a great day. Make good choices folks! WTFDIK??
TLDR: Can someone suggest putting WTFDIK in Websters dictionary? Ernie Villz came up with this but I stole it and ran with it.
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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.