Good morning ladies and gentlemen and welcome to my daily look into the exciting world of Bitcoin. Today I have the 4hr pulled up after a rather unfortunate event yesterday and this morning. I will explain. I see we are holding support right now at the .618 still and that is good. But I think we may lose the support if things go like I think they will. If you doubt me go long. But please set a stop loss. Lets take a look at the chart.
I will cut right to the chase. I am not 100% as I have only probably seen around 2-3 confirmed cases of a true Cup and handle pattern on the chart. But hear me out guys and gals. When I take a look at this chart I am seeing an inverted Head and shoulders pattern. This is up for debate obviously and I would love to hear all of your opinions on this. The market decides what is going to occur at this point. If less people agree with me chances are it wont work out. But if many people do see what I see we can expect a drop. I am not 100% certain yall so just proceed with caution at this point.
We mentioned the .618 a bit earlier and I think this support is pretty important. If we lose this we could fall below 10k easily. Psychologically that could cause some FUD and bring us down even more. These markets are not easy to predict and I know I get it wrong occasionally. But at this point I would be very hesitant to enter a long without a good stop loss. But really that is the case no matter what is going on. But now that stop loss is crucial you guys and gals. One foul swipe from the bears and all your profit is gone. That is a bad feeling.
If we were to fall I am looking to the .786 fib or approximately 9600 to hold as support. But that certainly is not a guarantee. Just below that we see the 2.5 year trend line around 9k - 9100. I hate to say it but if we fall below the 2.5 year trend line on the chart things can get pretty ugly folks. I wouldnt be surprised to see us fill the gap at 7600 if we fell below that gap. These are all just what ifs right now. We are still above 10k so dont freak out yall. Just be prepared. I am telling you this just in case. I hope it doesnt happen but you better believe that I have that stop loss set.
The bears seem intent on making 2020 as messed up as can be. We could see a reversal easily. These markets are pretty unpredictable at times, just like the stock market and oil etc. All the markets seemingly took a pretty decent hit as of late. Not just Bitcoin. I know that doesnt make anyone feel any better but it is the truth. Lets hope the bulls can keep us above 10k for the time being. Lets also hope that 2.5 year trend line below us is the farthest we drop. That is the line in the sand if you ask me. But WTFDIK right?
Have a great day everyone and make good choices.
TLDR: Bearish. Looks like an inverted C&H on the 4hr. Lets hope Im wrong.. If not we may see 4 figure Bitcoin once again.
I will cut right to the chase. I am not 100% as I have only probably seen around 2-3 confirmed cases of a true Cup and handle pattern on the chart. But hear me out guys and gals. When I take a look at this chart I am seeing an inverted Head and shoulders pattern. This is up for debate obviously and I would love to hear all of your opinions on this. The market decides what is going to occur at this point. If less people agree with me chances are it wont work out. But if many people do see what I see we can expect a drop. I am not 100% certain yall so just proceed with caution at this point.
We mentioned the .618 a bit earlier and I think this support is pretty important. If we lose this we could fall below 10k easily. Psychologically that could cause some FUD and bring us down even more. These markets are not easy to predict and I know I get it wrong occasionally. But at this point I would be very hesitant to enter a long without a good stop loss. But really that is the case no matter what is going on. But now that stop loss is crucial you guys and gals. One foul swipe from the bears and all your profit is gone. That is a bad feeling.
If we were to fall I am looking to the .786 fib or approximately 9600 to hold as support. But that certainly is not a guarantee. Just below that we see the 2.5 year trend line around 9k - 9100. I hate to say it but if we fall below the 2.5 year trend line on the chart things can get pretty ugly folks. I wouldnt be surprised to see us fill the gap at 7600 if we fell below that gap. These are all just what ifs right now. We are still above 10k so dont freak out yall. Just be prepared. I am telling you this just in case. I hope it doesnt happen but you better believe that I have that stop loss set.
The bears seem intent on making 2020 as messed up as can be. We could see a reversal easily. These markets are pretty unpredictable at times, just like the stock market and oil etc. All the markets seemingly took a pretty decent hit as of late. Not just Bitcoin. I know that doesnt make anyone feel any better but it is the truth. Lets hope the bulls can keep us above 10k for the time being. Lets also hope that 2.5 year trend line below us is the farthest we drop. That is the line in the sand if you ask me. But WTFDIK right?
Have a great day everyone and make good choices.
TLDR: Bearish. Looks like an inverted C&H on the 4hr. Lets hope Im wrong.. If not we may see 4 figure Bitcoin once again.
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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.