Bitcoin 4hr analysis 11/26/2020
Good morning ladies and gentlemen and Happy Thanksgiving to everyone that celebrates. Today I have the 4hr time frame pulled up and wow. I guess we may get Bitcoin on sale for Black Friday/Cyber Monday... The dip was hard and fast but we should have all expected things to turn eventually. We sure were close to ATH but not all hope is lost yet. I see some promising things I wanted to bring up. But we will cover the good and the bad today. So lets take a look.
First of all we lost the support of the 4hr 50 MA. I have been saying over the last week if we lost the 4hr 50 MA we would likely tumble a bit and it was accurate. The 4hr 50 MA has been very reliable support over the last 2 months and after losing it. Now is the time I look for support and resistance and try to catch my bearings. I know my stop loss tripped while I slept so now is the time I look for reentry. I see a promising signal I want to bring up as well.
The 4 hr candle that is about to close seems to be a doji and unless things change this could be a signal of a recovery. It may not be as well. At this point if you want to long the dip you need to set a stop loss first and foremost. But the doji on this particular 4hr candle looks decent and the deep wicks that are on the red candles suggest that the market is fighting back against the bears.
One thing to consider is it is a holiday in the US. Also people enjoy shopping the Friday after Thanksgiving and Monday. So maybe that could account for some of the profit taking. Im not here to speculate about how the drop occurred. Im here to analyze the drop. 17600 was support/resistance on the way up and if we can break back into the 4hr cloud 17600 is the next hurdle. Below us 17k is holding on by the hair on its chinny chin chin...
Im still bullish. But I understand the concern. The market is still above 16k. Who would have thought that would be the case only 9 short months ago when we were sitting at 3800??? Volume may be lacking since its a holiday and the US is basically closed up for the long weekend. But Ive seen markets move under similar circumstance so nothing would surprise me at this point. I hope you all have a great day. Dont eat too much. Make good choices and always remember WTFDIK??
TLDR: Hello again bears.
First of all we lost the support of the 4hr 50 MA. I have been saying over the last week if we lost the 4hr 50 MA we would likely tumble a bit and it was accurate. The 4hr 50 MA has been very reliable support over the last 2 months and after losing it. Now is the time I look for support and resistance and try to catch my bearings. I know my stop loss tripped while I slept so now is the time I look for reentry. I see a promising signal I want to bring up as well.
The 4 hr candle that is about to close seems to be a doji and unless things change this could be a signal of a recovery. It may not be as well. At this point if you want to long the dip you need to set a stop loss first and foremost. But the doji on this particular 4hr candle looks decent and the deep wicks that are on the red candles suggest that the market is fighting back against the bears.
One thing to consider is it is a holiday in the US. Also people enjoy shopping the Friday after Thanksgiving and Monday. So maybe that could account for some of the profit taking. Im not here to speculate about how the drop occurred. Im here to analyze the drop. 17600 was support/resistance on the way up and if we can break back into the 4hr cloud 17600 is the next hurdle. Below us 17k is holding on by the hair on its chinny chin chin...
Im still bullish. But I understand the concern. The market is still above 16k. Who would have thought that would be the case only 9 short months ago when we were sitting at 3800??? Volume may be lacking since its a holiday and the US is basically closed up for the long weekend. But Ive seen markets move under similar circumstance so nothing would surprise me at this point. I hope you all have a great day. Dont eat too much. Make good choices and always remember WTFDIK??
TLDR: Hello again bears.
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