Good morning everyone and welcome to my daily analysis of Bitcoin. Today I have the 4hr pulled up and I can see that the bulls are not giving up 9400 without a fight. As valiant as that fight may be I am seeing a lot of resistance above us which could stifle any hopes of climbing at this time. I see some things that leave me with mixed sentiment. That seems to be par for the course right now. The sentiment is mixed. Lets take a look at the chart.
First thing I will touch on is the fact we have the 4hr 50 MA and the 4hr 200 MA and the 4hr cloud pretty much merged into a beast of resistance directly above us. This will make it very difficult to break above 9500 in my opinion. This cluster of resistance will be a very big hurdle for the bulls to jump and this is how the downtrends begin. You lose one key area of support. It becomes resistance and a domino effect occurs. We still have a lot of support below us at this time in different time frames but the 4hr looks bearish according to my set up.
The weekly looks good still but if we drop a few hundred dollars we will be back inside the weekly cloud which will be a blow to market confidence. We have been above the weekly cloud for about a week now and finally closed a weekly candle above the cloud for the first time in ages. If you were to only focus on the weekly you may think things are going up. They very well could knowing Bitcoin. But usually a move up or a move down starts on the smaller time frame and snowballs.
We dropped to 9200ish last night and quickly recovered. Im seeing some buyers in the lower 9k range but with the heavy resistance above us on the 4hr its just a matter of time before the buyers dry up and the bears take the reigns. I see what looks like the start of a down trend on the chart but I could be wrong.
The daily 50 MA has been supporting the candles for a week pretty much. We have wicked below it but only briefly. The longer we spend down here testing the daily 50 MA the more likely it will break and become resistance. If we close a daily below the daily 50 MA that will be a blow to the bulls pride and may cause a sell off. I see some support between 8800 and 9100. This is historic support. This price range was important last year in the great consolidation that occurred after the last year ATH. I like to keep info like this in the back of my head because there isnt really an indicator I know of that points out details like historic support and resistance... If you want to try and locate areas like this zoom out a bit and look for key areas that held the candles up for any extended period.
Im still bearish folks. No way around it. After the pump from 3800 to 10400 and the halving is at our backs Im thinking the hype of both of these events have held us up when otherwise we would have dipped already. The market is holding up nicely at this time. But I wouldnt sleep on my position folks. Set a stop loss for the love of God!!!! Dont get burned to get learned! If we drop I make more BTC. If we rise I will get more profit in the form of USD. Either way I win. But then again WTFDIK???
First thing I will touch on is the fact we have the 4hr 50 MA and the 4hr 200 MA and the 4hr cloud pretty much merged into a beast of resistance directly above us. This will make it very difficult to break above 9500 in my opinion. This cluster of resistance will be a very big hurdle for the bulls to jump and this is how the downtrends begin. You lose one key area of support. It becomes resistance and a domino effect occurs. We still have a lot of support below us at this time in different time frames but the 4hr looks bearish according to my set up.
The weekly looks good still but if we drop a few hundred dollars we will be back inside the weekly cloud which will be a blow to market confidence. We have been above the weekly cloud for about a week now and finally closed a weekly candle above the cloud for the first time in ages. If you were to only focus on the weekly you may think things are going up. They very well could knowing Bitcoin. But usually a move up or a move down starts on the smaller time frame and snowballs.
We dropped to 9200ish last night and quickly recovered. Im seeing some buyers in the lower 9k range but with the heavy resistance above us on the 4hr its just a matter of time before the buyers dry up and the bears take the reigns. I see what looks like the start of a down trend on the chart but I could be wrong.
The daily 50 MA has been supporting the candles for a week pretty much. We have wicked below it but only briefly. The longer we spend down here testing the daily 50 MA the more likely it will break and become resistance. If we close a daily below the daily 50 MA that will be a blow to the bulls pride and may cause a sell off. I see some support between 8800 and 9100. This is historic support. This price range was important last year in the great consolidation that occurred after the last year ATH. I like to keep info like this in the back of my head because there isnt really an indicator I know of that points out details like historic support and resistance... If you want to try and locate areas like this zoom out a bit and look for key areas that held the candles up for any extended period.
Im still bearish folks. No way around it. After the pump from 3800 to 10400 and the halving is at our backs Im thinking the hype of both of these events have held us up when otherwise we would have dipped already. The market is holding up nicely at this time. But I wouldnt sleep on my position folks. Set a stop loss for the love of God!!!! Dont get burned to get learned! If we drop I make more BTC. If we rise I will get more profit in the form of USD. Either way I win. But then again WTFDIK???
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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.