Good morning ladies and gentlemen and welcome back to my daily look into the world of Bitcoin. Today I have the 4hr pulled up after a retreat from 11k. No sweat though. We are still holding onto the support we gained this week and things are really on the razors edge so to speak. The weekly close is in less than 12 hours and it is looking pretty promising. Although a lot can happen in a matter of 10 hours. Lets take a look at the chart and see what the deal is.
The 4hr shows us a solid rejection at the .382 fib or 11180 approximately. After powering up through 10k over this past week it doesnt surprise me to see the bulls lose a little steam. Especially on the weekend. We are enjoying support currently provided by the 4hr 50 MA. The 4hr chart has us stuck between a rock and a hard place with the 4hr 50 MA supporting us around 10800 and the 4hr 200 MA directly above us at 11k. This leaves little wiggle room. I would love to say I know the bulls will win this battle but I cant make any promises. What I can say is if you are thinking of going long set a stop loss.
The daily 50 MA happens to pretty much be merged with the .382 fib I mentioned earlier. This is likely the reason we didnt sustain the rise. Resistance was too much for the bulls to overcome at this time. The good thing is the .5 fib (around 10760) and the 4hr 50 MA I mentioned earlier is holding us up and they are pretty much overlapping one another. This is a recipe for consolidation. But when the candles get squeezed like that for a while they tend to break out nicely. The question is will it be up or down???
The bottom border of the daily cloud is also sitting around 10700 which could also provide some much needed support in the event of a drop. We are currently stuck inside the daily cloud and we want to see an escape out of the top but right now the bottom of the cloud looks like a more logical place for a breakthrough. But Ive been wrong in the past. I suggest if you are going to play this set a stop loss and keep an eye on things. Big swings can occur in a matter of a minute. Dont let the bulls or the bears catch you off guard. Overall it was a pretty good week for the Bitcoin charts. Lets hope this coming week will be even more bullish. Only time will tell. Have a great Sunday. Make good choices! WTFDIK???
TLDR: stuck between the 4hr 50 MA and the 4hr 200 MA. We lost 11k over night but support is still active.
The 4hr shows us a solid rejection at the .382 fib or 11180 approximately. After powering up through 10k over this past week it doesnt surprise me to see the bulls lose a little steam. Especially on the weekend. We are enjoying support currently provided by the 4hr 50 MA. The 4hr chart has us stuck between a rock and a hard place with the 4hr 50 MA supporting us around 10800 and the 4hr 200 MA directly above us at 11k. This leaves little wiggle room. I would love to say I know the bulls will win this battle but I cant make any promises. What I can say is if you are thinking of going long set a stop loss.
The daily 50 MA happens to pretty much be merged with the .382 fib I mentioned earlier. This is likely the reason we didnt sustain the rise. Resistance was too much for the bulls to overcome at this time. The good thing is the .5 fib (around 10760) and the 4hr 50 MA I mentioned earlier is holding us up and they are pretty much overlapping one another. This is a recipe for consolidation. But when the candles get squeezed like that for a while they tend to break out nicely. The question is will it be up or down???
The bottom border of the daily cloud is also sitting around 10700 which could also provide some much needed support in the event of a drop. We are currently stuck inside the daily cloud and we want to see an escape out of the top but right now the bottom of the cloud looks like a more logical place for a breakthrough. But Ive been wrong in the past. I suggest if you are going to play this set a stop loss and keep an eye on things. Big swings can occur in a matter of a minute. Dont let the bulls or the bears catch you off guard. Overall it was a pretty good week for the Bitcoin charts. Lets hope this coming week will be even more bullish. Only time will tell. Have a great Sunday. Make good choices! WTFDIK???
TLDR: stuck between the 4hr 50 MA and the 4hr 200 MA. We lost 11k over night but support is still active.
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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.