Bitcoin 4hr analysis 11/14/2020
Hello again everyone and welcome back to my daily look into the world of Bitcoin. Today I have the 4hr time frame pulled up after a little drop from another higher high. The bulls just keep bringing it. I like the idea of being above 16k but with the weekend typically comes lower trading volume and could possibly result in a pullback. Of course only time will tell for sure. The bears have not made an appearance for a while now and mounting support below us could keep them at bay even longer. Confidence seems to be overflowing at this point. Lets take a look at the chart.
The real thing on my mind when I look at this chart is the fact we broke resistance (16k) and now we are retesting the former resistance hard at the moment. It certainly is showing signs that we may drop back below the former resistance. If that were to occur I still see plenty of support below us which should stoke confidence. At least on teh 4hr time frame anyways. On the daily my 50 MA is still pretty far below us around 12500 or so. If we were to lose the support on the 4hr it could be a nasty fall for sure. But I would not bet against the bulls at this point. Not with the way the charts have been going lately.
The 4hr 50 MA (orange line) has time and time again proven to be solid support. I have at least 7 or 8 times the 4hr 50 MA provided support to the candles. We seem to be a stones throw away from testing the support of the 4hr 50 MA. It looks to me like 16k is current support but the 4hr 50 MA is sitting at 15600 so its still quite a bit above the support of the 4hr 50 MA. But just seeing the 4hr 50 MA below should instill confidence in traders as its been reliable support for a few weeks now.
Around 15250 we see more support in the form of the top border of the ichimoku cloud. It has also been a reliable source of support/resistance and I would look to the cloud to provide some support if we lost the 4hr 50 MA I mentioned a bit earlier. Its really nice to see the build up of support below us. We are above the cloud on the daily the 4hr and the weekly. That is considered bullish when you are above the cloud. The same goes for the 50 MA.
People keep asking me when they should buy or sell etc. That is up to you. I am not going to tell you to buy or sell. I dont like being under that kind of pressure. I will handle my trades and share my thoughts. But you have to make your own decisions. You will learn from your mistakes just like I am still doing. Every day. If you are not learning you likely are not earning. Especially in trading. As we sit just above support I would not be surprised to see a slight drop over the weekend. RSI is overbought on the daily by quite a bit. Same with the weekly. A retrace could mean a retest of former support which could refuel the next pump. Only time will tell though. If you are trying to trade at these levels set a stop loss. Things look a bit shaky at the moment. Have a great day folks and make good choices! WTFDIK???
The real thing on my mind when I look at this chart is the fact we broke resistance (16k) and now we are retesting the former resistance hard at the moment. It certainly is showing signs that we may drop back below the former resistance. If that were to occur I still see plenty of support below us which should stoke confidence. At least on teh 4hr time frame anyways. On the daily my 50 MA is still pretty far below us around 12500 or so. If we were to lose the support on the 4hr it could be a nasty fall for sure. But I would not bet against the bulls at this point. Not with the way the charts have been going lately.
The 4hr 50 MA (orange line) has time and time again proven to be solid support. I have at least 7 or 8 times the 4hr 50 MA provided support to the candles. We seem to be a stones throw away from testing the support of the 4hr 50 MA. It looks to me like 16k is current support but the 4hr 50 MA is sitting at 15600 so its still quite a bit above the support of the 4hr 50 MA. But just seeing the 4hr 50 MA below should instill confidence in traders as its been reliable support for a few weeks now.
Around 15250 we see more support in the form of the top border of the ichimoku cloud. It has also been a reliable source of support/resistance and I would look to the cloud to provide some support if we lost the 4hr 50 MA I mentioned a bit earlier. Its really nice to see the build up of support below us. We are above the cloud on the daily the 4hr and the weekly. That is considered bullish when you are above the cloud. The same goes for the 50 MA.
People keep asking me when they should buy or sell etc. That is up to you. I am not going to tell you to buy or sell. I dont like being under that kind of pressure. I will handle my trades and share my thoughts. But you have to make your own decisions. You will learn from your mistakes just like I am still doing. Every day. If you are not learning you likely are not earning. Especially in trading. As we sit just above support I would not be surprised to see a slight drop over the weekend. RSI is overbought on the daily by quite a bit. Same with the weekly. A retrace could mean a retest of former support which could refuel the next pump. Only time will tell though. If you are trying to trade at these levels set a stop loss. Things look a bit shaky at the moment. Have a great day folks and make good choices! WTFDIK???
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