Bitcoin 4hr analysis 12/4/2020
Good morning ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I have the 4hr time frame pulled up after a little drop from the ascending pattern I have had on my chart the past few days. Nothing to freak out about. Support is still abundant and as a result confidence is still overwhelmingly bullish. Lets take a look at the chart.
The first thing I wanted to discuss is the drop. We fell from the ascending wedge pattern and landed smack on a level of support (18800) After that drop we seem to be holding the first real support we encountered which is a positive sign. If this support can hold we could easily snake our way back to 19k. In the meantime we should be prepared for anything. The weekend is right around the corner and the weekend tends to be a time with diminished volume.
If we do lose the support I drew around 18800 whats next? Well the 50 MA on the 4hr time frame is prime for another test. I would love to see if it holds like it did for 2 months up until just recently (thanksgiving weekend) There is no guarantee that the 4hr 50 MA holds but I am optimistic. Especially seeing how reliable it has been in this bull run.
I dropped a sort of poll on Facebook yesterday asking the community about sentiment. It was overwhelmingly bullish. Like 100 votes for bull and 16 or 17 bears. This is called sentiment analysis and while I dont think it should ever be the sole reason to make a trade I would employ sentiment analysis along with technical analysis. It just make sense. Some of their votes may be a bit different after seeing us lose 19k overnight but ultimately I think most are still bullish.
We have tons of support on multiple time frames folks. Things are looking great for BTC to eclipse 20k before New years. But only time will tell for sure if that becomes a reality. Even if it doesnt eclipse 20k before a major retrace I have enjoyed every second of this bull run. I hope you have all managed to scrape up some profit off of this crazy market. 2020 may have been an awful year for most but for Crypto folks its been a delight! I hope you all have a wonderful day. Make good choice my friends! WTFDIK??
TLDR: Lost 19k, but looks like 18800 is holding. Have a good weekend
The first thing I wanted to discuss is the drop. We fell from the ascending wedge pattern and landed smack on a level of support (18800) After that drop we seem to be holding the first real support we encountered which is a positive sign. If this support can hold we could easily snake our way back to 19k. In the meantime we should be prepared for anything. The weekend is right around the corner and the weekend tends to be a time with diminished volume.
If we do lose the support I drew around 18800 whats next? Well the 50 MA on the 4hr time frame is prime for another test. I would love to see if it holds like it did for 2 months up until just recently (thanksgiving weekend) There is no guarantee that the 4hr 50 MA holds but I am optimistic. Especially seeing how reliable it has been in this bull run.
I dropped a sort of poll on Facebook yesterday asking the community about sentiment. It was overwhelmingly bullish. Like 100 votes for bull and 16 or 17 bears. This is called sentiment analysis and while I dont think it should ever be the sole reason to make a trade I would employ sentiment analysis along with technical analysis. It just make sense. Some of their votes may be a bit different after seeing us lose 19k overnight but ultimately I think most are still bullish.
We have tons of support on multiple time frames folks. Things are looking great for BTC to eclipse 20k before New years. But only time will tell for sure if that becomes a reality. Even if it doesnt eclipse 20k before a major retrace I have enjoyed every second of this bull run. I hope you have all managed to scrape up some profit off of this crazy market. 2020 may have been an awful year for most but for Crypto folks its been a delight! I hope you all have a wonderful day. Make good choice my friends! WTFDIK??
TLDR: Lost 19k, but looks like 18800 is holding. Have a good weekend
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