Good morning ladies and gentlemen and welcome back to my daily look into Bitcoin or Boatcorn or whatever you feel like calling it. Today I have the 4hr time frame pulled up and I can see the bulls ran out of steam yesterday after I dropped my analysis. Lazy lazy bulls. Oh well. We lost a bit of support in the mean time but we are still in decent shape considering. The bears are looking for an opportunity to strike just like the bulls. But right now support is seemingly as strong as resistance. We are officially stuck between a rock and a hard place. I will explain.
Okay I have a list of some of the support we enjoyed yesterday when I created my analysis. Over the last 24 hours we lost a couple of these support levels. The daily cloud is now back above us and that is not bullish, let me tell ya. When you are below the cloud it is considered bearish. Especially the daily cloud. The daily cloud is the most significant of all the time frames. But just because we are below the daily cloud at this time doesnt mean we are destined for 6k. It just means that confidence in the market falters when traders see us below the cloud.
We also lost the 4hr 200 MA since I created my analysis yesterday. This is significant but the support below us held for now. So when I say we are between a rock and a hard place this is what I am talking about. The 200 MA is right above us at 10780 and right below us is that 4hr cloud. We are consolidating between these indicators and I think eventually we should see a break out. The question is will we beat the 4hr 200 MA (and the daily cloud for that matter) or will the top border of the 4hr cloud fail and we dip??? I see we are really testing the 4hr 200 MA at the moment and that is a good sign for the bulls. Best advice I can give you is set a stop loss.
Even though we lost some support over the last 24 hours I am not sweating. All in a days work with Bitcoin after all. I see the 4hr 50 MA and the 4hr 200 MA eventually crossing each other (golden cross) but I dont expect a lot from it. Golden crosses are hit and miss (especially on the 4hr) Being stuck between these indicators is causing some serious consolidation. Support still outweighs resistance in my opinion. But the market will ultimately decide. I hope you all have a great day folks. Make good choices!!! WTFDIK???
TLDR: We lost some support since yesterday. Things still look decent if you ask me. But I have a stop loss set just in case the bears decide to strike.
Okay I have a list of some of the support we enjoyed yesterday when I created my analysis. Over the last 24 hours we lost a couple of these support levels. The daily cloud is now back above us and that is not bullish, let me tell ya. When you are below the cloud it is considered bearish. Especially the daily cloud. The daily cloud is the most significant of all the time frames. But just because we are below the daily cloud at this time doesnt mean we are destined for 6k. It just means that confidence in the market falters when traders see us below the cloud.
We also lost the 4hr 200 MA since I created my analysis yesterday. This is significant but the support below us held for now. So when I say we are between a rock and a hard place this is what I am talking about. The 200 MA is right above us at 10780 and right below us is that 4hr cloud. We are consolidating between these indicators and I think eventually we should see a break out. The question is will we beat the 4hr 200 MA (and the daily cloud for that matter) or will the top border of the 4hr cloud fail and we dip??? I see we are really testing the 4hr 200 MA at the moment and that is a good sign for the bulls. Best advice I can give you is set a stop loss.
Even though we lost some support over the last 24 hours I am not sweating. All in a days work with Bitcoin after all. I see the 4hr 50 MA and the 4hr 200 MA eventually crossing each other (golden cross) but I dont expect a lot from it. Golden crosses are hit and miss (especially on the 4hr) Being stuck between these indicators is causing some serious consolidation. Support still outweighs resistance in my opinion. But the market will ultimately decide. I hope you all have a great day folks. Make good choices!!! WTFDIK???
TLDR: We lost some support since yesterday. Things still look decent if you ask me. But I have a stop loss set just in case the bears decide to strike.
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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.