Good morning everyone and welcome to my daily analysis of Bitcoin. Today I have the 4hr pulled up as it has a lot to tell me as a trader. There is a lot going on here and I will go over what my thoughts are in this analysis. We are in a triangle pattern and as time progresses the price range will consolidate which will likely result in a break out. The bollinger bands will tighten on the bigger time frames the longer this occurs and the longer the build up the bigger the move (not always) but I am assuming it will be a decent move for sure.
I am looking at the 4hr so Im not trying to plan to far ahead as I would have the weekly pulled up for a longer term outlook. I did draw the weekly 50 MA which has acted as support at least 3 times over the past 10 days or so. That is the bottom white line of the triangle. The top is descending resistance that is quite apparently doing its job. We were rejected from this resistance yesterday and while we havent dropped much it is still evident that the resistance held at least for now...
Looking below us to where support could show its face in the event of a drop. Good news is we have plenty to support the candles which could mean a slow descent or a launch pad. Im looking at the top of the cloud (4hr) which provided support a few days ago. The top of the cloud is not bullet proof but it can and will provide occasional support.
Even if we were to dip into this 4hr cloud we still have the 4hr 50 MA and the 4hr 200 MA right below that top border of the cloud. This is significant if you ask me as a situation like this could instill confidence in the market and possibly even be the catalyst for a small pump. Like I have been saying for a while now... We have plenty of support below us and for that reason I think we have held 8600 + for a over a month now (not including a few wicks that dipped to just below 8200) I will take that as a win any day. The weekly 50 MA is still below us as well at 8600 and that is the bottom line of this triangle pattern.
The daily and weekly and monthly all end at the same time tonight so that should be interesting. I will be watching to see if any moves are made today but to be honest Im not expecting too much. Loads of support below us is comforting but knowing BTC none of us should be off our guard. Once you get burned you get learned :) I know from experience folks. Just make sure you are vigilant and mitigate those risks at all costs!!! But WTFDIK right?
TLDR: Lots of support. Lets see what the bulls can do before this daily and weekly and monthly close....
I am looking at the 4hr so Im not trying to plan to far ahead as I would have the weekly pulled up for a longer term outlook. I did draw the weekly 50 MA which has acted as support at least 3 times over the past 10 days or so. That is the bottom white line of the triangle. The top is descending resistance that is quite apparently doing its job. We were rejected from this resistance yesterday and while we havent dropped much it is still evident that the resistance held at least for now...
Looking below us to where support could show its face in the event of a drop. Good news is we have plenty to support the candles which could mean a slow descent or a launch pad. Im looking at the top of the cloud (4hr) which provided support a few days ago. The top of the cloud is not bullet proof but it can and will provide occasional support.
Even if we were to dip into this 4hr cloud we still have the 4hr 50 MA and the 4hr 200 MA right below that top border of the cloud. This is significant if you ask me as a situation like this could instill confidence in the market and possibly even be the catalyst for a small pump. Like I have been saying for a while now... We have plenty of support below us and for that reason I think we have held 8600 + for a over a month now (not including a few wicks that dipped to just below 8200) I will take that as a win any day. The weekly 50 MA is still below us as well at 8600 and that is the bottom line of this triangle pattern.
The daily and weekly and monthly all end at the same time tonight so that should be interesting. I will be watching to see if any moves are made today but to be honest Im not expecting too much. Loads of support below us is comforting but knowing BTC none of us should be off our guard. Once you get burned you get learned :) I know from experience folks. Just make sure you are vigilant and mitigate those risks at all costs!!! But WTFDIK right?
TLDR: Lots of support. Lets see what the bulls can do before this daily and weekly and monthly close....
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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.