Good morning ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I have the 4hr pulled up and we seem to be clinging to 11k pretty well. We are in consolidation at the moment which is not very surprising after a pump from 9200 - 11400. My setup is finally catching up with the candles and this should make analyzing the chart that much easier for me. Sometimes after a big pump or dump my setup gets left in the dust and it takes time for the 50 MA, the 200 MA and the cloud to catch up. Lets take a look at the chart this a.m.
I see we are still between the top of the fib and the .236 in solid consolidation. This should also give the bollinger bands a chance to close back up a bit eventually. The bollinger bands will not squeeze over night on the daily but the 4hr is a bit different as things tend to occur faster on smaller time frames (like bollinger bands squeezing)
I drew a pennant that I noticed forming this a.m. This pattern is drawn a bit premature for my liking but Im still keeping an eye on things. We could very well fill in that gap at 11800 if things work out right for the bulls. I cant guarantee we keep pushing up. This market is cyclical and the sellers outweigh the buyers from time to time and that is what makes this market so liquid. I know we have the halving behind us and it would seem full bull ahead.. But dont count your chickens before they hatch. Set a stop loss.
I have not been this bullish in a while. After breaking that 2.5 year resistance and seeing the ensuing pump that occurred after was nice to see, I must admit. I knew if we could break that 2.5 year resistance the bulls would fomo and that is exactly what happened. People abandoned many alt positions to jump onto the BTC bandwagon. We still have a gap below us between 9600 - 9800 and that concerns me. I wont lie. We also have an age old gap above us at 11800 and I like that gap a bit more.
The market is doing well at this time and with the halving behind us along with breaking that 2.5 year resistance things could get very green very fast. I see all the ingredients to break 2017's ATH. I cant guarantee we do it tomorrow. But I certainly think its possible this year. Only time will tell folks. Make sure you dont get too happy. Set a stop loss and dont be a hero. WTFDIK
TLDR: Consolidation around 11100. Im hoping the pennant I drew is a continuation pattern and we can break 11800 filling in the ancient gap. Trade at your own risk. Set a stop loss!!
I see we are still between the top of the fib and the .236 in solid consolidation. This should also give the bollinger bands a chance to close back up a bit eventually. The bollinger bands will not squeeze over night on the daily but the 4hr is a bit different as things tend to occur faster on smaller time frames (like bollinger bands squeezing)
I drew a pennant that I noticed forming this a.m. This pattern is drawn a bit premature for my liking but Im still keeping an eye on things. We could very well fill in that gap at 11800 if things work out right for the bulls. I cant guarantee we keep pushing up. This market is cyclical and the sellers outweigh the buyers from time to time and that is what makes this market so liquid. I know we have the halving behind us and it would seem full bull ahead.. But dont count your chickens before they hatch. Set a stop loss.
I have not been this bullish in a while. After breaking that 2.5 year resistance and seeing the ensuing pump that occurred after was nice to see, I must admit. I knew if we could break that 2.5 year resistance the bulls would fomo and that is exactly what happened. People abandoned many alt positions to jump onto the BTC bandwagon. We still have a gap below us between 9600 - 9800 and that concerns me. I wont lie. We also have an age old gap above us at 11800 and I like that gap a bit more.
The market is doing well at this time and with the halving behind us along with breaking that 2.5 year resistance things could get very green very fast. I see all the ingredients to break 2017's ATH. I cant guarantee we do it tomorrow. But I certainly think its possible this year. Only time will tell folks. Make sure you dont get too happy. Set a stop loss and dont be a hero. WTFDIK
TLDR: Consolidation around 11100. Im hoping the pennant I drew is a continuation pattern and we can break 11800 filling in the ancient gap. Trade at your own risk. Set a stop loss!!
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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.