Bitcoin 4hr analysis 12-1-2020
Good morning ladies and gentlemen and welcome back to my daily analysis of the King. We broke ATH's on multiple exchanges and things are looking great at the moment. After the long weekend and the drop to 16100 or so I know it was a gut punch. But we recovered quite nicely and the bulls showed us what they were made of. Its now December and we have one month left to turn 2020 around. It may have been a bad year for most. But not us BTC holders and traders. Lets make December count yall. Anyways lets take a look at the chart.
We almost kissed 20k sometime in the last 4 hours and that should be a good thing for the west to wake up to... Nicely done. New ATH (All time high) for multiple exchanges including Binance. The community was abuzz with bullish sentiment. But how far can that sentiment push us up the chart? Massive USDT printing can be at least partially blamed for the rise. If you look at the comparison when they print like the US treasury the market reacts postively to the mass issuing of Tethers. Im not the best one to explain why that is the case but I can tell you I am making $$ off the rise. So at this point I could care less what is actually causing it. Just keep walking that stop loss up until the bottom falls. Rinse and repeat.
The monthly close was beautiful. The highest monthly close ever. Even higher than that of the bull run of 2017. The daily volume with BTC is also among the highest its ever been (There are a few times it was close or comparable to today but not for long) The current market cap for BTC is $360,661,921,326 In 2017 the market cap never got higher than 326,502,485,530. That is not a giant difference but it is certainly significant. I am as bullish as I have ever been with BTC. But I know better than to walk with my head in the clouds too long. The bears are still alive and well plotting on us.
I see there is a lot of resistance at around 19900 - 20k. That should have been expected though. In 2017 when we pumped up the chart we reached approximately the same heights. Got rejected around 19800 and this time we are getting rejected at the same level. This is classic trading 101. Resistance. Once we beat it we can call it support. This is truly uncharted territory so every thing we learn is crucial. We are carving out support and resistance that will help us later down the line (say if we break 30k and drop to 20k respectively) There is a lot to learn but a lot of uncertainty around 19900 - 20k. RSI is overbought on most time frames. (That doesnt mean much in a real bull run but I would still be hesitant to proceed without a good stop loss set)
All in all things look really good. At these levels the swings seem pretty large. The best bet for support if we do drop is the 4hr 50 MA . It was so reliable for 2 months prior to the long holiday weekend (*USA) and now that we regained the support only time will tell if it becomes reliable as it was for the 2 months prior to Thanksgiving weekend. Resistance is around 19900 - 20k. Easy peasy. I hope you all have a great day and a fantastic December. My trading course still has a few spots available. I dont want to add too many people so I can divide my time up fairly. Let me know if you are interested. Make good choices my friends. (Set a stoploss) and never forget... WTFDIK right?
TLDR: TLDR this a.m. is Im too lazy to write (TLDW)
We almost kissed 20k sometime in the last 4 hours and that should be a good thing for the west to wake up to... Nicely done. New ATH (All time high) for multiple exchanges including Binance. The community was abuzz with bullish sentiment. But how far can that sentiment push us up the chart? Massive USDT printing can be at least partially blamed for the rise. If you look at the comparison when they print like the US treasury the market reacts postively to the mass issuing of Tethers. Im not the best one to explain why that is the case but I can tell you I am making $$ off the rise. So at this point I could care less what is actually causing it. Just keep walking that stop loss up until the bottom falls. Rinse and repeat.
The monthly close was beautiful. The highest monthly close ever. Even higher than that of the bull run of 2017. The daily volume with BTC is also among the highest its ever been (There are a few times it was close or comparable to today but not for long) The current market cap for BTC is $360,661,921,326 In 2017 the market cap never got higher than 326,502,485,530. That is not a giant difference but it is certainly significant. I am as bullish as I have ever been with BTC. But I know better than to walk with my head in the clouds too long. The bears are still alive and well plotting on us.
I see there is a lot of resistance at around 19900 - 20k. That should have been expected though. In 2017 when we pumped up the chart we reached approximately the same heights. Got rejected around 19800 and this time we are getting rejected at the same level. This is classic trading 101. Resistance. Once we beat it we can call it support. This is truly uncharted territory so every thing we learn is crucial. We are carving out support and resistance that will help us later down the line (say if we break 30k and drop to 20k respectively) There is a lot to learn but a lot of uncertainty around 19900 - 20k. RSI is overbought on most time frames. (That doesnt mean much in a real bull run but I would still be hesitant to proceed without a good stop loss set)
All in all things look really good. At these levels the swings seem pretty large. The best bet for support if we do drop is the 4hr 50 MA . It was so reliable for 2 months prior to the long holiday weekend (*USA) and now that we regained the support only time will tell if it becomes reliable as it was for the 2 months prior to Thanksgiving weekend. Resistance is around 19900 - 20k. Easy peasy. I hope you all have a great day and a fantastic December. My trading course still has a few spots available. I dont want to add too many people so I can divide my time up fairly. Let me know if you are interested. Make good choices my friends. (Set a stoploss) and never forget... WTFDIK right?
TLDR: TLDR this a.m. is Im too lazy to write (TLDW)
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