Good morning ladies and gentlemen and welcome back to my daily look into the exciting world of Bitcoin. Today I have the daily time frame pulled up after a pretty exciting day. We almost got to 11k again but have fallen back a bit from the resistance. No sweat though. With 4 figure Bitcoin a good dip below us confidence is seemingly building back up. I see a few signals that are bearish but I also see plenty to be excited about. Lets discuss.
First of all we have officially entered the daily cloud and that is not the most bullish predicament that we could be in. But let me tell you that being inside of the cloud (while constraining) is more bullish than being below the cloud where we were just a few days ago. Speaking of clouds we left the 4hr cloud behind us during this most recent pump action. Now that we are above the 4hr cloud confidence should build as a result.
The daily cloud is a big thunderhead to overcome. But the momentum I have seen over the past few months leads me to believe that if we can power our way back to 11k+ soon we may see some fireworks. The halving is still creeping at our backs and nobody really seems sure how the halving pumps actually work. The problem is we have only really had 2 before this recent halving therefore its not easy to predict. But I do still have the halving event stuck in the back of my mind. I am expecting more green. But only time will tell for sure.
The only way for us to escape the confines of the daily cloud today is to beat 11800 which might be a little ambitious. But that is where we are. The bulls still have their work cut out for them if they want the confidence to be fully restored. I still see people calling for 8k BTC and Im not saying they are wrong by any means. But I would like to see how they came up with that conclusion. Regardless of which way BTC goes if you have a strategy in place and a good stop loss you shouldnt have to worry so much about a drop. Im still bullish but like I just said I have my stop loss set just in case. I suggest you do the same. Have a great day and make good choices! WTFDIK???
TLDR: Its still cloudy on the daily time frame. 4hr is looking sunnier. Set a stop loss!!! Take profit. Rinse and repeat
First of all we have officially entered the daily cloud and that is not the most bullish predicament that we could be in. But let me tell you that being inside of the cloud (while constraining) is more bullish than being below the cloud where we were just a few days ago. Speaking of clouds we left the 4hr cloud behind us during this most recent pump action. Now that we are above the 4hr cloud confidence should build as a result.
The daily cloud is a big thunderhead to overcome. But the momentum I have seen over the past few months leads me to believe that if we can power our way back to 11k+ soon we may see some fireworks. The halving is still creeping at our backs and nobody really seems sure how the halving pumps actually work. The problem is we have only really had 2 before this recent halving therefore its not easy to predict. But I do still have the halving event stuck in the back of my mind. I am expecting more green. But only time will tell for sure.
The only way for us to escape the confines of the daily cloud today is to beat 11800 which might be a little ambitious. But that is where we are. The bulls still have their work cut out for them if they want the confidence to be fully restored. I still see people calling for 8k BTC and Im not saying they are wrong by any means. But I would like to see how they came up with that conclusion. Regardless of which way BTC goes if you have a strategy in place and a good stop loss you shouldnt have to worry so much about a drop. Im still bullish but like I just said I have my stop loss set just in case. I suggest you do the same. Have a great day and make good choices! WTFDIK???
TLDR: Its still cloudy on the daily time frame. 4hr is looking sunnier. Set a stop loss!!! Take profit. Rinse and repeat
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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.