Good morning everyone and welcome to my daily analysis of Bitcoin. Today I have the 4hr pulled up and I can see we are back above 9300. Still things look a bit grim if you look at the situation on the chart. We will get into that shortly. The weekly closes in less than 12 hours and I have been noticing that after the weekly close for the last two weeks or so I have seen some decent moves. So I will keep an eye on this weekly close tonight. Meanwhile lets take a look at the situation on the chart.
First thing I will touch on is the 4hr 50 MA... This indicator has been acting as resistance for nearly a week at this point. Every time we test the 4hr 50 MA we get soundly rejected. Possibly because above the 4hr 50 MA there is the 4hr 200 MA along with the 4hr cloud. When the candles are below any of these indicators that is bearish. When its below all 3 that is very bearish. It looks to me like we are barely falling out of the bottom of the cloud during the current candle. We may see a drop if we cannot retake the cloud. We need to get back into the cloud at the very least in my opinion to prevent the inevitable. Of course that will be easier said than done.
The daily is still pretty much the same as we saw yesterday. We are still just below the daily 50 MA. It looks like the golden cross is bound to reverse the farther we drop. Right now we are between a rock and a hard place on the daily. The cloud (top border) is directly below us and the daily 50 MA is directly above us which is causing tight consolidation between 9200 - 9375. If we sink into that daily cloud that will be a blow to the confidence of the bulls. Every time we lose support its a blow to confidence. stop losses get triggered and that is just a reality in trading. Right now there is a tug of war between the bears and the bulls to either retake the daily 50 MA or drop into that cloud. Im thinking we should know soon which way the market is heading. I say down. But Ive been wrong before.
We are still above the weekly cloud which is a good sign for the bulls. But I am not sure that will be enough to stop the downtrend I believe is due. Im not seeing much movement over the weekend which means there may not be much of a gap if any. I will give you more info on that tomorrow. For now make sure you are eliminating risk wherever you can. If you are long here set a stop loss. Dont play with fire. Ive been burnt and it sucks. Keep your eyes on the candles after the close tonight (weekly) But WTFDIK right?
TLDR: Happt Fathers day to you all and to the Father of Bitcoin, Satoshi!
First thing I will touch on is the 4hr 50 MA... This indicator has been acting as resistance for nearly a week at this point. Every time we test the 4hr 50 MA we get soundly rejected. Possibly because above the 4hr 50 MA there is the 4hr 200 MA along with the 4hr cloud. When the candles are below any of these indicators that is bearish. When its below all 3 that is very bearish. It looks to me like we are barely falling out of the bottom of the cloud during the current candle. We may see a drop if we cannot retake the cloud. We need to get back into the cloud at the very least in my opinion to prevent the inevitable. Of course that will be easier said than done.
The daily is still pretty much the same as we saw yesterday. We are still just below the daily 50 MA. It looks like the golden cross is bound to reverse the farther we drop. Right now we are between a rock and a hard place on the daily. The cloud (top border) is directly below us and the daily 50 MA is directly above us which is causing tight consolidation between 9200 - 9375. If we sink into that daily cloud that will be a blow to the confidence of the bulls. Every time we lose support its a blow to confidence. stop losses get triggered and that is just a reality in trading. Right now there is a tug of war between the bears and the bulls to either retake the daily 50 MA or drop into that cloud. Im thinking we should know soon which way the market is heading. I say down. But Ive been wrong before.
We are still above the weekly cloud which is a good sign for the bulls. But I am not sure that will be enough to stop the downtrend I believe is due. Im not seeing much movement over the weekend which means there may not be much of a gap if any. I will give you more info on that tomorrow. For now make sure you are eliminating risk wherever you can. If you are long here set a stop loss. Dont play with fire. Ive been burnt and it sucks. Keep your eyes on the candles after the close tonight (weekly) But WTFDIK right?
TLDR: Happt Fathers day to you all and to the Father of Bitcoin, Satoshi!
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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.