Good morning again ladies and gentlemen and welcome back to my daily look into Bitcoin. Today I have the 4hr pulled up after a tumble this week. FUD ran wild on the charts but things could certainly be worse if you ask me. Traders have been on a mass exodus off the platform we know as Bitmex and with all the Bitcoin leaving the platform people were calling for 9k Bitcoin right off the bat. I cant tell you exactly what will happen as far as the Bitmex situation. Only time will tell. I can focus on technicals and go from there. FUD is always that kink in the hose. It can take a good analysis and destroy it. Lets take a look at the chart this morning and see what is up.
I see we have recovered a bit after the drop we experienced. But there is resistance keeping us down currently. The 4hr cloud is doing its job and we are experiencing resistance at the bottom border of the cloud. So currently 10560 is the first hurdle I see on the 4hr time frame. If we can break back above the 4hr cloud that would certainly restore some of the confidence lost over this past week.
I have a triangle drawn on the chart and as you can see we seem to be in firm consolidation. The candles are respecting the borders of the triangle for now so it is still valid. I would certainly keep an eye on things for now. The market is rather volatile at the moment and anything can happen in no time. This is why a stop loss is crucial folks. Protect your investments. I think we could very well remain inside the triangle on the chart for the remainder of the weekend as the weekend is typically lackluster at best.
We are beneath the 4hr cloud and the daily cloud. Both are bearish and until we get back above the 4hr cloud Im hesitant to get excited. We lost plenty of support after the Bitmex announcement and as a result confidence leaked from the market. Im sure sentiment is likely bearish at the moment but a few green candles could easily turn that around. In the mean time if you plan on longing this set a stop loss. I have heard a lot of people have been moving money off Bitmex over the last few days and things can go crazy when people are moving BTC around. People move the BTC or the simply cash out. Either way I dont see this as being bullish by any means. Make sure you are careful. Things could still get bumpy. Every day that passes and we havent lost 10k I gain more confidence. Lets see if we can make it through the weekend with 5 figure BTC. Be careful out there and make good choices folks! WTFDIK???
TLDR: Consolidation below the cloud (4hr and daily cloud) Bitmex FUD is still worrying. Set a stop loss folks!
I see we have recovered a bit after the drop we experienced. But there is resistance keeping us down currently. The 4hr cloud is doing its job and we are experiencing resistance at the bottom border of the cloud. So currently 10560 is the first hurdle I see on the 4hr time frame. If we can break back above the 4hr cloud that would certainly restore some of the confidence lost over this past week.
I have a triangle drawn on the chart and as you can see we seem to be in firm consolidation. The candles are respecting the borders of the triangle for now so it is still valid. I would certainly keep an eye on things for now. The market is rather volatile at the moment and anything can happen in no time. This is why a stop loss is crucial folks. Protect your investments. I think we could very well remain inside the triangle on the chart for the remainder of the weekend as the weekend is typically lackluster at best.
We are beneath the 4hr cloud and the daily cloud. Both are bearish and until we get back above the 4hr cloud Im hesitant to get excited. We lost plenty of support after the Bitmex announcement and as a result confidence leaked from the market. Im sure sentiment is likely bearish at the moment but a few green candles could easily turn that around. In the mean time if you plan on longing this set a stop loss. I have heard a lot of people have been moving money off Bitmex over the last few days and things can go crazy when people are moving BTC around. People move the BTC or the simply cash out. Either way I dont see this as being bullish by any means. Make sure you are careful. Things could still get bumpy. Every day that passes and we havent lost 10k I gain more confidence. Lets see if we can make it through the weekend with 5 figure BTC. Be careful out there and make good choices folks! WTFDIK???
TLDR: Consolidation below the cloud (4hr and daily cloud) Bitmex FUD is still worrying. Set a stop loss folks!
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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.