Good morning ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I will be taking a look at the 4hr again after a little dip yesterday. We have since recovered a lot of the ground we lost yesterday which is promising. The weekend can be pretty boring in terms of trading. There is a lot to be bullish about at the moment and support is holding which is a good thing. Lets take a look at the chart.
Since the 1st of August we have been finding reliable support upon the 50 MA on the 4hr. Even yesterday we tested it once more and even wicked below the support briefly. Support held though propelling us back to 11700 where we sit currently. The reason this level held in my opinion is the combination of the 50 MA and the top border of the cloud. Doubled up support proved to be too mush for the bears.
I also am noticing the bollinger bands on the 4hr time frame are starting to contract once again. That indicates another move on the horizon. I see a buy signal along with a lot of support just below us at the moment therefore my money is on the bulls. But that doesnt mean I plan to trade without a stop loss. We have seen how fast we can drop recently when we dropped from 12k to 10500 in a few hours. If you are holding long term a stop loss may not be as important but if you are regularly day trading a stop loss could be the difference between profit and loss. Especially if you use leverage.
Im still feeling bullish and I think there is a lot of potential in this pump. We broke 2.5 year resistance and the halving is well behind us. All of the elements are there for us to beat last years high of 14k. Of course only time will tell for sure. But dont get too confident. We are a stones throw away from creating another yearly high and if we can get that high I suspect more fomo to come. Gold and silver have both been doing great as of late and Bitcoin has seemingly joined the gang. The more time that passes the more legit BTC becomes to investors and I think people are really starting to look at it differently. Just look at companies like Fidelity that offer BTC options for investors. JP Morgan is seemingly changing his tune. Paypal is working to offer crypto to their customers. I am optimistic about the future of crypto. Its easy to see why I am bullish but that doesnt mean you should be over confident. Mitigate those risks. In every way possible. But then again WTFDIK???
TLDR: Im bullish. We have plenty of support below us and the 4hr 50 MA is still providing support. Set a stop loss!
Since the 1st of August we have been finding reliable support upon the 50 MA on the 4hr. Even yesterday we tested it once more and even wicked below the support briefly. Support held though propelling us back to 11700 where we sit currently. The reason this level held in my opinion is the combination of the 50 MA and the top border of the cloud. Doubled up support proved to be too mush for the bears.
I also am noticing the bollinger bands on the 4hr time frame are starting to contract once again. That indicates another move on the horizon. I see a buy signal along with a lot of support just below us at the moment therefore my money is on the bulls. But that doesnt mean I plan to trade without a stop loss. We have seen how fast we can drop recently when we dropped from 12k to 10500 in a few hours. If you are holding long term a stop loss may not be as important but if you are regularly day trading a stop loss could be the difference between profit and loss. Especially if you use leverage.
Im still feeling bullish and I think there is a lot of potential in this pump. We broke 2.5 year resistance and the halving is well behind us. All of the elements are there for us to beat last years high of 14k. Of course only time will tell for sure. But dont get too confident. We are a stones throw away from creating another yearly high and if we can get that high I suspect more fomo to come. Gold and silver have both been doing great as of late and Bitcoin has seemingly joined the gang. The more time that passes the more legit BTC becomes to investors and I think people are really starting to look at it differently. Just look at companies like Fidelity that offer BTC options for investors. JP Morgan is seemingly changing his tune. Paypal is working to offer crypto to their customers. I am optimistic about the future of crypto. Its easy to see why I am bullish but that doesnt mean you should be over confident. Mitigate those risks. In every way possible. But then again WTFDIK???
TLDR: Im bullish. We have plenty of support below us and the 4hr 50 MA is still providing support. Set a stop loss!
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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.