Good morning ladies and gentlemen and welcome back to my daily look into the whacky world of Bitcoin. Today I have the daily pulled up after a Saturday full of testing 10k. We fell below if only for a brief moment but have since recovered nicely back to 5 digit Bitcoin. But the question is are the bears finished or is this the precursor to back to age old support? I see some promising signs on the chart I want to discuss so buckle up for the analysis of your life.
The first thing I want to discuss is the deep wicks. The last 3 daily candles suggest a lot of buying pressure when we dip below 10100 from the looks of it. That is a good sign. But we need the bulls to hang on or we will eventually drop even more. We are experiencing a lot of resistance around 10550 - 10600 which is evident when you look at the last few candles. We can beat the resistance but the bulls need to wake their butts up to do so.
The .5 fib rejected our attempt to hurdle the resistance and then we dropped and closed the candle just below the daily cloud. The bottom border of the daily cloud and the .5 fib are in close vicinity therefore resistance is a bit stronger in this price range as a result. If we want to retake 11k and keep this bull run going we are going to need to see candles above the cloud. Generally being below the cloud is considered bearish while being above the cloud is bullish in nature.
I see the 2.5 year trend line we broke a number of weeks ago prior to the pump from 9200 to 12500. If we do keep dropping, which is entirely possible, I would look to the trend line drawn on the chart for support. It held for 2.5 years as resistance. Resistance tends to become support and vice versa. We should have a decent gap above us to start the week which could indicate bulls will take over for a bit. Only time will tell for sure though. Keep those stop losses set and make good choices! WTFDIK???
TLDR: Lazy lazy bulls. Weekly close should be pretty bearish. Gap above us if the weekly closes below 10620. Stay tuned....
The first thing I want to discuss is the deep wicks. The last 3 daily candles suggest a lot of buying pressure when we dip below 10100 from the looks of it. That is a good sign. But we need the bulls to hang on or we will eventually drop even more. We are experiencing a lot of resistance around 10550 - 10600 which is evident when you look at the last few candles. We can beat the resistance but the bulls need to wake their butts up to do so.
The .5 fib rejected our attempt to hurdle the resistance and then we dropped and closed the candle just below the daily cloud. The bottom border of the daily cloud and the .5 fib are in close vicinity therefore resistance is a bit stronger in this price range as a result. If we want to retake 11k and keep this bull run going we are going to need to see candles above the cloud. Generally being below the cloud is considered bearish while being above the cloud is bullish in nature.
I see the 2.5 year trend line we broke a number of weeks ago prior to the pump from 9200 to 12500. If we do keep dropping, which is entirely possible, I would look to the trend line drawn on the chart for support. It held for 2.5 years as resistance. Resistance tends to become support and vice versa. We should have a decent gap above us to start the week which could indicate bulls will take over for a bit. Only time will tell for sure though. Keep those stop losses set and make good choices! WTFDIK???
TLDR: Lazy lazy bulls. Weekly close should be pretty bearish. Gap above us if the weekly closes below 10620. Stay tuned....
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.
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.