Good morning everyone and welcome to my daily analysis of Bitcoin. Today I have the 4hr chart pulled up and I can see we dropped a bit since yesterday. No sweat right? Well not so much. The farther we drop the more support we lose and the likely hood of a down trend becomes more feasible. We still do have a lot of support below us as well which is comforting. Lets take a look at the chart.
Well the first thing I will bring up is the 4hr 50 MA failed and we dropped to the bottom of the cloud. Well that didnt support us very long and we fell out of the cloud and we are not retracing a bit. Problem is the bottom of the 4hr cloud is now resistance and climbing back into the cloud at this point will be easier said than done. It is considered bearish when the candles drop below the cloud.
With the 4hr cloud and 4hr 50 MA above us the 4hr 200 MA was next to look for support which it provided. This is one of the perks of having a lot of support below you. It sort of cushions the fall. We still have a lot of support if you cycle time frames and its not hard to find. But the writing is seemingly on the wall and things are looking more and more bearish by the day. I really hope the bulls can pull off a wild continuation but at this point its not looking great.
Even if we do drop that is the nature of the market. What goes up must come down and Bitcoin is no different. The price rises and people take profit and the price drops. Just like any market really. We have been in pretty good shape for the last 10 - 11 weeks. A recovery from 3800 to over 10k. Oil could only dream of a rapid recovery like that. With that in mind though just know the drops can show up just as quick as the giant green candles. This analysis is short and sweet but I am waiting on reentry after moving to USDT. But then again WTFDIK?
TLDR: 4hr cloud above us. Things are looking stormy... Make sure you set a stop loss if you want to go long
Well the first thing I will bring up is the 4hr 50 MA failed and we dropped to the bottom of the cloud. Well that didnt support us very long and we fell out of the cloud and we are not retracing a bit. Problem is the bottom of the 4hr cloud is now resistance and climbing back into the cloud at this point will be easier said than done. It is considered bearish when the candles drop below the cloud.
With the 4hr cloud and 4hr 50 MA above us the 4hr 200 MA was next to look for support which it provided. This is one of the perks of having a lot of support below you. It sort of cushions the fall. We still have a lot of support if you cycle time frames and its not hard to find. But the writing is seemingly on the wall and things are looking more and more bearish by the day. I really hope the bulls can pull off a wild continuation but at this point its not looking great.
Even if we do drop that is the nature of the market. What goes up must come down and Bitcoin is no different. The price rises and people take profit and the price drops. Just like any market really. We have been in pretty good shape for the last 10 - 11 weeks. A recovery from 3800 to over 10k. Oil could only dream of a rapid recovery like that. With that in mind though just know the drops can show up just as quick as the giant green candles. This analysis is short and sweet but I am waiting on reentry after moving to USDT. But then again WTFDIK?
TLDR: 4hr cloud above us. Things are looking stormy... Make sure you set a stop loss if you want to go long
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.