Bitcoin 4hr analysis 11/4/2020
Good morning again ladies and gentlemen and welcome back to my daily walk through the world of Bitcoin. Today I have the 4hr time frame pulled up and I can see that consolidation has taken hold. Perhaps the market is in limbo awaiting the results of the election. Perhaps there are other factors at play. As we await the results what can we expect from the market? Lets take a look at the charts and see what whats up.
What I do know is we broke 14k if only briefly last night. This shows me 14k is the next line in the sand. The writing is on the wall at this point. If we get past 14k we could be on our way to a new ATH. I just dont see a lot of resistance on the way to 20k+. Nothing is written in stone by any means. There definitely could be some resistance that shows its face between 14k and 20k. Its just hard for me to pinpoint exactly where that resistance would show its face. Lets beat 14k first and then we can worry about future resistance.
The elephant in the room is the US election. Perhaps Bitcoin doesnt care who wins. I sure would love to see that be the case. I know the stock market is going to be effected. No doubt in my mind. But Bitcoin is a horse of a different color. Can BTC be effected by the election? I think so. Will it be effected by the election? I wont say. I just dont know. Even looking back 4 years ago its hard to say. We really only know what happened when one guy one. This election may or may not have a different party win and if that happens I am just not positive what will occur. After all this is really the 2nd election ever during the life of BTC. And the first real election in the life of BTC was when BTC was just a baby. There is not enough data to definitively state what will happen.
That 4hr 50 MA sure has been providing support. Every time we approach it we tend to bounce off it. That is promising. The problem with the last bounce was we didnt get that higher high traders want to see. There are a lot of factors here but just on technicals alone I see there is more support than resistance currently. Which leads me to believe the path of least resistance is up. Of course I would be on my toes as anything can happen today. Stop losses are a must. Even exit your trade if you dont fee comfortable. Better to be safe than sorry.
Ive said it before and Ill say it again. It doesnt matter who wins this election. Ultimately Bitcoin will ascend the chart regardless of who sits on the throne in the White house. Bitcoin is a world wide phenomena. The US election could effect prices but that would only be short term. After witnessing the resilience of Bitcoin after the Bitmex FUD and the other recent hacks I am surprisingly optimistic and hopeful that 2020 can be another December 2017. Ive now been in Bitcoin almost 3 years. Time has been flying. I still have a lot to learn and I hope you all will accompany me on my journey to become the best analyst in crypto. I hope you all have a great day. Make good choices! WTFDIK??
TLDR: Election results are in limbo. Proceed with caution. Anything can and probably will occur.
What I do know is we broke 14k if only briefly last night. This shows me 14k is the next line in the sand. The writing is on the wall at this point. If we get past 14k we could be on our way to a new ATH. I just dont see a lot of resistance on the way to 20k+. Nothing is written in stone by any means. There definitely could be some resistance that shows its face between 14k and 20k. Its just hard for me to pinpoint exactly where that resistance would show its face. Lets beat 14k first and then we can worry about future resistance.
The elephant in the room is the US election. Perhaps Bitcoin doesnt care who wins. I sure would love to see that be the case. I know the stock market is going to be effected. No doubt in my mind. But Bitcoin is a horse of a different color. Can BTC be effected by the election? I think so. Will it be effected by the election? I wont say. I just dont know. Even looking back 4 years ago its hard to say. We really only know what happened when one guy one. This election may or may not have a different party win and if that happens I am just not positive what will occur. After all this is really the 2nd election ever during the life of BTC. And the first real election in the life of BTC was when BTC was just a baby. There is not enough data to definitively state what will happen.
That 4hr 50 MA sure has been providing support. Every time we approach it we tend to bounce off it. That is promising. The problem with the last bounce was we didnt get that higher high traders want to see. There are a lot of factors here but just on technicals alone I see there is more support than resistance currently. Which leads me to believe the path of least resistance is up. Of course I would be on my toes as anything can happen today. Stop losses are a must. Even exit your trade if you dont fee comfortable. Better to be safe than sorry.
Ive said it before and Ill say it again. It doesnt matter who wins this election. Ultimately Bitcoin will ascend the chart regardless of who sits on the throne in the White house. Bitcoin is a world wide phenomena. The US election could effect prices but that would only be short term. After witnessing the resilience of Bitcoin after the Bitmex FUD and the other recent hacks I am surprisingly optimistic and hopeful that 2020 can be another December 2017. Ive now been in Bitcoin almost 3 years. Time has been flying. I still have a lot to learn and I hope you all will accompany me on my journey to become the best analyst in crypto. I hope you all have a great day. Make good choices! WTFDIK??
TLDR: Election results are in limbo. Proceed with caution. Anything can and probably will occur.
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