Good morning everyone and welcome back to my daily analysis of Bitcoin. Well we finally did it and broke 10k a few hours ago but have since retraced. 9900 is still nice to see though. As the west wakes up it looks to me like we finally broke above the 2.5 year resistance but the fomo hasnt really kicked in. I have a close eye on the charts though as I am waiting to see if we can establish that 2.5 year resistance as support. It looks entirely possible if we can hold 9900 but if not we will likely fall back below support. Either way this has been much more action than I would typically expect from the weekend so lets take a look at the charts.
First of all the rise over night is great to see. If we can maintain this level we will have a gap below us that could be filled on Monday. No guarantees but with the excitement this weekend we managed to break 10k. Only briefly which shows bots and traders taking profit at 10k. Its not surprising as people tend to set sells at nice round numbers like 10k. We even managed to wick above 10150 which is significant. Its nice to see the bulls still want to take us to 5 figure Bitcoin.
We did since sink to 9900 which is riding support currently. The 2.5 year descending resistance has been broken according to my chart so we will just have to wait and see if these recent gains can hold. The daily bollinger bands were really tight last week and we are finally seeing the results of that on the chart. The break out also shows that the halving effect could be starting to build. We all have heard there could be a post halving pump and it doesnt typically happen for a few months after the event itself. I guess the drop from 12.5 to 6.25 BTC was enough cause the desired effect. Of course only time will tell for sure.
With the breakout this week we have thrown all the support the bulls need below us. The ATH this year was 10500 and we were very close to that this morning. Lets see how the west reacts to 9900 dollar BTC. They may sleep in a bit seeing as how its Sunday but it really could go either way. If we hold 9900 til tomorrow we will have a gap below us most likely. That wouldnt be good short term for maintaining 9900 - 10k. I would really prefer to see us break this years ATH of 10500. A higher high is always bullish and the market could react nicely to the pump.
On the daily the 4hr and the weekly (My 3 go to time frames) we are above the 50 MA and the 200 MA and the Ichimoku cloud. On all 3 time frames. If there ever were a time to create a new ATH for the year this would be it. I would not go remortgage my home to invest but I would be on my toes. Be ready to walk that stop loss up and keep and eye on the charts. Ignoring them for a matter of minutes can result in one losing everything they worked so hard for. Someone must have nuked the bears as I havent heard a peep out of them for ages. Something tells me they are plotting though. One more thing... We have an age old gap on the CME at 11800ish. We could very well fill that if fomo kicks in. (we also have a small gap down at 3600 but lets ignore that SOB) Anyways I hope you all have a great day and make good choices. WTFDIK???
TLDR: 10k was breached! We did fall back to 9900 but it looks like we finally broke the 2.5 year resistance I keep jabbering about. We need to maintain 9900 for a few more candles to say we broke it for sure. We havent even established a confirmation candles as of yet but it should be soon. My advice would be set a stop loss and be ready to walk it up if fomo kicks in.
First of all the rise over night is great to see. If we can maintain this level we will have a gap below us that could be filled on Monday. No guarantees but with the excitement this weekend we managed to break 10k. Only briefly which shows bots and traders taking profit at 10k. Its not surprising as people tend to set sells at nice round numbers like 10k. We even managed to wick above 10150 which is significant. Its nice to see the bulls still want to take us to 5 figure Bitcoin.
We did since sink to 9900 which is riding support currently. The 2.5 year descending resistance has been broken according to my chart so we will just have to wait and see if these recent gains can hold. The daily bollinger bands were really tight last week and we are finally seeing the results of that on the chart. The break out also shows that the halving effect could be starting to build. We all have heard there could be a post halving pump and it doesnt typically happen for a few months after the event itself. I guess the drop from 12.5 to 6.25 BTC was enough cause the desired effect. Of course only time will tell for sure.
With the breakout this week we have thrown all the support the bulls need below us. The ATH this year was 10500 and we were very close to that this morning. Lets see how the west reacts to 9900 dollar BTC. They may sleep in a bit seeing as how its Sunday but it really could go either way. If we hold 9900 til tomorrow we will have a gap below us most likely. That wouldnt be good short term for maintaining 9900 - 10k. I would really prefer to see us break this years ATH of 10500. A higher high is always bullish and the market could react nicely to the pump.
On the daily the 4hr and the weekly (My 3 go to time frames) we are above the 50 MA and the 200 MA and the Ichimoku cloud. On all 3 time frames. If there ever were a time to create a new ATH for the year this would be it. I would not go remortgage my home to invest but I would be on my toes. Be ready to walk that stop loss up and keep and eye on the charts. Ignoring them for a matter of minutes can result in one losing everything they worked so hard for. Someone must have nuked the bears as I havent heard a peep out of them for ages. Something tells me they are plotting though. One more thing... We have an age old gap on the CME at 11800ish. We could very well fill that if fomo kicks in. (we also have a small gap down at 3600 but lets ignore that SOB) Anyways I hope you all have a great day and make good choices. WTFDIK???
TLDR: 10k was breached! We did fall back to 9900 but it looks like we finally broke the 2.5 year resistance I keep jabbering about. We need to maintain 9900 for a few more candles to say we broke it for sure. We havent even established a confirmation candles as of yet but it should be soon. My advice would be set a stop loss and be ready to walk it up if fomo kicks in.
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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.