Good morning ladies and gentlemen and welcome back to my daily look into the world we call Bitcoin. Today I have the 4hr time frame pulled up after a pretty ugly monthly close yesterday. September has been a pretty bearish month this year. Especially after a stellar August with a yearly high of 12500 hit. Right now we are struggling to beat 11k. But I am optimistic and I will explain why in this analysis. So pull up a chair and lets get this party started.
Alright I have started listing any support that is close to the candles. You can see in the bottom right corner of the chart. I can keep doing this if you guys like it. Im just trying to make the analysis I make as beneficial as I can and support is so important to traders (so is resistance for that matter) Anyways I see the 4hr 200 MA is below us currently. Yesterday we were below the 4hr 200 MA and now that we are above the indicator we can expect to see the 4hr 50 MA rise. Its very close to a golden cross (when the 50 MA crosses above the 200 MA) I have said it before and I will again... I dont put a lot into the golden cross / death cross scenarios. They are largely hit or miss and you should be aware of that. We may see a little climb but if I were to long this I would certainly set a stop loss. Probably just below some of the support I listed.
Right now we are stuck below 10900. Which makes 10900 resistance. But the real resistance in my radar is 11000-11100. That is where support was all of August and resistance held all of September. Now that September is over we need to retake the lost support. Of course beating this single resistance is only one step on the way to a new ATH it is a necessary step. The market seems confident at the moment but the bears can literally strike any second. You need to protect yourself by setting a stop loss. I like what I am seeing on the chart but anyone that has been in this market for a while understands why I am hesitant.
The daily cloud is an issue we have at the moment. Yes it is good that the bottom border of the daily cloud is support currently when for the last week basically it was acting as resistance. But being inside the cloud typically means consolidation. Not always but just dont be surprised if we move sideways for a while. Looking at the 4hr time frame the path of least resistance seems to be up at the moment. With all the support below us on the chart looking above us at the resistance that plagues us and I can see there isnt as much resistance as support. At least not on the 4hr time frame. This is a good sign and this gives the market confidence. Especially when support is all within a stones throw of each other like it is on the chart now. Between 10650 and 10725 is 4 indicators on the 4hr that provide support. The 4hr 50 MA the 4hr 200 MA and the top border of the 4hr cloud along with the .5 fib. If that doesnt give you confidence I dont know what will. I hope you all have a great day!!! Make good choices!! WTFDIK????
TLDR: Monthly close was ugly yesterday but October seems to be off to a good start. Lots of support to enjoy. Set a stop loss!
Alright I have started listing any support that is close to the candles. You can see in the bottom right corner of the chart. I can keep doing this if you guys like it. Im just trying to make the analysis I make as beneficial as I can and support is so important to traders (so is resistance for that matter) Anyways I see the 4hr 200 MA is below us currently. Yesterday we were below the 4hr 200 MA and now that we are above the indicator we can expect to see the 4hr 50 MA rise. Its very close to a golden cross (when the 50 MA crosses above the 200 MA) I have said it before and I will again... I dont put a lot into the golden cross / death cross scenarios. They are largely hit or miss and you should be aware of that. We may see a little climb but if I were to long this I would certainly set a stop loss. Probably just below some of the support I listed.
Right now we are stuck below 10900. Which makes 10900 resistance. But the real resistance in my radar is 11000-11100. That is where support was all of August and resistance held all of September. Now that September is over we need to retake the lost support. Of course beating this single resistance is only one step on the way to a new ATH it is a necessary step. The market seems confident at the moment but the bears can literally strike any second. You need to protect yourself by setting a stop loss. I like what I am seeing on the chart but anyone that has been in this market for a while understands why I am hesitant.
The daily cloud is an issue we have at the moment. Yes it is good that the bottom border of the daily cloud is support currently when for the last week basically it was acting as resistance. But being inside the cloud typically means consolidation. Not always but just dont be surprised if we move sideways for a while. Looking at the 4hr time frame the path of least resistance seems to be up at the moment. With all the support below us on the chart looking above us at the resistance that plagues us and I can see there isnt as much resistance as support. At least not on the 4hr time frame. This is a good sign and this gives the market confidence. Especially when support is all within a stones throw of each other like it is on the chart now. Between 10650 and 10725 is 4 indicators on the 4hr that provide support. The 4hr 50 MA the 4hr 200 MA and the top border of the 4hr cloud along with the .5 fib. If that doesnt give you confidence I dont know what will. I hope you all have a great day!!! Make good choices!! WTFDIK????
TLDR: Monthly close was ugly yesterday but October seems to be off to a good start. Lots of support to enjoy. Set a stop loss!
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.