Good morning ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I have the 4hr pulled up after a valiant effort by the bulls over night to bring us back above 9400 where we sit currently. Its nice to see that the market doesnt seem to want to give up 9k very easily. We retook some key support over night but we still have work to do if a reversal is going to materialize. Lets take a look at what the chart tells us.
First thing Im going to point out is the most obvious event and that is the fact that we retook the 4hr 50 MA. That is significant no doubt about it but the celebrations will likely be short lived if we cannot take 9500. Right now the 4hr 200 MA is acting as resistance right at the point where we sit. Not to mention the 4hr cloud (top border) is lingering less than 50$ above the 4hr 200 MA. I also threw a descending line onto the chart that started at the last time we were above 10k. This descending resistance intersects with the 4hr 200 MA and the 4hr cloud right at the place we are sitting right now. My point is taking 9500 back from the bears will not be easy.
Zooming out a bit on the daily we are right at the point where we either beat the daily 50 MA which is acting as resistance currently or we drop to the daily cloud. The space between the daily cloud and the daily 50 MA is very small which may cause some consolidation as it did over the past week. If we can close the daily candle above the daily 50 MA that will likely cause some confidence to return to the market. Right now people are hesitant to go long due to the resistance above us on multiple time frames. That could change though if we can beat that daily 50 MA which will take some serious effort from the bulls.
The weekly close shows us barely keeping our heads out of the weekly cloud. We are still technically out of the weekly cloud and that is a good thing. But we are very very close to dropping back inside the weekly cloud which would take some confidence out of an already shaky market. If you only looked at the weekly and disregarded the daily and 4hr you may think things were bullish but that is why cycling time frames is important.
There are no noticeable gaps on the CME today so that is something we dont have to worry about. With the halving firmly in our rear view mirror I am keeping an eye on the charts. I dont know what to expect from the halving but looking at previous examples the pump takes a good few months to materialize. There is no guarantee of this happening again but the markets seem hopeful that it will happen. After all this is only the 3rd halving in the entire life of Bitcoin which makes the event rare and we just dont have the data necessary to make accurate predictions. If you want to go long here folks set a stop loss. Thats the best advice I can give you. But then again WTFDIK right?
TLDR: Mondays suck
First thing Im going to point out is the most obvious event and that is the fact that we retook the 4hr 50 MA. That is significant no doubt about it but the celebrations will likely be short lived if we cannot take 9500. Right now the 4hr 200 MA is acting as resistance right at the point where we sit. Not to mention the 4hr cloud (top border) is lingering less than 50$ above the 4hr 200 MA. I also threw a descending line onto the chart that started at the last time we were above 10k. This descending resistance intersects with the 4hr 200 MA and the 4hr cloud right at the place we are sitting right now. My point is taking 9500 back from the bears will not be easy.
Zooming out a bit on the daily we are right at the point where we either beat the daily 50 MA which is acting as resistance currently or we drop to the daily cloud. The space between the daily cloud and the daily 50 MA is very small which may cause some consolidation as it did over the past week. If we can close the daily candle above the daily 50 MA that will likely cause some confidence to return to the market. Right now people are hesitant to go long due to the resistance above us on multiple time frames. That could change though if we can beat that daily 50 MA which will take some serious effort from the bulls.
The weekly close shows us barely keeping our heads out of the weekly cloud. We are still technically out of the weekly cloud and that is a good thing. But we are very very close to dropping back inside the weekly cloud which would take some confidence out of an already shaky market. If you only looked at the weekly and disregarded the daily and 4hr you may think things were bullish but that is why cycling time frames is important.
There are no noticeable gaps on the CME today so that is something we dont have to worry about. With the halving firmly in our rear view mirror I am keeping an eye on the charts. I dont know what to expect from the halving but looking at previous examples the pump takes a good few months to materialize. There is no guarantee of this happening again but the markets seem hopeful that it will happen. After all this is only the 3rd halving in the entire life of Bitcoin which makes the event rare and we just dont have the data necessary to make accurate predictions. If you want to go long here folks set a stop loss. Thats the best advice I can give you. But then again WTFDIK right?
TLDR: Mondays suck
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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.