Bitcoin 4hr analysis 10/28/2020
Good morning again ladies and gentlemen and welcome back to 18k. But will it be fleeting? I see a few things to be excited about and other things that should concern the bulls. We retook some lost support over the day yesterday and things are definitely looking better than yesterday in my opinion. But the bears are still watching. Plotting. Lets take a look at the charts and see whats going on.
I opened up the weekly just before I started writing this. I noticed we have a decent doji that will paint within the next 9 hours or so. Unless we see a decent break out in either direction we will likely see that bearish doji paint this evening and if that does occur I think we may find ourselves retesting 15k - 16600 approximately. Of course this is just to warn my followers. We really need to see how the candle closes before we panic. I have seen some serious movement within the last bit of any candles life. From 1hr candles to weekly candles. Basically Im telling you dont count your chickens before they hatch.
On the 4hr things look a bit sunnier. But we are not quite out of the clouds yet. We retook some lost support from the dip a few days ago. (bottom border of the 4hr cloud) but we are now at the 4hr 50 MA. That particular indicator worked as support on the way up the chart like a charm over the past 2 months. Now that we lost the support of the reliable 4hr 50 MA it is now resistance and only time will tell if it will be as reliable of resistance as it was support over the past few months. If we can beat the 4hr 50 MA the path of least resistance should be up. Until we break above the 4hr 50 MA I am slightly pessimistic... Not gonna lie.
I am over all bullish. We had an incredible run to the upper 19k region before losing a bit of ground. I think a lot of us are spoiled as we get used to things going up. When they go down it takes a lot of wind from the market. No big deal. Markets are cyclical and the bears will rule eventually. Bulls rule the charts other times. It creates liquidity along with opportunity. If there were no bears you would be paying a lot for your BTC. So when the bears drop the market take advantage. Believe me the greats all buy when there is blood in the streets. Stay tuned folks! Things may get bumpy... Make good choices! (Set a stop loss) WTFDIK??
TLDR: Looks like a bearish doji forming on the weekly. 9 hours til the weekly paints. 4hr is slightly more optimistic. But the 4hr 50 MA is the line in the sand. We need to beat that indicator.
I opened up the weekly just before I started writing this. I noticed we have a decent doji that will paint within the next 9 hours or so. Unless we see a decent break out in either direction we will likely see that bearish doji paint this evening and if that does occur I think we may find ourselves retesting 15k - 16600 approximately. Of course this is just to warn my followers. We really need to see how the candle closes before we panic. I have seen some serious movement within the last bit of any candles life. From 1hr candles to weekly candles. Basically Im telling you dont count your chickens before they hatch.
On the 4hr things look a bit sunnier. But we are not quite out of the clouds yet. We retook some lost support from the dip a few days ago. (bottom border of the 4hr cloud) but we are now at the 4hr 50 MA. That particular indicator worked as support on the way up the chart like a charm over the past 2 months. Now that we lost the support of the reliable 4hr 50 MA it is now resistance and only time will tell if it will be as reliable of resistance as it was support over the past few months. If we can beat the 4hr 50 MA the path of least resistance should be up. Until we break above the 4hr 50 MA I am slightly pessimistic... Not gonna lie.
I am over all bullish. We had an incredible run to the upper 19k region before losing a bit of ground. I think a lot of us are spoiled as we get used to things going up. When they go down it takes a lot of wind from the market. No big deal. Markets are cyclical and the bears will rule eventually. Bulls rule the charts other times. It creates liquidity along with opportunity. If there were no bears you would be paying a lot for your BTC. So when the bears drop the market take advantage. Believe me the greats all buy when there is blood in the streets. Stay tuned folks! Things may get bumpy... Make good choices! (Set a stop loss) WTFDIK??
TLDR: Looks like a bearish doji forming on the weekly. 9 hours til the weekly paints. 4hr is slightly more optimistic. But the 4hr 50 MA is the line in the sand. We need to beat that indicator.
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