Bitcoin 4hr analysis 11-10-2020
Good morning ladies and gentlemen and welcome back to my daily analysis of Bitcoin! Today I have the 4hr time frame pulled up once again and I can see things got a little wild yesterday, but not the drop many were expecting on the Monday after election. I know I know... Im just as sick of the election as you are. It will all be over soon folks! In the mean time we have 2 more months to break 20k. I think we really can wrap 2020 up with a new ATH. But only time will tell for sure. Lets take a look at the charts.
I see we are moving sideways in consolidation. In fact the last 4 4hr candles are more or less dojis that wrapped up their lives around 15250 (where we sit currently) This is classic consolidation. What happens during consolidation? Lots of things. First thing we can see if we turn on the bollinger bands is that consolidation causes the bollinger bands to tighten around the candles... When this happens it is a give in that volatility is on the horizon. The break out will be harder to figure out as the bollinger bands really only tell you a move is coming. Not which way the move will be.
With that being said we also have plenty of support below us which leads me to believe the path of least resistance would be up at this point. The 4hr 50 MA along with the top border of the 4hr cloud is combined which should add confidence to the market. Traders are more confident when they see stuff like this. Does that mean we are heading to 20k tonight? Not so fast speedy. We still have to beat 16k. We breached the resistance if only for a brief moment which shows me there is some resistance at this level. If we can beat the resistance it should become a nice launch pad for our attempt to break 20k.
As I sip my coffee I think of how much Bitcoin has changed since I got into the mix 3 years ago. When I got into Bitcoin back in 2017 it was around 8800 or so. A lot has happened since then. I endured the biggest bear market I know of in BTC history (2018 - 2019) and have since watched it recover nicely. I want to blame post halving for the pump... But I cannot guarantee that is the only factor. We also have the fact we broke the 2.5 year descending resistance and when we did finally break above the resistance we pumped a lot. From just below 10k to 16k in a matter of a few months. If this doesnt impress you perhaps the slots in Vegas are more up your alley. I hope you all have an amazing day, and please make good choices. Dont scroll down Facebook and see a Mark Whalberg post promising to give away 10k to everyone. Thats a scam. Its all a scam. Nobody is giving you free money. When is the last time you were walking down the street and someone said to you, "Hey I got this 100 dollar bill, would you like to have it for absolutely nothing?" Think about it. How logical is that? Its never happened to me in real life. It likely wont happen online either. Stop falling for scams. Post something in a crypto group on social media BEFORE you commit to one of these scams (trading company, lady that claims she can 5x your BTC overnight) Ya those people. I am sorry to rant but the higher BTC goes the more scammer rise from their graves ready to take your hard earned BTC. Its not hard to spot a scam once you do a little research. Or try being mod of a crypto group on Facebook. You will see a scam every day. Please stop falling for it! Question everything. But like I always tell you guys and gals... WTFDIK Right?
TLDR: Stop falling for the scams. In fact if you run into a scammer post it on social media. I made a small group designed to spread the word about scammers. If any of you is interested in helping me expose these scam artists send me a message. I have messed with the scammers in the past but now I want to really take it to them since BTC is attracting them back from their other scams. Screenshot the conversation. Post it. Lets expose em all. Peace
I see we are moving sideways in consolidation. In fact the last 4 4hr candles are more or less dojis that wrapped up their lives around 15250 (where we sit currently) This is classic consolidation. What happens during consolidation? Lots of things. First thing we can see if we turn on the bollinger bands is that consolidation causes the bollinger bands to tighten around the candles... When this happens it is a give in that volatility is on the horizon. The break out will be harder to figure out as the bollinger bands really only tell you a move is coming. Not which way the move will be.
With that being said we also have plenty of support below us which leads me to believe the path of least resistance would be up at this point. The 4hr 50 MA along with the top border of the 4hr cloud is combined which should add confidence to the market. Traders are more confident when they see stuff like this. Does that mean we are heading to 20k tonight? Not so fast speedy. We still have to beat 16k. We breached the resistance if only for a brief moment which shows me there is some resistance at this level. If we can beat the resistance it should become a nice launch pad for our attempt to break 20k.
As I sip my coffee I think of how much Bitcoin has changed since I got into the mix 3 years ago. When I got into Bitcoin back in 2017 it was around 8800 or so. A lot has happened since then. I endured the biggest bear market I know of in BTC history (2018 - 2019) and have since watched it recover nicely. I want to blame post halving for the pump... But I cannot guarantee that is the only factor. We also have the fact we broke the 2.5 year descending resistance and when we did finally break above the resistance we pumped a lot. From just below 10k to 16k in a matter of a few months. If this doesnt impress you perhaps the slots in Vegas are more up your alley. I hope you all have an amazing day, and please make good choices. Dont scroll down Facebook and see a Mark Whalberg post promising to give away 10k to everyone. Thats a scam. Its all a scam. Nobody is giving you free money. When is the last time you were walking down the street and someone said to you, "Hey I got this 100 dollar bill, would you like to have it for absolutely nothing?" Think about it. How logical is that? Its never happened to me in real life. It likely wont happen online either. Stop falling for scams. Post something in a crypto group on social media BEFORE you commit to one of these scams (trading company, lady that claims she can 5x your BTC overnight) Ya those people. I am sorry to rant but the higher BTC goes the more scammer rise from their graves ready to take your hard earned BTC. Its not hard to spot a scam once you do a little research. Or try being mod of a crypto group on Facebook. You will see a scam every day. Please stop falling for it! Question everything. But like I always tell you guys and gals... WTFDIK Right?
TLDR: Stop falling for the scams. In fact if you run into a scammer post it on social media. I made a small group designed to spread the word about scammers. If any of you is interested in helping me expose these scam artists send me a message. I have messed with the scammers in the past but now I want to really take it to them since BTC is attracting them back from their other scams. Screenshot the conversation. Post it. Lets expose em all. Peace
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