Good morning again everyone and welcome to my daily analysis of Bitcoin. Today I have the daily chart pulled up and I can see we had a nice little pump yesterday afternoon. It took us to almost 9900 before we retreated a bit to where we sit currently at 9660. We are still in this consolidation pattern between 8800 and 10200 (barring a few wicks outside of this range) since early May and we remain there... The weekend is coming too which could see more consolidation. The weekends are typically less eventful from my experience anyways. I have seen some good pump weekends but more often than not it is pretty flat.
The daily shows us that the golden cross is still going strong. No indication of a reversal just yet anyways. The golden cross is considered a bullish event but I would have to say that they dont always perform the same. The one from last year (around early April 2019) saw us rise from mid 5k to 14k in a matter of weeks. This golden cross doesnt seem to be performing the same as the one from last year but I will keep an eye on the action until the cross gets snubbed out or we pump.
If you cycle to the weekly you can see we are currently above the weekly cloud. We keep escaping the cloud only to be sucked back into it. I am eager to see the weekly candle close above the weekly cloud as being above the cloud is bullish in nature. We have either been inside of the cloud or beneath it since December 2019 so closing a candle above the weekly cloud would be a decent accomplishment which could instill confidence in the market.
The 4hr 50 MA provided us with support while I was writing this analysis so that is a good sign. I have been saying it for a while now... We have a lot of support below us which is a good thing if you are a bull. It also gives traders more confidence in the market. On multiple time frames we are above the 50 MA and the 200 MA along with the cloud. All of these are bullish signals.
I really want to see the weekly close above 9500. This will indicate a clear escape from that weekly cloud. The next hurdle to me would be 10500. We topped out at 10500 a few weeks ago and now it looks to be the hurdle we will need to clear to keep the rally going. I see sentiment is still mixed but in times of consolidation its not uncommon to see mixed sentiment. People are a bit unsure of the next move they should make. If you want to stay in and long this make sure you set a smart stop loss. We do have a lot of support below us which is promising. Lets close this week of strong! WTFDIK???
TLDR: Happy Friday
The daily shows us that the golden cross is still going strong. No indication of a reversal just yet anyways. The golden cross is considered a bullish event but I would have to say that they dont always perform the same. The one from last year (around early April 2019) saw us rise from mid 5k to 14k in a matter of weeks. This golden cross doesnt seem to be performing the same as the one from last year but I will keep an eye on the action until the cross gets snubbed out or we pump.
If you cycle to the weekly you can see we are currently above the weekly cloud. We keep escaping the cloud only to be sucked back into it. I am eager to see the weekly candle close above the weekly cloud as being above the cloud is bullish in nature. We have either been inside of the cloud or beneath it since December 2019 so closing a candle above the weekly cloud would be a decent accomplishment which could instill confidence in the market.
The 4hr 50 MA provided us with support while I was writing this analysis so that is a good sign. I have been saying it for a while now... We have a lot of support below us which is a good thing if you are a bull. It also gives traders more confidence in the market. On multiple time frames we are above the 50 MA and the 200 MA along with the cloud. All of these are bullish signals.
I really want to see the weekly close above 9500. This will indicate a clear escape from that weekly cloud. The next hurdle to me would be 10500. We topped out at 10500 a few weeks ago and now it looks to be the hurdle we will need to clear to keep the rally going. I see sentiment is still mixed but in times of consolidation its not uncommon to see mixed sentiment. People are a bit unsure of the next move they should make. If you want to stay in and long this make sure you set a smart stop loss. We do have a lot of support below us which is promising. Lets close this week of strong! WTFDIK???
TLDR: Happy Friday
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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.