Hello again everyone and welcome back to my daily look into the wonder that is Bitcoin... I have the 4hr pulled up once again after another night of solid gains. Those bulls are relentless. 9400 proved to be weak and the resistance finally gave in over night. With 9400 firmly at our backs is it all blue skies and rainbows from here? I see a few things that excite me so pull up a chair... Lets talk about what is happening on the charts.
The first thing I wanted to bring up is the fact that the pump to 9400 seemingly lost steam during the day yesterday. I even heard other traders claiming it was almost certainly a "Bart Simpson" pattern where we have a sharp rise followed by a sharp fall. Well that fall never materialized and things are looking good at this point. When I saw the rejection at 9400 yesterday morning I thought to myself that this would be a really good spot for a continuation pattern to play out. I drew arrows showing you how the continuation pattern played out. A lot of times you can notice patterns like this if you pay attention and profit from them too. We could even be forming another one as I type... But only time will tell if that is to be the case.
I also want to talk about the Ichimoku cloud... Preferably the daily example. We have escaped the clutches of the daily cloud at this time. If we can close the day above the top border of that daily cloud things will be that much more bullish. Being above the cloud is considered bullish on any time frame. But since more people focus on the daily time frame the moves that accompany it should be more significant.
There is still room to move up before we crash into that notorious descending resistance I have been speaking about for ages. This resistance has been alive since the ATH of 20k back in 2017. Right now it would provide resistance right around 9800 -10k and if we get that high it will be the make or break moment. We will break that resistance at one point. We always do. I cant guarantee we do it today or tomorrow but I can say I would prepare myself for the worst and hope for the best. If you simply followed that one single rule you would do pretty well. Ive said it before and Ill say it again... If we break the descending resistance on the chart fomo should ensue and we may see a run like that of November/December 2017. That was when I first got into Bitcoin and that was a fun ride. I got hooked when I saw Bitcoin go from 8k to 20k in a few weeks.
Now we could also fall back to support which should be around 9400 if memory serves me right. The west is waking up as I type and Im sure they will appreciate the overnight jump. Now it was only another 200$ max pump so its nothing major. But we are not at 9200 anymore and I consider that a win. We were stuck at 9200 for what seemed like an eternity. But now we are seemingly on our way back to major resistance. The descending resistance between 9800 and 10k. Come on bulls!!! Heisenberg needs a new Erlenmeyer flask!!! But then again WTFDIK???
TLDR: Say my name...
The first thing I wanted to bring up is the fact that the pump to 9400 seemingly lost steam during the day yesterday. I even heard other traders claiming it was almost certainly a "Bart Simpson" pattern where we have a sharp rise followed by a sharp fall. Well that fall never materialized and things are looking good at this point. When I saw the rejection at 9400 yesterday morning I thought to myself that this would be a really good spot for a continuation pattern to play out. I drew arrows showing you how the continuation pattern played out. A lot of times you can notice patterns like this if you pay attention and profit from them too. We could even be forming another one as I type... But only time will tell if that is to be the case.
I also want to talk about the Ichimoku cloud... Preferably the daily example. We have escaped the clutches of the daily cloud at this time. If we can close the day above the top border of that daily cloud things will be that much more bullish. Being above the cloud is considered bullish on any time frame. But since more people focus on the daily time frame the moves that accompany it should be more significant.
There is still room to move up before we crash into that notorious descending resistance I have been speaking about for ages. This resistance has been alive since the ATH of 20k back in 2017. Right now it would provide resistance right around 9800 -10k and if we get that high it will be the make or break moment. We will break that resistance at one point. We always do. I cant guarantee we do it today or tomorrow but I can say I would prepare myself for the worst and hope for the best. If you simply followed that one single rule you would do pretty well. Ive said it before and Ill say it again... If we break the descending resistance on the chart fomo should ensue and we may see a run like that of November/December 2017. That was when I first got into Bitcoin and that was a fun ride. I got hooked when I saw Bitcoin go from 8k to 20k in a few weeks.
Now we could also fall back to support which should be around 9400 if memory serves me right. The west is waking up as I type and Im sure they will appreciate the overnight jump. Now it was only another 200$ max pump so its nothing major. But we are not at 9200 anymore and I consider that a win. We were stuck at 9200 for what seemed like an eternity. But now we are seemingly on our way back to major resistance. The descending resistance between 9800 and 10k. Come on bulls!!! Heisenberg needs a new Erlenmeyer flask!!! But then again WTFDIK???
TLDR: Say my name...
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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.