Good morning ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I have the 4hr pulled up again. As usual lately huh. LOL. I know that I have been relying on the 4hr a lot to get me through my daily analysis lately and there is a reason for that. My setup of the 50 MA and the 200 MA along with the cloud is favoring the 4hr time frame as the set up I use hasnt had enough time to catch up with the candles. So the candles on the daily are sort of still in no man's land. That happens a lot with BTC pumps. I guess that isnt the worst problem to have. But that is just a quick reason why I am sticking with the 4hr so much lately. I just feel like I have more to offer when I use the 4hr. At least for now. When the candles on the daily start catching up to my set up I will start using the daily once again. But in the meantime let's take a look at the 4hr chart I have in front of me.
We made it past that thin area of the cloud. It's not really a rule but I have seen many instances where the candles use an opportunity like that to take a dip. The cloud doesn't seem to have as much support if it's thin like it was the last few hours. Anyways that doesn't mean we are quite out of the woods but we are close to 12k.
12k has proven to be formidable resistance. We can and may break it very soon but if we do keep getting rejected from this level chances are the bears will take the opportunity to ruin a few bulls days. So the real question right now is what is next as far as resistance and support???
Well directly above us the 12k level is acting as resistance and if we can cleanly beat the yearly high of 12150 (approximately) the uptrend will continue. The general direction at this time is up and even if we did dip we have so much support below us it won't be an easy drop for the bears. The 4hr 50 MA has proven time and time again since August 1st that it is strong support. But we have been testing it over and over and the more often you test it the more likely one of those tests will result in a break. Now the bulls can turn this around and if they do all bets are off. But below us we have support around 11k and 10500. Not to mention the cloud which has provided recent support along with the 200 MA.
Being above all of my indicators I use is an indication of a bullish market. Especially since we broke the 2.5 year resistance and did so with force. You can blame it on USDT printing tons of Tether or you can blame it on whales manipulating the price but one thing is clear. We broke that resistance finally and when we did things got interesting. With the halving pump playing a factor things still have a lot of potential as far as higher highs go this year. People seem to be expecting a drop and that doesnt necessarily mean its coming but just set a stop loss. No harm no foul. Lets see how the west responds to the current market conditions as they wake up this a.m. Make sure you trade with logic and make good choices! But then again WTFDIK right?
TLDR: We are in limbo here stuck below 12k. It will take some good pushing from the bulls to break this 12k level but its certainly possible. We filled that gap at 11800 and seemingly ran out of gas. But the bulls may have an ace up their sleeve. Only time will tell for sure.
We made it past that thin area of the cloud. It's not really a rule but I have seen many instances where the candles use an opportunity like that to take a dip. The cloud doesn't seem to have as much support if it's thin like it was the last few hours. Anyways that doesn't mean we are quite out of the woods but we are close to 12k.
12k has proven to be formidable resistance. We can and may break it very soon but if we do keep getting rejected from this level chances are the bears will take the opportunity to ruin a few bulls days. So the real question right now is what is next as far as resistance and support???
Well directly above us the 12k level is acting as resistance and if we can cleanly beat the yearly high of 12150 (approximately) the uptrend will continue. The general direction at this time is up and even if we did dip we have so much support below us it won't be an easy drop for the bears. The 4hr 50 MA has proven time and time again since August 1st that it is strong support. But we have been testing it over and over and the more often you test it the more likely one of those tests will result in a break. Now the bulls can turn this around and if they do all bets are off. But below us we have support around 11k and 10500. Not to mention the cloud which has provided recent support along with the 200 MA.
Being above all of my indicators I use is an indication of a bullish market. Especially since we broke the 2.5 year resistance and did so with force. You can blame it on USDT printing tons of Tether or you can blame it on whales manipulating the price but one thing is clear. We broke that resistance finally and when we did things got interesting. With the halving pump playing a factor things still have a lot of potential as far as higher highs go this year. People seem to be expecting a drop and that doesnt necessarily mean its coming but just set a stop loss. No harm no foul. Lets see how the west responds to the current market conditions as they wake up this a.m. Make sure you trade with logic and make good choices! But then again WTFDIK right?
TLDR: We are in limbo here stuck below 12k. It will take some good pushing from the bulls to break this 12k level but its certainly possible. We filled that gap at 11800 and seemingly ran out of gas. But the bulls may have an ace up their sleeve. Only time will tell for sure.
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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.