Good morning ladies and gentlemen and welcome to my daily look into the Bitcoin charts. Today I have the 4hr time frame pulled up after sticking around 12900 since the recent pump. Blame it on a divergence or blame it on Paypal fomo we set a new yearly high this week and things are looking solid post halving. I would love to tell you we will make a new ATH before the end of the year but there is so much to consider from the election to this pandemic and how it plays into economics. We very well could see new highs this year. But I wont count my Bitcoin before they are mined. Lets take a look at the chart.
I noticed this morning we are holding onto 12900. We did see a wick take us below the support but ultimately we recovered and retook the briefly lost support. I like when I see wicks like that as it shows a strong counter to the bears. The bears took us down to 12800 but only briefly before the bulls charged back. It shows there is still life in the market at these levels. People may be getting bullish for many reasons. We are months after the halving and we are moving up the charts nicely. Paypal news was huge as well. I guess I would blame fomo along with favorable conditions on the chart for the recent pump.
I see a lot of resistance around 13250. We have tried twice to take the resistance and flip it to support with no luck yet. I am not discouraged by this but I did notice it for sure. So the next hurdle we really have is 13250 in my opinion. I noticed the bollinger bands are tightening up on the 4hr time frame once again. That could indicate volatility is on the horizon. I think the 4hr bollinger bands are less significant than the daily but still it is not something a trader should ignore in my opinion.
The 4hr RSI is overbought at the moment. RSI is just one of many indicators that can help you make decisions about a trade. I would never recommend trading with the RSI alone. It is the weekend and we may just coast along at 12900. It would certainly not surprise me if the weekend was quiet as last week was pretty wild. We need some time to refuel and walk up those stop losses!!! We have plenty of gaps below us currently but that doesnt mean we will fill them immediately. Ive seen gaps on the chart for over a year. It can and does happen. Most gaps fill quickly but its not always the case.
I am really happy with the charts at the moment. We could see a slight retrace depending on the volume we see this weekend. Perhaps fomo is not finished but a flat weekend would not surprise me. Profit taking happens and nothing goes straight up. But I would not bet against BTC at the moment. (Like short it) Bitcoin seems to like to jump 1k in a day. But with that in mind it can also drop 1k in a day. Back in March we dropped like 4k in 24 hours. To be fair all the markets fell out that day thanks to oil production being stifled along with the pandemic closing many businesses. The thing about Bitcoin is it has already recovered and surpassed the previous high. Bitcoin is performing remarkably and I am excited to see what the bulls will pull from their hats next. I hope you all have a great weekend. Make good choices! WTFDIK??
TLDR: We broke 13k this week. Good job bulls. Paypal offers crypto buying and selling now. Fomo along with post halving could spell bullish. Only time will tell
I noticed this morning we are holding onto 12900. We did see a wick take us below the support but ultimately we recovered and retook the briefly lost support. I like when I see wicks like that as it shows a strong counter to the bears. The bears took us down to 12800 but only briefly before the bulls charged back. It shows there is still life in the market at these levels. People may be getting bullish for many reasons. We are months after the halving and we are moving up the charts nicely. Paypal news was huge as well. I guess I would blame fomo along with favorable conditions on the chart for the recent pump.
I see a lot of resistance around 13250. We have tried twice to take the resistance and flip it to support with no luck yet. I am not discouraged by this but I did notice it for sure. So the next hurdle we really have is 13250 in my opinion. I noticed the bollinger bands are tightening up on the 4hr time frame once again. That could indicate volatility is on the horizon. I think the 4hr bollinger bands are less significant than the daily but still it is not something a trader should ignore in my opinion.
The 4hr RSI is overbought at the moment. RSI is just one of many indicators that can help you make decisions about a trade. I would never recommend trading with the RSI alone. It is the weekend and we may just coast along at 12900. It would certainly not surprise me if the weekend was quiet as last week was pretty wild. We need some time to refuel and walk up those stop losses!!! We have plenty of gaps below us currently but that doesnt mean we will fill them immediately. Ive seen gaps on the chart for over a year. It can and does happen. Most gaps fill quickly but its not always the case.
I am really happy with the charts at the moment. We could see a slight retrace depending on the volume we see this weekend. Perhaps fomo is not finished but a flat weekend would not surprise me. Profit taking happens and nothing goes straight up. But I would not bet against BTC at the moment. (Like short it) Bitcoin seems to like to jump 1k in a day. But with that in mind it can also drop 1k in a day. Back in March we dropped like 4k in 24 hours. To be fair all the markets fell out that day thanks to oil production being stifled along with the pandemic closing many businesses. The thing about Bitcoin is it has already recovered and surpassed the previous high. Bitcoin is performing remarkably and I am excited to see what the bulls will pull from their hats next. I hope you all have a great weekend. Make good choices! WTFDIK??
TLDR: We broke 13k this week. Good job bulls. Paypal offers crypto buying and selling now. Fomo along with post halving could spell bullish. Only time will tell
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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.