Good morning ladies and gentlemen and welcome to the bull parade. We came within 400 dollars of closing an age old gap at 11800 and things are looking pretty good for Bitcoin at the moment. Once you see a big pump like we experienced over the last 36 hours traders tend to take profit and we did have a retrace from 11400 down to 10500 before settling at 10850 where we sit currently. That kind of volatility should not be hated by a trader. Volatility is how we make our profits after all and Bitcoin is about as volatile as Im willing to get with my investments. Im not saying I would not trade alts but I dont typically hold onto alts as I do BTC. We recently saw many alts rising from the ashes but a lot of those profits were poured into BTC when the traders noticed we broke that infamous 2.5 year resistance that is now support. These are exciting times and even with the fresh gap below us at 9600 - 9900 I am still optimistic. I will tell you why...
First thing I want to discuss is our peak at 11400. The year of 2020 has been ultimately a thorn in all of our sides. But at least we have a new yearly ATH. After hitting 11400 we sank pretty quickly to 10500 where we saw a bounce. This is significant and should be noted. It shows there is support at the level of 10500. Apparently bots and traders alike set some buys there and its pretty easy to tell why they would do that if you just zoom out a bit. 10500 was this years previous ATH and I have been watching for the candles to finally eclipse this previous ATH which they did yesterday... Nice work bulls!
We see the deep wick after we dipped down to 10500 which shows the buying pressure at this level. There are no guarantees we hold this level forever. But its nice to see we still have 5 figure buyers propping up this level. With the halving firmly behind us and the 2.5 year resistance all but forgotten we have a lot to be bullish about. Its been a while since I have seen the crypto community geeking out over a pump but this recent pump to 5 figure BTC got the community excited again. I started getting 100's of messages begging me to help them figure out how to buy and trade BTC. LOL. Look I wish I could help you all but I have a 9-5 job and Im an old man. I try my best to help everyone but its impossible to keep up with all the messages I get so dont take it personal folks. My best advice is to check out my medium if your a noob and I have written a few articles about how to trade BTC and for true noobs I have writings that explain how Bitcoin works for dummies. Im not an expert like some of my friends but I get the gist of it and the articles I wrote are free so check em out if you want to... here is a link to my profile. Check out the Beginners guide to Bitcoin and How to buy Bitcoin etc... These articles can answer the most typical noob questions and there are other articles you can read if you want to continue your journey into the interesting history of Bitcoin.
Medium link to my profile: medium.com/@timpace30
I threw a fan onto the chart and it works like a charm. It doesnt help me too much at the moment but I can see where some possible support could be if we do lost 11k where we are currently. The price is absolutely bumping right now. When I started the analysis we were at 10850 and now we are nearly at 11k. I also drew a new fib and I will leave it as it until we establish a new ATH for the year then I will reassess the situation. With support at 10500 we can say with certainty that we are in bullish territory. I think breaking this 2.5 year resistance could be the catalyst for the push to 20k+ but that is pure speculation at this time. But the breaking of the 2.5 year resistance along with the halving pump we could enter uncharted territory folks. I know that is exactly what you all want to hear! But that does not mean you should trade without a stop loss. Nope. The best thing to do is keep an eye on your trade and walk that stop loss up as you go. You wont catch the top but you will do better than most with this method.
We bounced off 10500 so that is support currently. Within 4 hours we went from 10500 to 11k. This is typical with BTC and that is why I trade BTC. When the pumps start you can really cash in. Remember a week or so ago I mentioned the tightening of the daily bollinger bands and told you we should see a big move as a result? Well that also played a factor in this pump. It was like a perfect storm. All the parts fell into place and it allowed the candles to finally break through the 2.5 year resistance. We still have gaps surrounding us. There is one at 11800 and one at 9600 - 9900. There are others as well but these 2 are the closest and one could see us create and ATH and the other could deflate this pump pretty quickly. If we can maintain these levels for a few more days without filling the gap at 9600 then even if we did drop to fill the gap the 2.5 year descending resistance (now support) should provide some support while still allowing us to fill that pesky gap. Nothing is certain and Ive seen gaps stay on the chart for over a year. I think its better to know all the possibilities and you can prepare for the worst and hope for the best. Right now 11400 is the next hurdle ahead of us. We need to break this and fill in the gap around 11800 and that could cause a bit more fomo.
The market could be a bit exhausted at the moment so we could very well consolidate for a bit before moving again. With my trading setup well below us on most time frames the cloud and the MA's I typically use are not a factor at this time. Consolidating could give my setup time to catch up to the candles. This will make analyzing the chart easier for me. Just know that being above my setup is bullish. I have not been this bullish since we dipped to 3800 this year. Im happy everyone is enjoying the pump but be careful folks. Like they say... When you are happy and you know it sell... Im not telling you what to do but prepare yourself for anything and you will be ready for everything. I hope you all have a good day. Make good choices and keep up with your trades. I wish you all luck and lets break 12k today! WTFDIK???
TLDR: Bullish Bullish Bullish. But dont trade without a stop loss unless you like losing $.
First thing I want to discuss is our peak at 11400. The year of 2020 has been ultimately a thorn in all of our sides. But at least we have a new yearly ATH. After hitting 11400 we sank pretty quickly to 10500 where we saw a bounce. This is significant and should be noted. It shows there is support at the level of 10500. Apparently bots and traders alike set some buys there and its pretty easy to tell why they would do that if you just zoom out a bit. 10500 was this years previous ATH and I have been watching for the candles to finally eclipse this previous ATH which they did yesterday... Nice work bulls!
We see the deep wick after we dipped down to 10500 which shows the buying pressure at this level. There are no guarantees we hold this level forever. But its nice to see we still have 5 figure buyers propping up this level. With the halving firmly behind us and the 2.5 year resistance all but forgotten we have a lot to be bullish about. Its been a while since I have seen the crypto community geeking out over a pump but this recent pump to 5 figure BTC got the community excited again. I started getting 100's of messages begging me to help them figure out how to buy and trade BTC. LOL. Look I wish I could help you all but I have a 9-5 job and Im an old man. I try my best to help everyone but its impossible to keep up with all the messages I get so dont take it personal folks. My best advice is to check out my medium if your a noob and I have written a few articles about how to trade BTC and for true noobs I have writings that explain how Bitcoin works for dummies. Im not an expert like some of my friends but I get the gist of it and the articles I wrote are free so check em out if you want to... here is a link to my profile. Check out the Beginners guide to Bitcoin and How to buy Bitcoin etc... These articles can answer the most typical noob questions and there are other articles you can read if you want to continue your journey into the interesting history of Bitcoin.
Medium link to my profile: medium.com/@timpace30
I threw a fan onto the chart and it works like a charm. It doesnt help me too much at the moment but I can see where some possible support could be if we do lost 11k where we are currently. The price is absolutely bumping right now. When I started the analysis we were at 10850 and now we are nearly at 11k. I also drew a new fib and I will leave it as it until we establish a new ATH for the year then I will reassess the situation. With support at 10500 we can say with certainty that we are in bullish territory. I think breaking this 2.5 year resistance could be the catalyst for the push to 20k+ but that is pure speculation at this time. But the breaking of the 2.5 year resistance along with the halving pump we could enter uncharted territory folks. I know that is exactly what you all want to hear! But that does not mean you should trade without a stop loss. Nope. The best thing to do is keep an eye on your trade and walk that stop loss up as you go. You wont catch the top but you will do better than most with this method.
We bounced off 10500 so that is support currently. Within 4 hours we went from 10500 to 11k. This is typical with BTC and that is why I trade BTC. When the pumps start you can really cash in. Remember a week or so ago I mentioned the tightening of the daily bollinger bands and told you we should see a big move as a result? Well that also played a factor in this pump. It was like a perfect storm. All the parts fell into place and it allowed the candles to finally break through the 2.5 year resistance. We still have gaps surrounding us. There is one at 11800 and one at 9600 - 9900. There are others as well but these 2 are the closest and one could see us create and ATH and the other could deflate this pump pretty quickly. If we can maintain these levels for a few more days without filling the gap at 9600 then even if we did drop to fill the gap the 2.5 year descending resistance (now support) should provide some support while still allowing us to fill that pesky gap. Nothing is certain and Ive seen gaps stay on the chart for over a year. I think its better to know all the possibilities and you can prepare for the worst and hope for the best. Right now 11400 is the next hurdle ahead of us. We need to break this and fill in the gap around 11800 and that could cause a bit more fomo.
The market could be a bit exhausted at the moment so we could very well consolidate for a bit before moving again. With my trading setup well below us on most time frames the cloud and the MA's I typically use are not a factor at this time. Consolidating could give my setup time to catch up to the candles. This will make analyzing the chart easier for me. Just know that being above my setup is bullish. I have not been this bullish since we dipped to 3800 this year. Im happy everyone is enjoying the pump but be careful folks. Like they say... When you are happy and you know it sell... Im not telling you what to do but prepare yourself for anything and you will be ready for everything. I hope you all have a good day. Make good choices and keep up with your trades. I wish you all luck and lets break 12k today! WTFDIK???
TLDR: Bullish Bullish Bullish. But dont trade without a stop loss unless you like losing $.
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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.