Good morning everyone and welcome back to my daily analysis of Bitcoin. Today I have the 4hr time frame pulled up and we are really in tight consolidation at the moment. Im expecting a decent move very soon for a few reasons. With many alts dancing out of their slumbers Bitcoin has been plagued with sideways movements. I do see a sort of light at the end of the tunnel though and I will discuss why in this analysis.
First of all the support is the 4hr 50 MA and resistance is the 4hr 200 MA. This setup is acting just like the cloud would in this situation. The cloud confines the movement of the candles within the borders of the cloud when we are within the cloud. The same thing is happening now with the 50 and 200 MA's on the 4hr time frame. Now that we have been between the 2 for long enough the MA's are starting to converge and as a result the candles should exit this tight consolidation quite soon I imagine.
We are either going to climb with the 4hr 50 MA when it crosses the 200 MA or we are going to fall below the 50 MA when it starts to cross that 200 MA... One is bullish and the other is bearish. The 50 MA is pretty much merged with the 4hr cloud still and could provide just the support we need to prevent a drop. But at this point I would not count my chickens before they hatched.
The daily time frame shows extra tight consolidation... We have been steady at 9200 for the last 2000 years it seems like. I do think that things are about to get crazy but your best bet is if you want to long this set a stop loss and be patient. I cannot make any promises as this market is tricky... But I will say that we are still above the 4hr cloud and the 4hr 50 MA and that is considered bullish. But the bearish side of things must be considered too. We are below the 4hr 200 MA and that support/resistance is not easy to conquer typically. If I had to pick between the 50 MA and the 200 MA I would say the 200 MA is the stronger of the 2. Although with the 4hr cloud (top border) merged right now with the 4hr 50 MA that could be the deciding factor here.
We may see some smiles or tears when this is all said and done. I saw a sentiment poll and it was deadlocked. 50% bullish and 50% bearish. When things are like that your best bet is to stick with a plan and stop loss. I have been bearish for a while now and the drop just has not materialized. I am hesitant to reverse my bearish stance but I will say that Ive been wrong before so keep your eyes on the chart. Lets see what holds... The 4hr 200 MA (resistance) or the 4hr 50 MA and the cloud (support) This may end up being an exciting Monday. But only time will tell. WTFDIK
TLDR: If you are getting bored waiting on BTC to move check out a few alts. They have been dancing lately. (WTFDIK)
First of all the support is the 4hr 50 MA and resistance is the 4hr 200 MA. This setup is acting just like the cloud would in this situation. The cloud confines the movement of the candles within the borders of the cloud when we are within the cloud. The same thing is happening now with the 50 and 200 MA's on the 4hr time frame. Now that we have been between the 2 for long enough the MA's are starting to converge and as a result the candles should exit this tight consolidation quite soon I imagine.
We are either going to climb with the 4hr 50 MA when it crosses the 200 MA or we are going to fall below the 50 MA when it starts to cross that 200 MA... One is bullish and the other is bearish. The 50 MA is pretty much merged with the 4hr cloud still and could provide just the support we need to prevent a drop. But at this point I would not count my chickens before they hatched.
The daily time frame shows extra tight consolidation... We have been steady at 9200 for the last 2000 years it seems like. I do think that things are about to get crazy but your best bet is if you want to long this set a stop loss and be patient. I cannot make any promises as this market is tricky... But I will say that we are still above the 4hr cloud and the 4hr 50 MA and that is considered bullish. But the bearish side of things must be considered too. We are below the 4hr 200 MA and that support/resistance is not easy to conquer typically. If I had to pick between the 50 MA and the 200 MA I would say the 200 MA is the stronger of the 2. Although with the 4hr cloud (top border) merged right now with the 4hr 50 MA that could be the deciding factor here.
We may see some smiles or tears when this is all said and done. I saw a sentiment poll and it was deadlocked. 50% bullish and 50% bearish. When things are like that your best bet is to stick with a plan and stop loss. I have been bearish for a while now and the drop just has not materialized. I am hesitant to reverse my bearish stance but I will say that Ive been wrong before so keep your eyes on the chart. Lets see what holds... The 4hr 200 MA (resistance) or the 4hr 50 MA and the cloud (support) This may end up being an exciting Monday. But only time will tell. WTFDIK
TLDR: If you are getting bored waiting on BTC to move check out a few alts. They have been dancing lately. (WTFDIK)
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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.