Good morning everyone and welcome back to my daily analysis of Bitcoin. Today I have the 4hr pulled up after some over night gains coupled with a retreat from 12k. We didnt spend much time at this level before ultimately dropping back to the 11700 level where we sit currently. I still see plenty to be bullish about but 12k seems to be a formidable resistance for the time being. Lets take a look at the chart.
First thing I want to bring up is the 4hr 50 MA. We found support upon the 4hr 50 MA last night after the drop from 12k. That 4hr 50 MA has been providing support since the 1st of August. I like when an indicator is dependable like the 4hr 50 MA has been. But nothing last forever Im afraid. Lucky for the bulls there is still a lot of support below the 4hr 50 MA. We did wick below the 50 MA on the 4hr and that saw us dip to around 11450. But the top border of the cloud is as far as that wick got. That is an indication that if the 4hr cloud could very well provide support should the 50 MA fail.
The weekly close had the charts bumping last night. We saw 12k followed very quickly by 11450 and a recovery to where we sit now at 11700. All before I even had a sip of coffee this morning. The cloud below us if quite thin. I see the bears use opportunities like this to break through the thin spots on the cloud. We still would have to get below the 4hr 50 MA but after testing is multiple times since August 1st I have to imagine its getting weaker by the minute. The next 8 - 12 hours we will have the threat of the thinned out cloud. After that the cloud builds up a bit and would provide multiple landing places if we did drop.
We are not necessarily seeing the higher highs we all want to see. But we have been seeing consistently higher lows. That is something the bulls can be happy about. We really need to crash through 12k and establish it as support. That would likely keep this uptrend alive and well. If we cannot quench the thirst of the bulls we still have the support of the 50 MA the cloud and the 200 MA on multiple time frames. As the western hemisphere awakens we will see the direction they want to take this market. My best advice is to set a stop loss. No need to be a hero or lose those hard earned profit. Lets see if the bulls can launch us back off the 4hr 50 MA. Have a great day and make good choices! WTFDIK???
TLDR: Im still bullish. 12k is proving to be tough resistance. We still have a lot of support (50 MA, 200 MA, the cloud) on the major time frames. Set a stop loss folks..
First thing I want to bring up is the 4hr 50 MA. We found support upon the 4hr 50 MA last night after the drop from 12k. That 4hr 50 MA has been providing support since the 1st of August. I like when an indicator is dependable like the 4hr 50 MA has been. But nothing last forever Im afraid. Lucky for the bulls there is still a lot of support below the 4hr 50 MA. We did wick below the 50 MA on the 4hr and that saw us dip to around 11450. But the top border of the cloud is as far as that wick got. That is an indication that if the 4hr cloud could very well provide support should the 50 MA fail.
The weekly close had the charts bumping last night. We saw 12k followed very quickly by 11450 and a recovery to where we sit now at 11700. All before I even had a sip of coffee this morning. The cloud below us if quite thin. I see the bears use opportunities like this to break through the thin spots on the cloud. We still would have to get below the 4hr 50 MA but after testing is multiple times since August 1st I have to imagine its getting weaker by the minute. The next 8 - 12 hours we will have the threat of the thinned out cloud. After that the cloud builds up a bit and would provide multiple landing places if we did drop.
We are not necessarily seeing the higher highs we all want to see. But we have been seeing consistently higher lows. That is something the bulls can be happy about. We really need to crash through 12k and establish it as support. That would likely keep this uptrend alive and well. If we cannot quench the thirst of the bulls we still have the support of the 50 MA the cloud and the 200 MA on multiple time frames. As the western hemisphere awakens we will see the direction they want to take this market. My best advice is to set a stop loss. No need to be a hero or lose those hard earned profit. Lets see if the bulls can launch us back off the 4hr 50 MA. Have a great day and make good choices! WTFDIK???
TLDR: Im still bullish. 12k is proving to be tough resistance. We still have a lot of support (50 MA, 200 MA, the cloud) on the major time frames. Set a stop loss folks..
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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.