Good morning ladies and gentlemen and welcome to my daily look into the world of Bitcoin. Today I have the daily pulled up after a decent weekly close. The as soon as the weekly candle closed yesterday we took a little dive and that is to be expected. Especially after being soundly rejected at 11150 over the weekend. I see a few reasons for the pull back that I will discuss this a.m. so buckle up for the ride of your life!
I see that over the weekend we topped out around 11150. This price range served as support when we were above 11150. Now that we are below the support it is now resistance and as a result it is resisting the advances of the bulls. We wicked all the way to 11150 (or the 50 MA on the daily) and the candles were rejected. Ultimately we did not close any candles over the .382 fib (or 11080). To be fair there was a lot of built up resistance at the 11100 level and that doesn't just include the daily 50 MA and the .382 fib. It also includes historic support. 11100 has been a good area to look for support or resistance for a while now.
The dip we are currently enduring took us out of the bottom of the daily cloud. Being below the clouds is considered bearish. So you should keep this little piece of info in mind if you plan to go long right now. While falling out of the daily cloud we actually fell back into the 4hr cloud so that is not a bullish predicament. Its bullish to be above the cloud and bearish to be below. When you are inside of the cloud usually consolidation ensues. So that is where we sit in terms of the daily and the 4hr cloud.
I see a small gap around 7600. Im not saying we fill that gap anytime soon, but I was just browsing the CME chart and that is the closest gap I noticed. Let me know if you know of one I overlooked. It feels like I may have overlooked one. Regardless there was no gap I can see from the weekend. So that is one thing we do not have to worry about. Although it would have been nice to have the dip we are experiencing to occur yesterday and create a gap. Instead the dip really occurred after the close of the weekly candle and as a result there is no gap.
The bears took charge this weekend but Im not sweating it. We are still above 10k and we still have some support below us in the 4hr cloud and a few other key indicators. Right now we need all the support we can get. Confidence may be lacking after waking up to a red candle. We will have to wait and see how the west reacts to the drop. They should be awakening as I type this. Im not expecting. The 1 day 50 MA rejected our advances but it looks to be descending or on the verge of doing so. The lower the daily 50 MA gets the easier it will be for us to conquer it. If you are going to play this mess make sure you set a stop loss. Dont be a hero. Have a great day folks and make good choices!!! WTFDIK???
TLDR: Bears took over after the weekly close. Dropped to 10600 over night. Fell out of the daily cloud (below) into the 4hr cloud. Things look a bit bearish. But WTFDIK
I see that over the weekend we topped out around 11150. This price range served as support when we were above 11150. Now that we are below the support it is now resistance and as a result it is resisting the advances of the bulls. We wicked all the way to 11150 (or the 50 MA on the daily) and the candles were rejected. Ultimately we did not close any candles over the .382 fib (or 11080). To be fair there was a lot of built up resistance at the 11100 level and that doesn't just include the daily 50 MA and the .382 fib. It also includes historic support. 11100 has been a good area to look for support or resistance for a while now.
The dip we are currently enduring took us out of the bottom of the daily cloud. Being below the clouds is considered bearish. So you should keep this little piece of info in mind if you plan to go long right now. While falling out of the daily cloud we actually fell back into the 4hr cloud so that is not a bullish predicament. Its bullish to be above the cloud and bearish to be below. When you are inside of the cloud usually consolidation ensues. So that is where we sit in terms of the daily and the 4hr cloud.
I see a small gap around 7600. Im not saying we fill that gap anytime soon, but I was just browsing the CME chart and that is the closest gap I noticed. Let me know if you know of one I overlooked. It feels like I may have overlooked one. Regardless there was no gap I can see from the weekend. So that is one thing we do not have to worry about. Although it would have been nice to have the dip we are experiencing to occur yesterday and create a gap. Instead the dip really occurred after the close of the weekly candle and as a result there is no gap.
The bears took charge this weekend but Im not sweating it. We are still above 10k and we still have some support below us in the 4hr cloud and a few other key indicators. Right now we need all the support we can get. Confidence may be lacking after waking up to a red candle. We will have to wait and see how the west reacts to the drop. They should be awakening as I type this. Im not expecting. The 1 day 50 MA rejected our advances but it looks to be descending or on the verge of doing so. The lower the daily 50 MA gets the easier it will be for us to conquer it. If you are going to play this mess make sure you set a stop loss. Dont be a hero. Have a great day folks and make good choices!!! WTFDIK???
TLDR: Bears took over after the weekly close. Dropped to 10600 over night. Fell out of the daily cloud (below) into the 4hr cloud. Things look a bit bearish. But WTFDIK
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.
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.