Good morning again ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I have the 4hr pulled up after an exciting weekend brought to you via the bulls. We broke 14k if only for a fleeting moment and we fell back below the line in the sand. No sweat though right? There is a lot going on this week and I will go over my thoughts through this analysis. Lets take a look at the charts.
First of all we dropped back to the support of the 4hr 50 MA coupled with the top border of the 4hr cloud stopped the retrace in its tracks. 13400 is where we currently sit and we need to maintain these levels or we may see 13k go bye bye. It would be a shame to drop into the 12k region. But this market is cyclical and as a result what goes up typically comes down eventually. As much as I would enjoy a first class trip to the moon we must be realistic and understand how markets function. Bitcoin pumps. Price rises. Traders take profit. Price drops. Traders start buying again after the drop. Rinse and repeat and we have the bull market we want to see.
So the combined efforts of the 4hr 50 MA and the top border of the 4hr cloud is all that stands between us and losing 13k. We are currently testing the top border of the 4hr cloud hard at the moment and it would not surprise me to see us lose the support today. Of course only time will tell for sure. We are dipping into the 4hr cloud as I type so even by the end of this analysis we may know more than we did at the beginning (when we were above the support of the 4hr 50 MA and the top border of the 4hr cloud)
13150 could provide some support. We are currently losing ground and in these situations I typically look below to the closest support and work from there. The .236 fib sits around 13150 and that may be where we find some support. I would much rather see us wick out of the 4hr cloud back to above support. It would not surprise me to see that but I would not count on it. I say if we close the current 4hr candle below 13400 we will likely see a drop to support.
I know this analysis seems bearish but its just short term ideas. We could easily recover from this little drop and eclipse 14k as we did this weekend. My best advice would be to tread lightly. Set a stop loss. Always set a stop loss. I am still bullish on Bitcoin and it will take more than an 800 dollar drop for me to change that. We are post halving. That is bullish. But we are also 1 day til the US election which is sure to play with the price of Bitcoin. I have never experienced a presidential election since being in Bitcoin. Im not 100% sure what occurred last time (2016) but this time may be a big deal as I know we were nowhere near 14k last presidential election. People ask me which president would be better for Bitcoin and I can honestly tell you I dont know. What I do know is I think Bitcoin will perform well regardless of who wins tomorrow. With possible lockdowns on the horizon in multiple countries around the planet we may see more blood in the streets and we should all be prepared for the worst while hoping for the best. I hope you all have a great day and make good, smart choices folks! WTFDIK???
TLDR: We have dropped below the support of the 4hr 50 MA and the top border of the 4hr cloud. I was hoping they would hold again. Set a stop loss. The election is tomorrow and expect the worst while hoping for the best.
First of all we dropped back to the support of the 4hr 50 MA coupled with the top border of the 4hr cloud stopped the retrace in its tracks. 13400 is where we currently sit and we need to maintain these levels or we may see 13k go bye bye. It would be a shame to drop into the 12k region. But this market is cyclical and as a result what goes up typically comes down eventually. As much as I would enjoy a first class trip to the moon we must be realistic and understand how markets function. Bitcoin pumps. Price rises. Traders take profit. Price drops. Traders start buying again after the drop. Rinse and repeat and we have the bull market we want to see.
So the combined efforts of the 4hr 50 MA and the top border of the 4hr cloud is all that stands between us and losing 13k. We are currently testing the top border of the 4hr cloud hard at the moment and it would not surprise me to see us lose the support today. Of course only time will tell for sure. We are dipping into the 4hr cloud as I type so even by the end of this analysis we may know more than we did at the beginning (when we were above the support of the 4hr 50 MA and the top border of the 4hr cloud)
13150 could provide some support. We are currently losing ground and in these situations I typically look below to the closest support and work from there. The .236 fib sits around 13150 and that may be where we find some support. I would much rather see us wick out of the 4hr cloud back to above support. It would not surprise me to see that but I would not count on it. I say if we close the current 4hr candle below 13400 we will likely see a drop to support.
I know this analysis seems bearish but its just short term ideas. We could easily recover from this little drop and eclipse 14k as we did this weekend. My best advice would be to tread lightly. Set a stop loss. Always set a stop loss. I am still bullish on Bitcoin and it will take more than an 800 dollar drop for me to change that. We are post halving. That is bullish. But we are also 1 day til the US election which is sure to play with the price of Bitcoin. I have never experienced a presidential election since being in Bitcoin. Im not 100% sure what occurred last time (2016) but this time may be a big deal as I know we were nowhere near 14k last presidential election. People ask me which president would be better for Bitcoin and I can honestly tell you I dont know. What I do know is I think Bitcoin will perform well regardless of who wins tomorrow. With possible lockdowns on the horizon in multiple countries around the planet we may see more blood in the streets and we should all be prepared for the worst while hoping for the best. I hope you all have a great day and make good, smart choices folks! WTFDIK???
TLDR: We have dropped below the support of the 4hr 50 MA and the top border of the 4hr cloud. I was hoping they would hold again. Set a stop loss. The election is tomorrow and expect the worst while hoping for the best.
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.