Good morning again ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I have the 4hr pulled up after a pretty bland weekend if I do say so myself. Not much occurred in terms of price action. Oh well. It gave me an excuse to sleep in. I do see reason for hope on the 4hr and that is why I am sharing the 4hr with you today, So buckle up for the most exciting analysis in Bitcoin!
I must applaud the bulls after a valiant effort to shed the prison that is the 4hr cloud. We were on our way to a sound exit from thebut the top border proved to be too much to escape. Not to mention 11700 has acted as support and that is where we were rejected when we ricocheted off the top border of the 4hr cloud. We reached 11730 approximately overnight and fell back to support after this. The support I see below us is encouraging.
The 4hr 50 MA and the 4hr 200 MA are still directly below us and pretty much merged into one solid indicator. This should make it tougher support by default. We could still fall through as we broke above it this weekend when they were merged so nothing is 100%, especially in trading. I do see some good news coming and as long as we can manage to hold onto the 4hr 50 MA and the 4hr 200 MA we should start to see the clouds clear pretty soon. Figuratively and literally.
There was a small gap around 11680 but it got filled pretty quickly. So that is one less thing to worry about. Bottom line is if we lose the support I mentioned and drop to 11400 we will likely fall to 11100 I imagine. 11100 has been solid support time and time again all of August so that is one reason I put my faith in this price range. We should be above the cloud within the next couple of hours so things are looking surprisingly sunny today. But bring your umbrellas... Just in case :) Have a great Monday folks. Make good choices! WTFDIK????
TLDR: We look like we will exit the 4hr cloud within the next few hours. We could see some green when that happens. We still have plenty of support below us and I am bullish but cautious.
I must applaud the bulls after a valiant effort to shed the prison that is the 4hr cloud. We were on our way to a sound exit from thebut the top border proved to be too much to escape. Not to mention 11700 has acted as support and that is where we were rejected when we ricocheted off the top border of the 4hr cloud. We reached 11730 approximately overnight and fell back to support after this. The support I see below us is encouraging.
The 4hr 50 MA and the 4hr 200 MA are still directly below us and pretty much merged into one solid indicator. This should make it tougher support by default. We could still fall through as we broke above it this weekend when they were merged so nothing is 100%, especially in trading. I do see some good news coming and as long as we can manage to hold onto the 4hr 50 MA and the 4hr 200 MA we should start to see the clouds clear pretty soon. Figuratively and literally.
There was a small gap around 11680 but it got filled pretty quickly. So that is one less thing to worry about. Bottom line is if we lose the support I mentioned and drop to 11400 we will likely fall to 11100 I imagine. 11100 has been solid support time and time again all of August so that is one reason I put my faith in this price range. We should be above the cloud within the next couple of hours so things are looking surprisingly sunny today. But bring your umbrellas... Just in case :) Have a great Monday folks. Make good choices! WTFDIK????
TLDR: We look like we will exit the 4hr cloud within the next few hours. We could see some green when that happens. We still have plenty of support below us and I am bullish but cautious.
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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.