Good morning again everyone and welcome back to my daily analysis of Bitcoin. Today I have the 4hr time frame pulled up and I see we settled just below 9400. It was nice to see us break up from the 9200 level we have seemingly been stuck in for decades. There is still a long way to go though before we break this 2.5 year ultimate down trend. The more time passes the lower the descending resistance on the chart gets. Soon we will need to break this key resistance in order to reach 10k again. Once we do break it I suspect some fomo to ensue. Anyways lets take a look at the chart.
The 4hr cloud is below us and that is a good thing. Not to mention we also retook the 4hr 50 MA and the 4hr 200 MA. All of which are considered bullish. When you are above any of these indicators things are typically more bullish and the opposite is true when we are below the indicators I just mentioned. The bears are on vacation and have not been taking us down like I thought they would less than a week ago. Perhaps traders are bullish after the halving? I dont have a 100% answer. All I can say is the bulls are determined to hold 9k.
We have the 4hr cloud the 4hr 50 MA and the 4hr 200 MA all supporting the candles at this time. It brings traders confidence when they see support building. But nothing is written in stone. Dont depend on support to hold because it will break when you least suspect it. Be prepared for anything. We literally crashed through all that support (resistance) less than 2 days ago. All it took was one well pumped 4hr candle to do just that. This just shows how fast things can happen on the charts folks.
We managed to beat the daily 50 MA briefly yesterday but we ultimately succumbed to it. The daily 50 MA is now resistance and for us to definitively break it we need to close a candle above it and stay there. We are also still inside the confines of the daily cloud as well. It isnt really bearish or bullish to be stuck in the cloud. It is constricting though and no easy task to escape. Being below the cloud is considered bearish. In 5-6 days we should escape the confines of the daily cloud as the cloud twists from green to red. That twist you see coming on the daily will be the perfect opportunity to escape the cloud. Lets just hope the escape is to the top side.
After the jump to 9400 yesterday I have seen some smiles on the faces of traders. But we all know 200 dollars is hardly even noticeable when it comes to BTC. We did finally escape 9200 and that is great. But take it for what its worth. A 200 dollar move. I will start celebrating when we break the 2.5 year descending resistance. It would really be nice to see the post halving pump and breaking the 2.5 year resistance coincide. We could really see some fireworks if things work out like that. But only time will tell. WTFDIK
TLDR: Liberty is essential. Bitcoin = Liberty.
The 4hr cloud is below us and that is a good thing. Not to mention we also retook the 4hr 50 MA and the 4hr 200 MA. All of which are considered bullish. When you are above any of these indicators things are typically more bullish and the opposite is true when we are below the indicators I just mentioned. The bears are on vacation and have not been taking us down like I thought they would less than a week ago. Perhaps traders are bullish after the halving? I dont have a 100% answer. All I can say is the bulls are determined to hold 9k.
We have the 4hr cloud the 4hr 50 MA and the 4hr 200 MA all supporting the candles at this time. It brings traders confidence when they see support building. But nothing is written in stone. Dont depend on support to hold because it will break when you least suspect it. Be prepared for anything. We literally crashed through all that support (resistance) less than 2 days ago. All it took was one well pumped 4hr candle to do just that. This just shows how fast things can happen on the charts folks.
We managed to beat the daily 50 MA briefly yesterday but we ultimately succumbed to it. The daily 50 MA is now resistance and for us to definitively break it we need to close a candle above it and stay there. We are also still inside the confines of the daily cloud as well. It isnt really bearish or bullish to be stuck in the cloud. It is constricting though and no easy task to escape. Being below the cloud is considered bearish. In 5-6 days we should escape the confines of the daily cloud as the cloud twists from green to red. That twist you see coming on the daily will be the perfect opportunity to escape the cloud. Lets just hope the escape is to the top side.
After the jump to 9400 yesterday I have seen some smiles on the faces of traders. But we all know 200 dollars is hardly even noticeable when it comes to BTC. We did finally escape 9200 and that is great. But take it for what its worth. A 200 dollar move. I will start celebrating when we break the 2.5 year descending resistance. It would really be nice to see the post halving pump and breaking the 2.5 year resistance coincide. We could really see some fireworks if things work out like that. But only time will tell. WTFDIK
TLDR: Liberty is essential. Bitcoin = Liberty.
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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.