Good morning ladies and gentlemen and welcome to my daily look into the world of Bitcoin. Today I have the 4hr pulled up after a little bearish drop yesterday. Now that the dust has settled what is coming next? Well if I had a crystal ball I could tell you exactly what would happen. But I guess we will have to settle for logic over clairvoyance. Lets take a look at what is going on today on the charts.
First of all I want to point out that we fell through the 4hr cloud. So now we are currently below the 4hr and the daily cloud. Im in the middle of stupid tropical storm Beta at the moment too so its extra cloudy for me. But being below the cloud on any time frame is considered bearish. So logic suggests that things are bearish if you only pay attention to the ichimoku cloud.
Currently the .618 fib (10250) is the closest thing to support I see on the chart currently. We have bounced from the .618 recently and it has shown some promise as a support/resistance. But I am not very confident that it can hold. Ive been wrong before but if it were to fail we are in real danger of losing 10k. I still see a good area I expect to support us in the event of a drop. The 2.5 year trend line we broke a month or so ago. The support is currently at around 9100 and descending. I know that isnt what you all want to hear but it is what it is.
If we fell below the 2.5 year descending trend line we can expect some blood in the streets. We saw the candles go from 9k to 12500 before retreating. Can we expect something similar if we drop below the trend line? Its entirely possible but only time will tell for sure. Meanwhile we need to climb back above all the lost support to bring the confidence back into the markets. But that will likely take a bit longer than the drop we experienced yesterday. This is BTC and anything can happen. So set a stop loss. Im going to try my best to stay dry. Have a great day everyone and make good choices. WTFDIK????
TLDR: Holding onto 10k by a prayer. We are below the 4hr and daily cloud. short term outlook is a bit bearish. Hopefully confidence returns to the market soon.
First of all I want to point out that we fell through the 4hr cloud. So now we are currently below the 4hr and the daily cloud. Im in the middle of stupid tropical storm Beta at the moment too so its extra cloudy for me. But being below the cloud on any time frame is considered bearish. So logic suggests that things are bearish if you only pay attention to the ichimoku cloud.
Currently the .618 fib (10250) is the closest thing to support I see on the chart currently. We have bounced from the .618 recently and it has shown some promise as a support/resistance. But I am not very confident that it can hold. Ive been wrong before but if it were to fail we are in real danger of losing 10k. I still see a good area I expect to support us in the event of a drop. The 2.5 year trend line we broke a month or so ago. The support is currently at around 9100 and descending. I know that isnt what you all want to hear but it is what it is.
If we fell below the 2.5 year descending trend line we can expect some blood in the streets. We saw the candles go from 9k to 12500 before retreating. Can we expect something similar if we drop below the trend line? Its entirely possible but only time will tell for sure. Meanwhile we need to climb back above all the lost support to bring the confidence back into the markets. But that will likely take a bit longer than the drop we experienced yesterday. This is BTC and anything can happen. So set a stop loss. Im going to try my best to stay dry. Have a great day everyone and make good choices. WTFDIK????
TLDR: Holding onto 10k by a prayer. We are below the 4hr and daily cloud. short term outlook is a bit bearish. Hopefully confidence returns to the market soon.
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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.