Good morning ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I have the 4hr time frame pulled up after a decent day of trading yesterday and I see we gained some ground. The candles are hanging out just below 12k and we could very easily establish a new yearly high with a well placed surge of volume. Right now there is a lot of noise in the market thanks to the recent pump and breaking of the 2.5 year resistance. A little fomo could easily see us eclipse the years previous high of 12130 (approximately) But we are getting a bit ahead of ourselves I suppose. Lets take a look at the chart this lovely Friday.
The first thing I am noticing is the fact we are climbing the speed fan. I havent really been using the speed fan often lately. I threw one on and it reminds me of why I appreciate the tool as much as I do. As we climb the fan we will eventually approach the previous high of 12135 and that is the point things get interesting folks. When a higher high is established that is bullish and traders take notice of events like that. It could cause the surge of volume that would be necessary to push us to a new yearly high. Of course only time will tell if this will come to fruition.
We have a ton of support below us. That instills confidence in the market. Its nice to see all of those potential landing spots if you are a bull. With the recent development of breaking the 2.5 year resistance things are looking very good from where I sit. It happened at the perfect time really. Right after the halving. The post halving pump and the breaking of the 2.5 year resistance worked hand in hand to get us to this level. We could easily pump even higher but as a trader expect the worst. Always...
If things went a bit south and we dropped a bit I see some support around 11400 and 11500. The top of the 4hr cloud could stop a drop and become support. Even if only for a while. But just below the top border of the 4hr cloud is the 4hr 50 MA. When support is sort of combined like they are in this instance it makes the support that much stronger. Traders see things like this and it gives them confidence to go long as they assume we wont drop through that doubled up support. Now that I take a closer look that .236 fib is also at that level which really triples up the support. I like what I am seeing here but that doesnt mean anything is guaranteed. If you want to long this set a stop loss.
The next real hurdle above us is the previous high of 12135. If we can beat this it is on to the next resistance. I know last years high of 14k will likely act as resistance if we get that high. Although we could easily blow right through it as well. Bitcoin is a wild investment that can easily burn you if you dont take the proper steps to avoid catastrophe. Its not rocket science by any means but it does take a decisive person to trade. Second guessing yourself constantly will lead to losses. If you have issues trading then stop. Paper trade. Which means basically fake it til you make it. I used to paper trade all the time and that is how I gathered the confidence to make real trades. Im still bullish. That post halving pump along with breaking of the 2.5 year resistance has me ready to gore the bears. But we must remember the bears are vengeful. We already saw what they are capable of when we hit 12135 and dropped 2k in a matter of an hour or so. This shows you how fast BTC can burn you if you dont use the tools provided to avoid ruin. (stop loss and alerts etc) Have a great Friday folks and make good choices!!! WTFDIK???
TLDR: Im bullish still. We have a lot of support below us around the 11400 and 11500 level so that could instill confidence and push us up. Only time will tell for sure.
The first thing I am noticing is the fact we are climbing the speed fan. I havent really been using the speed fan often lately. I threw one on and it reminds me of why I appreciate the tool as much as I do. As we climb the fan we will eventually approach the previous high of 12135 and that is the point things get interesting folks. When a higher high is established that is bullish and traders take notice of events like that. It could cause the surge of volume that would be necessary to push us to a new yearly high. Of course only time will tell if this will come to fruition.
We have a ton of support below us. That instills confidence in the market. Its nice to see all of those potential landing spots if you are a bull. With the recent development of breaking the 2.5 year resistance things are looking very good from where I sit. It happened at the perfect time really. Right after the halving. The post halving pump and the breaking of the 2.5 year resistance worked hand in hand to get us to this level. We could easily pump even higher but as a trader expect the worst. Always...
If things went a bit south and we dropped a bit I see some support around 11400 and 11500. The top of the 4hr cloud could stop a drop and become support. Even if only for a while. But just below the top border of the 4hr cloud is the 4hr 50 MA. When support is sort of combined like they are in this instance it makes the support that much stronger. Traders see things like this and it gives them confidence to go long as they assume we wont drop through that doubled up support. Now that I take a closer look that .236 fib is also at that level which really triples up the support. I like what I am seeing here but that doesnt mean anything is guaranteed. If you want to long this set a stop loss.
The next real hurdle above us is the previous high of 12135. If we can beat this it is on to the next resistance. I know last years high of 14k will likely act as resistance if we get that high. Although we could easily blow right through it as well. Bitcoin is a wild investment that can easily burn you if you dont take the proper steps to avoid catastrophe. Its not rocket science by any means but it does take a decisive person to trade. Second guessing yourself constantly will lead to losses. If you have issues trading then stop. Paper trade. Which means basically fake it til you make it. I used to paper trade all the time and that is how I gathered the confidence to make real trades. Im still bullish. That post halving pump along with breaking of the 2.5 year resistance has me ready to gore the bears. But we must remember the bears are vengeful. We already saw what they are capable of when we hit 12135 and dropped 2k in a matter of an hour or so. This shows you how fast BTC can burn you if you dont use the tools provided to avoid ruin. (stop loss and alerts etc) Have a great Friday folks and make good choices!!! WTFDIK???
TLDR: Im bullish still. We have a lot of support below us around the 11400 and 11500 level so that could instill confidence and push us up. Only time will tell for sure.
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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.