Good morning again ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I have the 4hr pulled up after a welcome push back above 11k. We have the luxury of some new support and this could be a good thing for the bulls as I believe it will attract more confidence in the market. After the recent crash to 9800 Im sure the bulls are excited to see 11100 once again. But they still have some work to do. Lets take a look at the charts this morning.
The 4hr shows us a lot and that is why I am using it in my analysis but I will cover a bit from the daily as well. We can clearly see on the 4hr that a bullish predicament as presented itself. We are currently above the 4hr 200 MA and need to remain here for a few more 4hr candles to paint those confirmation candles. In this market fakeouts can and do happen occasionally and as a result one should always hope for the best but prepare for the worst. I wont count my chickens before they hatch but I do like what I am seeing at the moment. We will see within 2 hours if the gains will stick or if we fall back below. the 4hr 200 MA...
Looking at the daily we see some resistance at around 11200 in the daily 50 MA. We were rejected at 11200 during this current candle and now the 4hr 200 MA is holding us up currently. The daily 50 MA is the line in the sand right now. If we can overcome that the bulls should run wild. The next hurdle would be the top of that daily cloud around 11600. I cant guarantee we go there but I like to be aware of my surroundings and the bulls have a real opportunity to shine. That is if the 4hr 200 MA holds. Otherwise all bets are off.
We are really stuck between a rock and a hard place. the daily 200 MA above us around 11200 and the 4hr 200 MA below us around 11100. That doesnt leave much room for movement. I expect one or the other to fail before the end of the weekend. If you want to long this just set a stop loss. Play it safe. It is the weekend and I usually do not expect a lot but sometimes that isnt the case at all. Ive seen huge moves on the weekend (its rare though). I have a kitten eye balling my laptop and I fear I do not have long before she does a belly flop on my keyboard. I hope you are all doing great with your trades. Make good choices folks! WTFDIK???
TLDR: 4hr 200 MA is support (11100) daily 50 MA is resistance (11200) Something is going to give. Set a stop loss and keep an eye on the charts.
The 4hr shows us a lot and that is why I am using it in my analysis but I will cover a bit from the daily as well. We can clearly see on the 4hr that a bullish predicament as presented itself. We are currently above the 4hr 200 MA and need to remain here for a few more 4hr candles to paint those confirmation candles. In this market fakeouts can and do happen occasionally and as a result one should always hope for the best but prepare for the worst. I wont count my chickens before they hatch but I do like what I am seeing at the moment. We will see within 2 hours if the gains will stick or if we fall back below. the 4hr 200 MA...
Looking at the daily we see some resistance at around 11200 in the daily 50 MA. We were rejected at 11200 during this current candle and now the 4hr 200 MA is holding us up currently. The daily 50 MA is the line in the sand right now. If we can overcome that the bulls should run wild. The next hurdle would be the top of that daily cloud around 11600. I cant guarantee we go there but I like to be aware of my surroundings and the bulls have a real opportunity to shine. That is if the 4hr 200 MA holds. Otherwise all bets are off.
We are really stuck between a rock and a hard place. the daily 200 MA above us around 11200 and the 4hr 200 MA below us around 11100. That doesnt leave much room for movement. I expect one or the other to fail before the end of the weekend. If you want to long this just set a stop loss. Play it safe. It is the weekend and I usually do not expect a lot but sometimes that isnt the case at all. Ive seen huge moves on the weekend (its rare though). I have a kitten eye balling my laptop and I fear I do not have long before she does a belly flop on my keyboard. I hope you are all doing great with your trades. Make good choices folks! WTFDIK???
TLDR: 4hr 200 MA is support (11100) daily 50 MA is resistance (11200) Something is going to give. Set a stop loss and keep an eye on the charts.
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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.