Good morning ladies and gentlemen and welcome back to my daily look into the wild world of Bitcoin. Today I have the 4 hr time frame pulled up after climbing above some stiff resistance. I am always happy to wake up to green candles. But can these gains stick? I will give you the reasons why I am a bit optimistic. The situation on the charts is a horse of a different color compared to last week. As the west wakes up we will see how they react to the gains. Im not expecting anything crazy but we all know Bitcoin and if it is anything it is crazy. So sit back and listen. Tim is back with a brand new invention.... Sorry.
First of all I would like to point out the fact we beat the 4hr 200 MA. Does that mean its time to celebrate? Not exactly. You see things look fantastic if you only focus on the 4hr time frame. But that is narrow minded. The 4hr is a significant time frame and I know I focus on it often in these analysis I do. But the most important time frame of all is the daily. The daily is just a bit boring in terms of candles. If I do the daily every day you will basically see 1 extra candle per chart I share. That is pretty boring. That is why I mix up the time frames. Well that is one reason I mix them up. The other reason is cycling through time frames ensures you do not overlook anything.
Looking at the charts we are above the 4hr 200 MA which is also merged with the daily cloud (bottom border) so we overcame 2 significant areas of resistance over night. Particularly after the weekly close. I see that happen often. But this time if you look at the weekly close I am seeing a hammer from last weeks close which could indicate some bullish action is coming. Of course only time will tell and I rarely like to make moves based on a single candle. But its something we should watch for sure. Besides I have multiple reasons to be bullish on BTC.
I didnt notice any gaps on the CME chart this a.m. So we may keep our head above the 4hr 200 MA for the time being. Correct me if I am wrong folks, I just didnt notice any gaps from the previous weekend. It seems like a lot of the moves come right after the weekly close and that could be the reason there is not a gap.
11100... That is the magic number at this point. We beat a lot of key resistance with this recent pump but it could all be for nothing if we cannot retake 11100. We will eventually beat that resistance. But I can tell you it is a significant level and has shown a lot of promise as a level of support/resistance. We spent most of August with 11100 as support and most of September with 11100 acting as resistance. Now we are close to October... I wonder what the candles will do this month. I am more bullish today than I was last Monday. But that doesnt mean I am all in with no stop loss. Nope. Will never happen. I still play it as safe as a trader can play it. I mean there is always inherent risk that comes with essentially gambling. Although I really dont consider this gambling. My dad gambles on horse races. There is a little skill involved but ultimately its a lot like the lottery. Trading is different. The trader (depending on the experience level) has a degree of control over the situation unlike horse racing or gambling in Vegas. Things like stop losses help take some of the risk out of the equation. I dont think they have stop losses in Vegas LOL. Anyways I hope you bulls have a great week. Make good choices! PLEASE make good choices. WTFDIK??
TLDR: 4hr 200 MA is support (so is the bottom border of the daily cloud) 11100 would be resistance if you ask me. Last weeks Weekly close looks bullish to me. I did not see a gap on the CME. Cheers!
First of all I would like to point out the fact we beat the 4hr 200 MA. Does that mean its time to celebrate? Not exactly. You see things look fantastic if you only focus on the 4hr time frame. But that is narrow minded. The 4hr is a significant time frame and I know I focus on it often in these analysis I do. But the most important time frame of all is the daily. The daily is just a bit boring in terms of candles. If I do the daily every day you will basically see 1 extra candle per chart I share. That is pretty boring. That is why I mix up the time frames. Well that is one reason I mix them up. The other reason is cycling through time frames ensures you do not overlook anything.
Looking at the charts we are above the 4hr 200 MA which is also merged with the daily cloud (bottom border) so we overcame 2 significant areas of resistance over night. Particularly after the weekly close. I see that happen often. But this time if you look at the weekly close I am seeing a hammer from last weeks close which could indicate some bullish action is coming. Of course only time will tell and I rarely like to make moves based on a single candle. But its something we should watch for sure. Besides I have multiple reasons to be bullish on BTC.
I didnt notice any gaps on the CME chart this a.m. So we may keep our head above the 4hr 200 MA for the time being. Correct me if I am wrong folks, I just didnt notice any gaps from the previous weekend. It seems like a lot of the moves come right after the weekly close and that could be the reason there is not a gap.
11100... That is the magic number at this point. We beat a lot of key resistance with this recent pump but it could all be for nothing if we cannot retake 11100. We will eventually beat that resistance. But I can tell you it is a significant level and has shown a lot of promise as a level of support/resistance. We spent most of August with 11100 as support and most of September with 11100 acting as resistance. Now we are close to October... I wonder what the candles will do this month. I am more bullish today than I was last Monday. But that doesnt mean I am all in with no stop loss. Nope. Will never happen. I still play it as safe as a trader can play it. I mean there is always inherent risk that comes with essentially gambling. Although I really dont consider this gambling. My dad gambles on horse races. There is a little skill involved but ultimately its a lot like the lottery. Trading is different. The trader (depending on the experience level) has a degree of control over the situation unlike horse racing or gambling in Vegas. Things like stop losses help take some of the risk out of the equation. I dont think they have stop losses in Vegas LOL. Anyways I hope you bulls have a great week. Make good choices! PLEASE make good choices. WTFDIK??
TLDR: 4hr 200 MA is support (so is the bottom border of the daily cloud) 11100 would be resistance if you ask me. Last weeks Weekly close looks bullish to me. I did not see a gap on the CME. Cheers!
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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.