Good morning ladies and gentlemen and welcome back to my daily outlook into the world of Bitcoin. Today I have the 4hr time frame pulled up and I see that some of the cloud cover has subsided. I would not celebrate just yet, but I am certainly liking what I am seeing short term. Bullish signals are stacking up and confidence is seemingly on the rise. But can the bulls keep this momentum up? Lets take a look at the chart.
The 4hr cloud is now below us. That is a good thing to wake up to. Being above the cloud is considered bullish in nature. Being below the cloud is bearish and when you are inside the cloud its a mix, which causes sideways movement (consolidation) The 4hr cloud is now below us, but that does not mean we are quite out of the woods yet. We still need to beat the daily cloud. Its ironic that as soon as we escaped the confinement of the 4hr cloud we leapt into the daily cloud. Just the luck of the charts. Either way 1 cloud down, 1 cloud to go. I will say that the daily cloud is more significant as an indicator (at least more significant than the 4hr cloud is)
I pointed out that we were experiencing higher highs yesterday and we eclipsed the previous high 10600 which was set on the 12th. The bulls are slowly climbing back up to previous support and we have a real shot of breaking into 11k if the bulls play their cards right. I see that we are above the .5 fib for the first time since early September. I do see some resistance above our heads in the 4hr 200 MA. It happens to be lying right on top of the .382 fib on the chart (around 11150) This is where I would expect some resistance to show its face if we can even make it that far up in the near future.
RSI is nearing overbought on the scale and that isnt bullish. We have seen a lot of green candles painted over the past few days and as a result this is the reason for the RSI being near bearish overbought territory. I never rely on RSI alone but it is a simple indicator that is definitely helpful. I know Im probably wishful thinking here but I could seriously see a nice cup and handle forming from the current situation. I was looking at the dip that occurred last week and the consolidation at the bottom of the dip. We have the right side of the cup and the bottom. I wouldnt hold my breath at this point waiting for a miracle. But I will certainly keep my eyes on it. I can say that we need to climb back up to around 12k before we can feel more confident about a cup and handle.
We are sitting above 10800 this morning and that should be considered a win for the bulls. The fact we broke up through the 4hr cloud so quickly is encouraging. But when you look at RSI its easy to see why I always recommend setting a stop loss. Its just good business. The weekly close this past Sunday was bullish if you ask me. It was not a perfect doji but it looked close enough to cause a little volume to build up. If we can keep climbing past 11k my suspicions should be confirmed. 11100 acted as support for a long time when we were walking on top of the clouds so I fear breaking back up above the magic number of 11100 will be easier said than done. Only time will tell for sure though folks. Have a great day. Make good choices! WTFDIK???
TLDR: We escaped the 4hr cloud. It seems like as soon as we did exit the 4hr cloud we entered the daily cloud. Oh well. We keep establishing higher highs and that makes me bullish.
The 4hr cloud is now below us. That is a good thing to wake up to. Being above the cloud is considered bullish in nature. Being below the cloud is bearish and when you are inside the cloud its a mix, which causes sideways movement (consolidation) The 4hr cloud is now below us, but that does not mean we are quite out of the woods yet. We still need to beat the daily cloud. Its ironic that as soon as we escaped the confinement of the 4hr cloud we leapt into the daily cloud. Just the luck of the charts. Either way 1 cloud down, 1 cloud to go. I will say that the daily cloud is more significant as an indicator (at least more significant than the 4hr cloud is)
I pointed out that we were experiencing higher highs yesterday and we eclipsed the previous high 10600 which was set on the 12th. The bulls are slowly climbing back up to previous support and we have a real shot of breaking into 11k if the bulls play their cards right. I see that we are above the .5 fib for the first time since early September. I do see some resistance above our heads in the 4hr 200 MA. It happens to be lying right on top of the .382 fib on the chart (around 11150) This is where I would expect some resistance to show its face if we can even make it that far up in the near future.
RSI is nearing overbought on the scale and that isnt bullish. We have seen a lot of green candles painted over the past few days and as a result this is the reason for the RSI being near bearish overbought territory. I never rely on RSI alone but it is a simple indicator that is definitely helpful. I know Im probably wishful thinking here but I could seriously see a nice cup and handle forming from the current situation. I was looking at the dip that occurred last week and the consolidation at the bottom of the dip. We have the right side of the cup and the bottom. I wouldnt hold my breath at this point waiting for a miracle. But I will certainly keep my eyes on it. I can say that we need to climb back up to around 12k before we can feel more confident about a cup and handle.
We are sitting above 10800 this morning and that should be considered a win for the bulls. The fact we broke up through the 4hr cloud so quickly is encouraging. But when you look at RSI its easy to see why I always recommend setting a stop loss. Its just good business. The weekly close this past Sunday was bullish if you ask me. It was not a perfect doji but it looked close enough to cause a little volume to build up. If we can keep climbing past 11k my suspicions should be confirmed. 11100 acted as support for a long time when we were walking on top of the clouds so I fear breaking back up above the magic number of 11100 will be easier said than done. Only time will tell for sure though folks. Have a great day. Make good choices! WTFDIK???
TLDR: We escaped the 4hr cloud. It seems like as soon as we did exit the 4hr cloud we entered the daily cloud. Oh well. We keep establishing higher highs and that makes me bullish.
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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.