Good morning ladies and gentlemen and welcome back to my daily look into the exciting world that is Bitcoin. Today I have the 4hr time frame pulled up after a few ups and downs over this long weekend (Labor day was yesterday in the USA) We are currently holding onto 5 figure BTC but it sure looks fleeting. The bulls could surely turn this around and I think there is a strong possibility of that occurring. But the bears may not be done yet. I will explain.
I see that while I was analyzing the chart yesterday a.m. I noticed we sank below 10k. We sank below 10k around 3 times on the 4 hour time frame but the bulls surged back to bring us 5 figure Bitcoin once again. This shows there are definitely buyers at 10k. The deep wicks indicate that this could be a good area for a reversal but only time will tell for sure. You should not gauge the market on one indicator alone (like deep wicks)
I am also noticing that the bollinger bands are tightening up on the 4hr. When the bollinger bands tighten up like this it is a precursor to volatility. The deep wicks I mentioned earlier indicate that the move should be up. But the market will decide ultimately. I see a big support line below us in the 2.5 year trend line we broke around early August. That should mean we wont drop below 9300 - 9400. Of course if that does happen we can expect blood in the streets if you ask me.
Speaking of a possible drop there is a gap below us from around 9400 - 9600 if I remember correctly that is. To be honest I would prefer to see us fill in this gap at the very least before climbing back up the charts. I didnt see a gap on the chart from the previous weekend so I guess we dont have to worry about any fresh gaps. But the only gaps I see at this moment are below us. There is one at 9400 - 9600 and there is one around 7600 and one around 3500. Im not telling you this because I think that is where we are heading. Im telling you this because the more you know the better off you will be, especially in the world of trading.
I redrew the fib this morning and I think this particular layout of the fib is better than my previous layout. If you disagree feel free to leave a comment telling me why. The last 4 daily candles have attempted to break into the daily cloud but the daily cloud has rejected each attempt by the bulls to reclaim lost ground. Currently I see a lot of support around 9800 and above us 10480 needs to be broken and we need to close a candle or 2 above the resistance to bring that confidence back. If we cannot break into the daily cloud soon we might just drop down to fill in that gap. Only time will tell for sure though. Dont be a hero guys and gals. If you want to long this set a stop loss. The market is currently on shaky ground and sentiment is mixed. I hope you all have a great day and please make good choices folks!!!! WTFDIK???
TLDR: Bulls are holding onto 10k. But not by much. USA is back from a long weekend. Lets see if this equates to a green candle on the chart.
I see that while I was analyzing the chart yesterday a.m. I noticed we sank below 10k. We sank below 10k around 3 times on the 4 hour time frame but the bulls surged back to bring us 5 figure Bitcoin once again. This shows there are definitely buyers at 10k. The deep wicks indicate that this could be a good area for a reversal but only time will tell for sure. You should not gauge the market on one indicator alone (like deep wicks)
I am also noticing that the bollinger bands are tightening up on the 4hr. When the bollinger bands tighten up like this it is a precursor to volatility. The deep wicks I mentioned earlier indicate that the move should be up. But the market will decide ultimately. I see a big support line below us in the 2.5 year trend line we broke around early August. That should mean we wont drop below 9300 - 9400. Of course if that does happen we can expect blood in the streets if you ask me.
Speaking of a possible drop there is a gap below us from around 9400 - 9600 if I remember correctly that is. To be honest I would prefer to see us fill in this gap at the very least before climbing back up the charts. I didnt see a gap on the chart from the previous weekend so I guess we dont have to worry about any fresh gaps. But the only gaps I see at this moment are below us. There is one at 9400 - 9600 and there is one around 7600 and one around 3500. Im not telling you this because I think that is where we are heading. Im telling you this because the more you know the better off you will be, especially in the world of trading.
I redrew the fib this morning and I think this particular layout of the fib is better than my previous layout. If you disagree feel free to leave a comment telling me why. The last 4 daily candles have attempted to break into the daily cloud but the daily cloud has rejected each attempt by the bulls to reclaim lost ground. Currently I see a lot of support around 9800 and above us 10480 needs to be broken and we need to close a candle or 2 above the resistance to bring that confidence back. If we cannot break into the daily cloud soon we might just drop down to fill in that gap. Only time will tell for sure though. Dont be a hero guys and gals. If you want to long this set a stop loss. The market is currently on shaky ground and sentiment is mixed. I hope you all have a great day and please make good choices folks!!!! WTFDIK???
TLDR: Bulls are holding onto 10k. But not by much. USA is back from a long weekend. Lets see if this equates to a green candle on the chart.
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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.