Good morning again ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I have the 4hr pulled up after the candles have found a home at just below 11k. The fear left by the recent drop has started to subside and we are climbing back up the chart one indicator at a time. But we still have work to do if we want to see another yearly high. Lets take a look at the chart this a.m. and see what the deal is.
I can see that the .5 fib is holding as support. I would love to see the .5 fib continue to hold and I think its very possible. The problem is above us we have some stiff resistance in the 4hr 200 MA. The 4hr 200 MA is descending down the chart and its only a matter of time before it becomes an issue for the candles. The 4hr 200 MA is pretty much lying on top of historical resistance as well at around 11100. 11100 held for a good while when we were there recently. Either way I expect the 4hr 200 MA to provide some resistance in the event of a pump. But only time will tell for sure.
A quick cycle to the daily time frame and one will notice that we are stuck inside of the cloud still. I know being stuck inside of the cloud isnt particularly bullish but its better than being below the cloud. Before we can exit the top of the daily cloud we would also need to somehow sneak by the daily 50 MA around 11250. So the bulls still have their work cut out for them if we want to reclaim lost ground.
4hr bollinger bands are pretty tight at the moment and that can indicate that volatility is coming. The daily bollinger bands are still not tight though so I am not expecting too big of a move. But I have been wrong before and i will be wrong again. As we climb the chart new support shows its face. Right now support (IMO) is at 10765 which is the .5 fib. Resistance would be at the 4hr 200 MA or around 11100. 11100 acted as support recently when we were walking above the clouds. I expect the support to now be an area of resistance.
I hope you are all making loads of profit and returns. I am optimistic about the short term future of this market but I still have a stop loss set up just in case. The bears are obviously still alive and well as you can see from the recent drop to 9800. That could also be attributed to a head and shoulders pattern on the daily time frame. I think the damage is done and we are now recovering but I cant be 100%. The bears are quite sneaky. Have a great day everyone and make good choices!! WTFDIK???
TLDR: FRIDAY FRIDAY FRIDAY FRIDAY. Not much has changed since yesterday. I say 10765 is support while 11100 is resistance. Have a nice day!
I can see that the .5 fib is holding as support. I would love to see the .5 fib continue to hold and I think its very possible. The problem is above us we have some stiff resistance in the 4hr 200 MA. The 4hr 200 MA is descending down the chart and its only a matter of time before it becomes an issue for the candles. The 4hr 200 MA is pretty much lying on top of historical resistance as well at around 11100. 11100 held for a good while when we were there recently. Either way I expect the 4hr 200 MA to provide some resistance in the event of a pump. But only time will tell for sure.
A quick cycle to the daily time frame and one will notice that we are stuck inside of the cloud still. I know being stuck inside of the cloud isnt particularly bullish but its better than being below the cloud. Before we can exit the top of the daily cloud we would also need to somehow sneak by the daily 50 MA around 11250. So the bulls still have their work cut out for them if we want to reclaim lost ground.
4hr bollinger bands are pretty tight at the moment and that can indicate that volatility is coming. The daily bollinger bands are still not tight though so I am not expecting too big of a move. But I have been wrong before and i will be wrong again. As we climb the chart new support shows its face. Right now support (IMO) is at 10765 which is the .5 fib. Resistance would be at the 4hr 200 MA or around 11100. 11100 acted as support recently when we were walking above the clouds. I expect the support to now be an area of resistance.
I hope you are all making loads of profit and returns. I am optimistic about the short term future of this market but I still have a stop loss set up just in case. The bears are obviously still alive and well as you can see from the recent drop to 9800. That could also be attributed to a head and shoulders pattern on the daily time frame. I think the damage is done and we are now recovering but I cant be 100%. The bears are quite sneaky. Have a great day everyone and make good choices!! WTFDIK???
TLDR: FRIDAY FRIDAY FRIDAY FRIDAY. Not much has changed since yesterday. I say 10765 is support while 11100 is resistance. Have a nice day!
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.
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.