Good morning everyone and welcome back to my daily analysis of Bitcoin. Today I have the daily time frame pulled up after a pretty boring Friday. We made some moves but nothing major. We just seem to be coasting along between 9k and 9500 for the most part. Pretty boring when you consider some alts out there are going 4X or more. Its nice to see that pump for alts but when can Bitcoin get in on the action. Well I can tell you things may get uglier before it gets better. At this time things are kind of hard to predict. People are starting to expect a pump from the halving... Will it materialize though??? Lets take a look at the chart.
Today I have chosen the daily to share as it really shows the flat consolidation we have been experiencing. The bollinger bands are really tight on the daily time frame and that is a recipe for volatility. My money is on a break down but as I always say WTFDIK??? With the halving clearly at our backs it could be the one eyed jack... The wild card. I dont know exactly when or if a halving pump will occur. We have only had 3 in the entire young life of Bitcoin and that is hardly enough data to predict the future with any confidence. But that does not stop the hopium... And that is a big factor.
I think that descending support from the the last 2.5 years is the deciding factor. We need to break above 10200 - 10300 to cause the fomo to mount if you ask me. That descending resistance has been the deciding factor on ending a few hot uptrends. The candles were solidly rejected each and every time we approached it. With the most recent example being when we hit 10500 this year. I know you all want to see those huge green candles but you might have to be patient. That is unless we break up from these tight bollinger bands but only time will tell of course.
We are firmly in the grasp of the daily cloud as well and that is definitely not a bullish place to be. For nearly the last 3 weeks we have been a prisoner of the daily 50 MA . We just cannot muscle our way above the resistance and as a result the path of least resistance is down if you ask me. Of course we all know how contrarian BTC can be so use stop losses and develop a good trading strategy.
Im not telling you we are going to drop today because Im not clairvoyant. I will tell you that if we do fall I would still expect the .236 on the chart to hold at least for a bit. Ive seen us crash through support but past results of testing the .236 has shown that it is pretty strong support. Below that we also have the 200 MA on the daily. The 200 MA is around 8600 and the .236 is around 8800. We still have a lot of support below us but the resistance is mounting above us. It seems to be getting heavier and heavier with more and more support being turned into resistance. As a result confidence will likely withdraw from the market and we will see a dip as a result. But nothing is written in stone folks. I have been impressed with the strength of the bulls to keep us in consolidation for this long but those bollinger bands tell me something is on the horizon... But then again WTFDIK right???
TLDR: Bring an umbrella...
Today I have chosen the daily to share as it really shows the flat consolidation we have been experiencing. The bollinger bands are really tight on the daily time frame and that is a recipe for volatility. My money is on a break down but as I always say WTFDIK??? With the halving clearly at our backs it could be the one eyed jack... The wild card. I dont know exactly when or if a halving pump will occur. We have only had 3 in the entire young life of Bitcoin and that is hardly enough data to predict the future with any confidence. But that does not stop the hopium... And that is a big factor.
I think that descending support from the the last 2.5 years is the deciding factor. We need to break above 10200 - 10300 to cause the fomo to mount if you ask me. That descending resistance has been the deciding factor on ending a few hot uptrends. The candles were solidly rejected each and every time we approached it. With the most recent example being when we hit 10500 this year. I know you all want to see those huge green candles but you might have to be patient. That is unless we break up from these tight bollinger bands but only time will tell of course.
We are firmly in the grasp of the daily cloud as well and that is definitely not a bullish place to be. For nearly the last 3 weeks we have been a prisoner of the daily 50 MA . We just cannot muscle our way above the resistance and as a result the path of least resistance is down if you ask me. Of course we all know how contrarian BTC can be so use stop losses and develop a good trading strategy.
Im not telling you we are going to drop today because Im not clairvoyant. I will tell you that if we do fall I would still expect the .236 on the chart to hold at least for a bit. Ive seen us crash through support but past results of testing the .236 has shown that it is pretty strong support. Below that we also have the 200 MA on the daily. The 200 MA is around 8600 and the .236 is around 8800. We still have a lot of support below us but the resistance is mounting above us. It seems to be getting heavier and heavier with more and more support being turned into resistance. As a result confidence will likely withdraw from the market and we will see a dip as a result. But nothing is written in stone folks. I have been impressed with the strength of the bulls to keep us in consolidation for this long but those bollinger bands tell me something is on the horizon... But then again WTFDIK right???
TLDR: Bring an umbrella...
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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.