Good morning again ladies and gentlemen and welcome back to my daily look into the exciting world of Bitcoin. Today I have the 4hr time frame pulled up after a pretty flat day in terms of price movement. At least since my previous analysis anyways. I am a bit bullish this a.m. and I will explain why in this analysis. We still have some formidable resistance to break so lets not waste anymore time with the formalities... Lets get this party started.
So I see we are really testing the minor resistance I pointed out on the charts. We seem to have reached a spot where its either sink or swim. The upward trend intersects with the minor resistance I pointed out and that creates a squeeze point. These squeeze points prelude a pump (or dump in other cases) and this one seems to be weak, but that doesnt mean I am not watching it. When I started writing this we were below 55k. And now we are above 55k. So if I were you I would keep an eye on this.
Major resistance still lies above the minor resistance I mentioned earlier. 58250 seems to be the line in the sand... That is the previous ATH and if we can pass that line I believe 60k is in the bag. Of course only time will tell for sure. I dont like to make price predictions but I have been having a lot of luck doing so during the bull run. Let me tell you, anyone can trade a bull market. But can you successfully trade a bear market? I learned to trade in a bear market.
Below us... Well not much has changed. The support is abundant. The 4hr 50 MA and the 4hr 200 MA along with the 4hr cloud, the .786 fib is support, The daily 50 MA and the daily 200 MA and the daily cloud. Being above these particular indicators is quite bullish and this may equate into a new ATH. We will have to wait and see if that is the case. In the mean time we seem to be holding steady right at the 55k level. Say we do break down from this bullish trend? I think the .786 is the closest thing to support we can look for. So around 52k. With the overwhelming amount of support below us I would certainly not be surprised to see us at 60k before the weeks end. Especially if a few thing go our way...
Things? Yep. Things such as the stimulus passing. If they do in fact pass the stimulus it could have a positive effect upon the price of Bitcoin. When the money printers go BRRRRRRRRRR that inflates the supply which has a positive effect on BTC. People can call it a residual effect or direct but in the end the results are similar in nature. I read a post on social media yesterday that explains the situation quite well. As long as the amount of Fiat currency is infinite the price of BTC is also infinite. The 2 are correlated and becoming more and more correlated as time passes. I even heard Rothschilds bought into BTC. Another thing I read was in 2010 Wikipedia banned the BTC page calling it a big scam. 10 years later they accept BTC as payment. Things are changing. We were right. They were wrong. Not to rub it in or anything. Anyways I hope you all have a great day... Make good choices my friends! And always remember WTFDIK???
TLDR: Bulls either take us above 55k or we revisit 52k. That is my prediction. do what you will with that info. Remember I am not a financial advisor. Im a clairvoyant. Call me now for your free reading! (joke)
So I see we are really testing the minor resistance I pointed out on the charts. We seem to have reached a spot where its either sink or swim. The upward trend intersects with the minor resistance I pointed out and that creates a squeeze point. These squeeze points prelude a pump (or dump in other cases) and this one seems to be weak, but that doesnt mean I am not watching it. When I started writing this we were below 55k. And now we are above 55k. So if I were you I would keep an eye on this.
Major resistance still lies above the minor resistance I mentioned earlier. 58250 seems to be the line in the sand... That is the previous ATH and if we can pass that line I believe 60k is in the bag. Of course only time will tell for sure. I dont like to make price predictions but I have been having a lot of luck doing so during the bull run. Let me tell you, anyone can trade a bull market. But can you successfully trade a bear market? I learned to trade in a bear market.
Below us... Well not much has changed. The support is abundant. The 4hr 50 MA and the 4hr 200 MA along with the 4hr cloud, the .786 fib is support, The daily 50 MA and the daily 200 MA and the daily cloud. Being above these particular indicators is quite bullish and this may equate into a new ATH. We will have to wait and see if that is the case. In the mean time we seem to be holding steady right at the 55k level. Say we do break down from this bullish trend? I think the .786 is the closest thing to support we can look for. So around 52k. With the overwhelming amount of support below us I would certainly not be surprised to see us at 60k before the weeks end. Especially if a few thing go our way...
Things? Yep. Things such as the stimulus passing. If they do in fact pass the stimulus it could have a positive effect upon the price of Bitcoin. When the money printers go BRRRRRRRRRR that inflates the supply which has a positive effect on BTC. People can call it a residual effect or direct but in the end the results are similar in nature. I read a post on social media yesterday that explains the situation quite well. As long as the amount of Fiat currency is infinite the price of BTC is also infinite. The 2 are correlated and becoming more and more correlated as time passes. I even heard Rothschilds bought into BTC. Another thing I read was in 2010 Wikipedia banned the BTC page calling it a big scam. 10 years later they accept BTC as payment. Things are changing. We were right. They were wrong. Not to rub it in or anything. Anyways I hope you all have a great day... Make good choices my friends! And always remember WTFDIK???
TLDR: Bulls either take us above 55k or we revisit 52k. That is my prediction. do what you will with that info. Remember I am not a financial advisor. Im a clairvoyant. Call me now for your free reading! (joke)