Good morning ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I have the 4hr time frame pulled up after a pretty flat day yesterday in terms of price action. We have muscled our way above 11400 where we sit currently. But there is still work to do if we want to keep the momentum alive. This market is capable of making big moves in a short period of time so we need to be ready for anything. Lets take a look at the chart and see what we can see.
First of all the gap is still above us. While it is only a roughly 40 USD gap it is certainly still valid. Most gaps dont take very long to fill so I imagine this particular gap can fill today given the right circumstances. We are pretty close to filling it right now. If we fill in this small gap above us all the other existing gaps would be below us. Some of those gaps have been on the chart for ages so they arent necessarily a threat so to speak. But its nice to know that they are there. Just in case.
We are approaching the 4hr cloud which has finally caught up to the candles. Looking at what is ahead I can see the top border of the cloud peaks around 11525 which would fill in that gap I mentioned earlier. If we can establish the top border of the cloud as support we can see 11500+ by tomorrow. If we enter the cloud though all bets are off. Being within the confines of the cloud typically results in consolidation. We have plenty of support below us so even if we did fall into the cloud I think we could still remain in 5 figure BTC for some time.
The 4hr 50 MA has been providing support to the candles for 3-4 days now and is holding strong. The .236 fib is acting as resistance and barring one pump to 12200 the .236 has pretty much kept the candles in check for the last 8-9 days. Directly above the .236 resistance we see the gap I mentioned earlier (11480 - 11520) The only way we fill in that gap is to break resistance. So the .236 is the next hurdle. I think the bulls can beat it but only time will tell for sure. We are literally attempting to break the .236 resistance as I type. Cmon bulls!!!
So the approaching cloud can push us back above 11500 if everything works out right. We should know within 5-6 4hr candles. Stay tuned!!! The new yearly high of 12135 approximately is the next real resistance after the .236 I mentioned earlier. In order to create the higher highs we desire as traders we need to obviously break the previous high of 12135. We could fomo ourselves into 14k easily right now. With the halving at our backs people are froggy. The 2.5 year resistance we broke recently is long gone. I haven't been this bullish in ages. That doesn't mean Im trading without a safety net though. Like they say... When you are happy and you know it sell... Im not saying sell. Im saying be prepared for anything folks. We all know how wild BTC can be and those that get lazy with their trades lose their investments. After they lose they trash crypto as a scam when with a little care and a stop loss you could have avoided those heavy losses.
August has been a good month so far. The weekly looks great right now. We are above the cloud on all the major time frames along with the 50 and 200 MA. Things look fantastic from my point of view. I want to see the bulls fill in this gap. We are a stones throw away from filling it. It could happen any minute. The bears are totally capable of ruining the picnic folks. When you trade expect the worst. Always. It may sound like pessimism and it is to an extent. But its more about avoiding risk when and where you can. That is what makes a successful trader. Minimize your losses while maximizing gains. You are going to lose if you trade. That cannot be avoided. But what you can control is the amount you lose by sticking with a stop loss and watching the charts (set alerts etc) If you are actively trading ignoring one single alert could be bad so make sure you can devote the time necessary to be successful trading. I like to keep the stop loss on and while I have only missed on a stop loss tripping a few times it happens to a lot of people. A stop loss isnt 100% fool proof. But its better than the alternative if you ask me. Like I said the other day. Sure you can jump from a plane with a parachute and you will likely be fine. But I want that back up parachute. Just in case. That is a good representation of a stop loss. Trade with caution folks. Make good choices!!! WTFDIK???
TLDR: The gap is a stones throw from being filled. We could see 11500 by tomorrow if we can keep the 4hr cloud below us for the next day or so. Im still bullish but that doesnt mean Im not actively preparing for a drop. Just in case.
First of all the gap is still above us. While it is only a roughly 40 USD gap it is certainly still valid. Most gaps dont take very long to fill so I imagine this particular gap can fill today given the right circumstances. We are pretty close to filling it right now. If we fill in this small gap above us all the other existing gaps would be below us. Some of those gaps have been on the chart for ages so they arent necessarily a threat so to speak. But its nice to know that they are there. Just in case.
We are approaching the 4hr cloud which has finally caught up to the candles. Looking at what is ahead I can see the top border of the cloud peaks around 11525 which would fill in that gap I mentioned earlier. If we can establish the top border of the cloud as support we can see 11500+ by tomorrow. If we enter the cloud though all bets are off. Being within the confines of the cloud typically results in consolidation. We have plenty of support below us so even if we did fall into the cloud I think we could still remain in 5 figure BTC for some time.
The 4hr 50 MA has been providing support to the candles for 3-4 days now and is holding strong. The .236 fib is acting as resistance and barring one pump to 12200 the .236 has pretty much kept the candles in check for the last 8-9 days. Directly above the .236 resistance we see the gap I mentioned earlier (11480 - 11520) The only way we fill in that gap is to break resistance. So the .236 is the next hurdle. I think the bulls can beat it but only time will tell for sure. We are literally attempting to break the .236 resistance as I type. Cmon bulls!!!
So the approaching cloud can push us back above 11500 if everything works out right. We should know within 5-6 4hr candles. Stay tuned!!! The new yearly high of 12135 approximately is the next real resistance after the .236 I mentioned earlier. In order to create the higher highs we desire as traders we need to obviously break the previous high of 12135. We could fomo ourselves into 14k easily right now. With the halving at our backs people are froggy. The 2.5 year resistance we broke recently is long gone. I haven't been this bullish in ages. That doesn't mean Im trading without a safety net though. Like they say... When you are happy and you know it sell... Im not saying sell. Im saying be prepared for anything folks. We all know how wild BTC can be and those that get lazy with their trades lose their investments. After they lose they trash crypto as a scam when with a little care and a stop loss you could have avoided those heavy losses.
August has been a good month so far. The weekly looks great right now. We are above the cloud on all the major time frames along with the 50 and 200 MA. Things look fantastic from my point of view. I want to see the bulls fill in this gap. We are a stones throw away from filling it. It could happen any minute. The bears are totally capable of ruining the picnic folks. When you trade expect the worst. Always. It may sound like pessimism and it is to an extent. But its more about avoiding risk when and where you can. That is what makes a successful trader. Minimize your losses while maximizing gains. You are going to lose if you trade. That cannot be avoided. But what you can control is the amount you lose by sticking with a stop loss and watching the charts (set alerts etc) If you are actively trading ignoring one single alert could be bad so make sure you can devote the time necessary to be successful trading. I like to keep the stop loss on and while I have only missed on a stop loss tripping a few times it happens to a lot of people. A stop loss isnt 100% fool proof. But its better than the alternative if you ask me. Like I said the other day. Sure you can jump from a plane with a parachute and you will likely be fine. But I want that back up parachute. Just in case. That is a good representation of a stop loss. Trade with caution folks. Make good choices!!! WTFDIK???
TLDR: The gap is a stones throw from being filled. We could see 11500 by tomorrow if we can keep the 4hr cloud below us for the next day or so. Im still bullish but that doesnt mean Im not actively preparing for a drop. Just in case.