Good morning ladies and gentlemen and welcome back to my daily look into the highs and lows of Bitcoin. Today I have the 4hr pulled up after a pretty clean weekend. I mean we didnt set any records as far as a pump is concerned but I am encouraged to wake up and see the newly established support. Trick is keeping that support. I noticed a few things I thought I should bring you your attention so grab a donut and lets get this party started.
The first thing I want to bring up is the fact we broke above the 4hr cloud. So now we are sitting pretty above the cloud which is considered to be bullish. I will be more comfortable when we get a bit of distance between the candles and the cloud though. As for now we are barely above the cloud. As the western hemisphere awakens from their slumbers we shall see which way they plan on taking the market.
I also want to bring up the fact that there is a small gap below us. between 11440 and 11475. 25 dollars. But it is still there and will still be a thorn in our sides until it gets filled. If we were to fill the gap we could technically stay out of the 4hr cloud. Just barely as the top border lies right at the bottom of the gap. I hate when gaps form below us but I do have some good news. We have filled the gap the candles created 2 weeks ago so at least that gap is not a factor anymore. Looking at the chart a bit closer and we may have very well already filled the gap from this past weekend as well. Tell me what you guys think.
11600 looks like the next real hurdle for us. The last few times we toyed with this resistance level we failed to ultimately breach it. Looking at the 4hr the path of least resistance (there is more support than resistance) is up. No way around it. Does that mean we go up? LOL. Absolutely not. If you have spent any time in this market you have to know by now the only certainty with Bitcoin is there is no certainty. The best advice isnt me telling you it will go up or it will go down... It is set a stop loss. Walk that stop loss up. Never move it down. Develop a plan and stick to it.
Looking at the daily I see some deep wicks over the last week. That shows me the bulls werent ready to see the candles drop back to the 11100 support. There is a lot of volume coming in around 11100 and every time we approach it we seemingly recover nicely. This is a new week so I cannot guarantee this will continue to be the case. Refer to the last paragraph (last sentences) for my advice.
11100 is not current support but that is a line in the sand folks. Im not saying you must set your stop loss there but it would not be the worst spot on the chart. If we drop below 11100 we can expect to see a bit of blood in the streets in my opinion. Of course only time will tell for sure. We have a real shot to retake 12k this week if the FUD stays out of the mix. Yesterday was the weekly close and it was decent. Nothing to write home about. Lets see what the bulls can pull off this week. I hope you all have a fantastic Monday... Make good choices! WTFDIK???
TLDR: above the 4hr cloud and 4hr 50 MA. We are better off today than Friday. Lets see if the bulls can keep it up.