Good morning ladies and gentlemen and welcome back to my daily look into the life of the honey badger itself... Bitcoin. Today I have the 4hr time frame pulled up after moving sideways for the entire week so far. Pretty boring if you are looking for a decent swing to profit from... But there is certainly still plenty of money to be made if you play your crypto cards right. I know a lot of people are waiting for that moon and that is understandable but while you wait for 20k plus you can still make money down here at 11k. Lets take a look at the honey badger in action. (Bitcoin = Honey Badger)
First thing I notice this a.m. is the fact we are still hovering at 11300 approximately. I should be excited just to be at this level after all that recent Bitmex FUD coupled with the more latter FUD from Kucoin... But I am a typical spoiled crypto trader/investor and I demand to see huge swings in minutes that I can profit from! LOL. But seriously, I see a lot that can happen within the next few days and some scenarios look decent while others... Well not so much. Lets rap about some of these situations shall we?
Okay I drew a little crude triangle that isnt well defined or anything. But the candles are seemingly respecting the borders for now and I am watching it. I am watching it close at this time due to the mounting support. We have a few key indicators collectively coming together for the common good of humanity. So we have the 4hr 50 MA chasing the candles up the chart. Soon it will catch up if we stay in consolidation and I can say that I am hopeful that the 4hr 50 MA will support us in the event of the candles testing it. I know hope and trading dont mix but Im not making all my decisions based on this hopium. No siree.
RSI is dropping which is a good sign. After the recent pump to 11500 approximately we have seen a bit of a retreat from the recent 11500 high. But the RSI is also retreating from the over bought territory and that is bullish. The bollinger bands on the 4hr are tightening as well which is an indication that volatility is on the horizon. With the support of the 4hr cloud directly below us coupled with the 4hr 50 MA I mentioned a bit earlier things can get exciting... I would not count my chickens before they hatch but I will say I am prepared for a pump. "What does that mean Tim???" Well it means I am long with a stop loss. Simple technique that works extremely well.
Am I "full bull" as I have said in the past??? Nah... Not at the moment. The recent pump we saw last weekend that took us above 11k left a 200 dollar gap below us. Until we retest the 11100 support we will not fill the gap. This doesnt really concern me. After all that is what a stop loss is for. I would preferably like to see us fill that small gap before we rise again but only time will tell if that develops into something feasible. In the mean time I will be dreaming of the moon like all other moon bois. Lets see if the bulls can take the baton and cross that 12k... Nothing in life is guaranteed so set a stop loss for the love of God people. I hope you all have a fantastic day and I hope that you all make good choices! And always remember, WTFDIK???
TLDR: What would you do for a Klondike bar?
First thing I notice this a.m. is the fact we are still hovering at 11300 approximately. I should be excited just to be at this level after all that recent Bitmex FUD coupled with the more latter FUD from Kucoin... But I am a typical spoiled crypto trader/investor and I demand to see huge swings in minutes that I can profit from! LOL. But seriously, I see a lot that can happen within the next few days and some scenarios look decent while others... Well not so much. Lets rap about some of these situations shall we?
Okay I drew a little crude triangle that isnt well defined or anything. But the candles are seemingly respecting the borders for now and I am watching it. I am watching it close at this time due to the mounting support. We have a few key indicators collectively coming together for the common good of humanity. So we have the 4hr 50 MA chasing the candles up the chart. Soon it will catch up if we stay in consolidation and I can say that I am hopeful that the 4hr 50 MA will support us in the event of the candles testing it. I know hope and trading dont mix but Im not making all my decisions based on this hopium. No siree.
RSI is dropping which is a good sign. After the recent pump to 11500 approximately we have seen a bit of a retreat from the recent 11500 high. But the RSI is also retreating from the over bought territory and that is bullish. The bollinger bands on the 4hr are tightening as well which is an indication that volatility is on the horizon. With the support of the 4hr cloud directly below us coupled with the 4hr 50 MA I mentioned a bit earlier things can get exciting... I would not count my chickens before they hatch but I will say I am prepared for a pump. "What does that mean Tim???" Well it means I am long with a stop loss. Simple technique that works extremely well.
Am I "full bull" as I have said in the past??? Nah... Not at the moment. The recent pump we saw last weekend that took us above 11k left a 200 dollar gap below us. Until we retest the 11100 support we will not fill the gap. This doesnt really concern me. After all that is what a stop loss is for. I would preferably like to see us fill that small gap before we rise again but only time will tell if that develops into something feasible. In the mean time I will be dreaming of the moon like all other moon bois. Lets see if the bulls can take the baton and cross that 12k... Nothing in life is guaranteed so set a stop loss for the love of God people. I hope you all have a fantastic day and I hope that you all make good choices! And always remember, WTFDIK???
TLDR: What would you do for a Klondike bar?