Good morning again ladies and gentlemen and welcome back to my daily look into the Bitcoin world. Today I have the daily time frame pulled up after holding our ground yesterday. We are slowly retaking the support lost after the Bitmex FUD from last and things look much more promising at this time, at least compared to last week. The charts are telling me a lot this a.m. so lets have a listen to what the charts are telling us.
First and foremost I want to discuss the fact that we have been retaking lost support. I mentioned it earlier but I want to elaborate. We lost my entire trade set up after the Bitmex fud (50 MA, 200 MA, Ichimoku Cloud). That will take the wind out of anyone's sails. But typically FUD can effect the price and cause a drop. It did in fact cause a drop though it was not as big as many predicted. Sentiment waned as we lost the support. But when the dust settled we were still above 10K. The fall was not as bad as I thought it would be. Confidence slowly flowed back into the markets and we have slowly retaken the support lost last week.
I have the support and resistance listed on the chart but I also wanted to discuss it a bit here. The support listed is overwhelming when compared to the resistance listed but that doesnt necessarily mean the only way is up. I would say the path of least resistance is up but Bitcoin is a contrarian little punk... Anyways the resistance listed is major as we have not been able to penetrated it since late September. That is the daily cloud. Right now even it is providing resistance. Well that along with the triangle pattern I have had on the chart for days. We bounced right off resistance and logic dictates we drop a bit from here. But we could also break up out of the triangle pattern all together. Remember, Bitcoin is a contrarian and just when you think you got it figured out BTC will jump up and slap you across the face. If you want to play this tight spot (long) set a stop loss quick. Who knows? Maybe it will pay off?
We did escape the confines of the 4hr cloud within the last 8-12 hours. I will take that as a win. The very fact we are retaking a lot of the lost support post Bitmex FUD is allowing my confidence to be restored. FUD can cause disastrous situations on the chart but the market kept its collective cool and we did not even lose 10k 1 time. That is the very definition of resilient. FUD doesnt always stick. It can cause a drop like the FUD last week did but ultimately the candles recovered much to the bears chagrin. So in this case the Bitmex FUD did not stick. Perhaps the drop is severely delayed... Or perhaps the FUD is over?? Only time will tell.
I am pretty bullish but we did hit the top of the triangle and that means we are likely due for a red candle or 2. No sweat. I have been playing this triangle pretty well and I do expect the candles to leave the triangle very soon. Technically we could stay inside this triangle til the 17th but I imagine we break out before that. Which way do we go??? That is the million dollar question isnt it? We still have a gap below us from 10620 - 10670. Well we have plenty of gaps below us but the closest is the one I just mentioned. I said it yesterday and Ill say it again... I hope we drop enough to fill the gap before we rise. But I digress. Right now on the 4hr support far outweighs resistance and that is not bad.... Not bad at all kiddo. I hope you all have a great day and have many great returns. Make good choices you guys!!! WTFDIK???
TLDR: Support is slowly building. Confidence is returning. Set a stop loss just in case folks!
still a gap from 10620 - 10665
First and foremost I want to discuss the fact that we have been retaking lost support. I mentioned it earlier but I want to elaborate. We lost my entire trade set up after the Bitmex fud (50 MA, 200 MA, Ichimoku Cloud). That will take the wind out of anyone's sails. But typically FUD can effect the price and cause a drop. It did in fact cause a drop though it was not as big as many predicted. Sentiment waned as we lost the support. But when the dust settled we were still above 10K. The fall was not as bad as I thought it would be. Confidence slowly flowed back into the markets and we have slowly retaken the support lost last week.
I have the support and resistance listed on the chart but I also wanted to discuss it a bit here. The support listed is overwhelming when compared to the resistance listed but that doesnt necessarily mean the only way is up. I would say the path of least resistance is up but Bitcoin is a contrarian little punk... Anyways the resistance listed is major as we have not been able to penetrated it since late September. That is the daily cloud. Right now even it is providing resistance. Well that along with the triangle pattern I have had on the chart for days. We bounced right off resistance and logic dictates we drop a bit from here. But we could also break up out of the triangle pattern all together. Remember, Bitcoin is a contrarian and just when you think you got it figured out BTC will jump up and slap you across the face. If you want to play this tight spot (long) set a stop loss quick. Who knows? Maybe it will pay off?
We did escape the confines of the 4hr cloud within the last 8-12 hours. I will take that as a win. The very fact we are retaking a lot of the lost support post Bitmex FUD is allowing my confidence to be restored. FUD can cause disastrous situations on the chart but the market kept its collective cool and we did not even lose 10k 1 time. That is the very definition of resilient. FUD doesnt always stick. It can cause a drop like the FUD last week did but ultimately the candles recovered much to the bears chagrin. So in this case the Bitmex FUD did not stick. Perhaps the drop is severely delayed... Or perhaps the FUD is over?? Only time will tell.
I am pretty bullish but we did hit the top of the triangle and that means we are likely due for a red candle or 2. No sweat. I have been playing this triangle pretty well and I do expect the candles to leave the triangle very soon. Technically we could stay inside this triangle til the 17th but I imagine we break out before that. Which way do we go??? That is the million dollar question isnt it? We still have a gap below us from 10620 - 10670. Well we have plenty of gaps below us but the closest is the one I just mentioned. I said it yesterday and Ill say it again... I hope we drop enough to fill the gap before we rise. But I digress. Right now on the 4hr support far outweighs resistance and that is not bad.... Not bad at all kiddo. I hope you all have a great day and have many great returns. Make good choices you guys!!! WTFDIK???
TLDR: Support is slowly building. Confidence is returning. Set a stop loss just in case folks!
still a gap from 10620 - 10665