Good morning everyone and welcome to my daily analysis of Bitcoin. Today I have the daily pulled up after a pretty nice evening of pump action. Nice work bulls. We eclipsed the top of my fib and it is currently support for now... I still see some key hurdles we need to hop over to keep this momentum going. We will look into these during this analysis. So sit back and get ready to be dazzled.
First thing I noticed this a.m. is the fact that we broke into the 10k region once again. The world may be in flames but Bitcoin is doing great! Just think about it... We were at 3800 a few months ago.. March 13th to be exact. Now we are nearly 3x that. That is nice if you played that pump right. We finally broke back above 10k for the first time in almost a month proving the bears are weaklings that are too busy chasing picnic baskets...
The next thing I will touch on is we were in solid consolidation for nearly a month. Bouncing between 8k and 10k pretty much. The longer we were in consolidation the tighter the consolidation got. This is typical in markets across the board. That is why the bollinger bands are effective tools. They can show you the squeeze and help you see that volatility is coming. They sure were tight before yesterdays break out... That is for sure.
Next I will touch on the fact we broke from the weekly cloud and closed above it this past Sunday. The weekly and monthly closed on the same day and the next day we pumped. There were plenty of factors that likely went into this pump but being above the cloud (especially weekly) is bullish. Especially if you can get that confirmation candle formed above the cloud indicating the escape is complete. The cloud can be confining therefore when you break above it the market gains confidence. The opposite is true if you break out of the cloud to the bottom. Just look at the charts yourself.. There are loads of examples of this occurring.
I wont pretend I can tell the future because after a break out like this is the toughest time to make a call as far as TA goes. But I will say that I am walking up that stop loss and locking in that profit. Sure I missed the top (10400) but no sweat. I never get the top usually. I would rather use my method of walking my stop loss up every time we go up. This ensures that I dont miss a pump due to greed. I also minimize the risk by keeping a strict stop loss. By strict I mean I never trade without one. Have a plan and stick with it folks. A smart man with no plan can be out done by an idiot with a plan...
10k held throughout the night and that in itself is an accomplishment. I desire a break above 10500 but I will take what I can get at this point. Plenty of alts also jumped onto the pump train and its nice to see the market reacting positively even in this current state of affairs. Things could be worse folks. It can always be worse. Lets hope this support holds and we remain above 10k. We will see how the west reacts to 10100 BTC in a few hours so I am eager to see how they handle this. To fomo or not to fomo... That is the question. But then again WTFDIK???
TLDR: BTC > Gold
First thing I noticed this a.m. is the fact that we broke into the 10k region once again. The world may be in flames but Bitcoin is doing great! Just think about it... We were at 3800 a few months ago.. March 13th to be exact. Now we are nearly 3x that. That is nice if you played that pump right. We finally broke back above 10k for the first time in almost a month proving the bears are weaklings that are too busy chasing picnic baskets...
The next thing I will touch on is we were in solid consolidation for nearly a month. Bouncing between 8k and 10k pretty much. The longer we were in consolidation the tighter the consolidation got. This is typical in markets across the board. That is why the bollinger bands are effective tools. They can show you the squeeze and help you see that volatility is coming. They sure were tight before yesterdays break out... That is for sure.
Next I will touch on the fact we broke from the weekly cloud and closed above it this past Sunday. The weekly and monthly closed on the same day and the next day we pumped. There were plenty of factors that likely went into this pump but being above the cloud (especially weekly) is bullish. Especially if you can get that confirmation candle formed above the cloud indicating the escape is complete. The cloud can be confining therefore when you break above it the market gains confidence. The opposite is true if you break out of the cloud to the bottom. Just look at the charts yourself.. There are loads of examples of this occurring.
I wont pretend I can tell the future because after a break out like this is the toughest time to make a call as far as TA goes. But I will say that I am walking up that stop loss and locking in that profit. Sure I missed the top (10400) but no sweat. I never get the top usually. I would rather use my method of walking my stop loss up every time we go up. This ensures that I dont miss a pump due to greed. I also minimize the risk by keeping a strict stop loss. By strict I mean I never trade without one. Have a plan and stick with it folks. A smart man with no plan can be out done by an idiot with a plan...
10k held throughout the night and that in itself is an accomplishment. I desire a break above 10500 but I will take what I can get at this point. Plenty of alts also jumped onto the pump train and its nice to see the market reacting positively even in this current state of affairs. Things could be worse folks. It can always be worse. Lets hope this support holds and we remain above 10k. We will see how the west reacts to 10100 BTC in a few hours so I am eager to see how they handle this. To fomo or not to fomo... That is the question. But then again WTFDIK???
TLDR: BTC > Gold