Good morning again ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I have the 4hr pulled up after a slight pull back yesterday. We lost some fleeting support but that was really to be expected. I will explain why I feel that way. We have our heads in the clouds but I see some glimmers of hope that I want to bring up. So sit back and grab your coffee and enjoy!
The first thing I wanted to bring up is lost support. I expected us to see some red yesterday. When I made my analysis yesterday we were at the top of the triangle where we got rejected and dropped to the support of the 4hr 200 MA. When you see patterns like the triangle drawn on the chart you can plan your trades with some confidence. Its still not simple to trade a pattern but its definitely not rocket science by any means. Eventually we will escape the predictable nature of this triangle. Lets hope the bulls take the initiative.
We lost the 4hr 50 MA and we fell back into the 4hr cloud yesterday. Im seeing some support at the 4hr 200 MA and if this can hold for a bit confidence should gather and push us up out of the triangle. I like being in patterns like the triangle. Hear me out. There is a degree of predictability when you trade patterns vs the alternative. I always try to take advantage of predictability. Just a suggestion.
I also see the gap from 10620 - 10670 that was on the chart from last weekend is gone now. That is good news. I dont like leaving gaps below (even though I know we have numerous gaps below us) The fewer gaps below us the better. Looking at the daily time frame real fast and I see bollinger bands are tightening up. That coupled with the fact we are approaching the end of the triangle points to volatility on the horizon. If you want to play the triangle in a long position you need to set a stop loss. If Bitcoin is anything it is contrarian and as a result it can burn you if you are flagrant with your positions.
We are not in terrible shape by any means. I see us inside this triangle for 1-3 more days... I could be wrong but I am just thinking out loud folks. Technically we could be in the triangle til the 15th or so. But I think we will escape earlier. If you ask me I am not particularly bearish or bullish at the moment (short term) Im kind if just here. Waiting to see what happens next. Believe me, I am as prepared as can be... Im just a bit cautious after 2 decent FUD situations showed up after a long period of nearly zero FUD. Kucoin hack and Bitmex fiasco really put some fear into the hearts of traders everywhere. But the sun is starting to shine again... I hope you all have a great day folks. Make good choices! WTFDIK???
TLDR: Filled in the gap from 10620 - 10670. 4hr 200 MA is support currently. Sentiment is largely mixed. Set a stop loss!
The first thing I wanted to bring up is lost support. I expected us to see some red yesterday. When I made my analysis yesterday we were at the top of the triangle where we got rejected and dropped to the support of the 4hr 200 MA. When you see patterns like the triangle drawn on the chart you can plan your trades with some confidence. Its still not simple to trade a pattern but its definitely not rocket science by any means. Eventually we will escape the predictable nature of this triangle. Lets hope the bulls take the initiative.
We lost the 4hr 50 MA and we fell back into the 4hr cloud yesterday. Im seeing some support at the 4hr 200 MA and if this can hold for a bit confidence should gather and push us up out of the triangle. I like being in patterns like the triangle. Hear me out. There is a degree of predictability when you trade patterns vs the alternative. I always try to take advantage of predictability. Just a suggestion.
I also see the gap from 10620 - 10670 that was on the chart from last weekend is gone now. That is good news. I dont like leaving gaps below (even though I know we have numerous gaps below us) The fewer gaps below us the better. Looking at the daily time frame real fast and I see bollinger bands are tightening up. That coupled with the fact we are approaching the end of the triangle points to volatility on the horizon. If you want to play the triangle in a long position you need to set a stop loss. If Bitcoin is anything it is contrarian and as a result it can burn you if you are flagrant with your positions.
We are not in terrible shape by any means. I see us inside this triangle for 1-3 more days... I could be wrong but I am just thinking out loud folks. Technically we could be in the triangle til the 15th or so. But I think we will escape earlier. If you ask me I am not particularly bearish or bullish at the moment (short term) Im kind if just here. Waiting to see what happens next. Believe me, I am as prepared as can be... Im just a bit cautious after 2 decent FUD situations showed up after a long period of nearly zero FUD. Kucoin hack and Bitmex fiasco really put some fear into the hearts of traders everywhere. But the sun is starting to shine again... I hope you all have a great day folks. Make good choices! WTFDIK???
TLDR: Filled in the gap from 10620 - 10670. 4hr 200 MA is support currently. Sentiment is largely mixed. Set a stop loss!