Good morning ladies and gentlemen and welcome to my daily look into the world we know as Bitcoin... Today I have the 4hr pulled up after a pretty flat week so far. We have managed to cling to 11k and hold onto it for the time being. I will take that as a win. The bulls have kept us above key support all week and that is a win as well. But can the bulls keep it up? I have my eyes on a few things on the chart and we will touch on a few of these things this morning. So pull up a chair and lets get this party started.
The bulls took us above 11k this past weekend and we have remained above 11k since. That is pretty impressive. But I do see reason to believe we could lose support if we dont move up pretty fast. We are testing the 4hr 50 MA at the moment and the reason that concerns me is the 4hr 200 MA has seemingly caught up to the candles. We either move up from here or the 4hr 50 MA overtakes us and becomes resistance. That is not what we want to see as bulls.
I am looking at the chart this a.m. and I cant help but notice that it sure looks like a head and shoulders developing on the chart. I really hope that I am wrong about this. But it really looks like it could go either way. If this is a head and shoulders pattern we will see a drop to under 11k very soon. If I am wrong about the head and shoulders support should hold and we may hold onto 11k for the foreseeable future anyways. But that is not written in stone by any means. We will have to keep an eye on the chart for the next 24 hours and see what develops. One thing is for sure. If this is in fact a head and shoulders pattern we will fill in the small gap below us rather quickly (11100 - 11250).
The bears are waiting patiently to make their next carefully plotted move. With a possible head and shoulders on the 4hr time frame the bulls have their work cut out for them if they want to turn the current sentiment around. Sentiment is easy to ignore in favor of more logical means to read a chart. I am not 100% sure this is a legit head and shoulders. The market will ultimately decide. In the mean time set a stop loss. We still have a few gaps below us and although I am bullish long term I know this market well and just when you think we go up we dip.
We are still sitting above my set up on the chart (50 MA, 200 MA, ichicmoku cloud) and that is bullish (as I have stated in the past) We really need to use the 4hr 50 MA as a launch point. Its the end of the work week today so if we are going to move today would be the ideal day. I mean moves do happen on the weekend from time to time but more often than not the weekend is pretty boring. If we can make it to Sunday above 11100 I will take that as a win. 11100 is important and we need to keep this under us. If we lose 11100 we are likely to see 10k again. Set a stop loss folks! Prepare for the worse while hoping for the best. Have a great day and make good choices!!! WTFDIK???
TLDR: Things look a little in limbo. My sentiment is mixed and I am uneasy about a possible Head and shoulders on the 4hr. I am not 100% certain its a valid head and shoulders. You be the judge and set a stop loss!
The bulls took us above 11k this past weekend and we have remained above 11k since. That is pretty impressive. But I do see reason to believe we could lose support if we dont move up pretty fast. We are testing the 4hr 50 MA at the moment and the reason that concerns me is the 4hr 200 MA has seemingly caught up to the candles. We either move up from here or the 4hr 50 MA overtakes us and becomes resistance. That is not what we want to see as bulls.
I am looking at the chart this a.m. and I cant help but notice that it sure looks like a head and shoulders developing on the chart. I really hope that I am wrong about this. But it really looks like it could go either way. If this is a head and shoulders pattern we will see a drop to under 11k very soon. If I am wrong about the head and shoulders support should hold and we may hold onto 11k for the foreseeable future anyways. But that is not written in stone by any means. We will have to keep an eye on the chart for the next 24 hours and see what develops. One thing is for sure. If this is in fact a head and shoulders pattern we will fill in the small gap below us rather quickly (11100 - 11250).
The bears are waiting patiently to make their next carefully plotted move. With a possible head and shoulders on the 4hr time frame the bulls have their work cut out for them if they want to turn the current sentiment around. Sentiment is easy to ignore in favor of more logical means to read a chart. I am not 100% sure this is a legit head and shoulders. The market will ultimately decide. In the mean time set a stop loss. We still have a few gaps below us and although I am bullish long term I know this market well and just when you think we go up we dip.
We are still sitting above my set up on the chart (50 MA, 200 MA, ichicmoku cloud) and that is bullish (as I have stated in the past) We really need to use the 4hr 50 MA as a launch point. Its the end of the work week today so if we are going to move today would be the ideal day. I mean moves do happen on the weekend from time to time but more often than not the weekend is pretty boring. If we can make it to Sunday above 11100 I will take that as a win. 11100 is important and we need to keep this under us. If we lose 11100 we are likely to see 10k again. Set a stop loss folks! Prepare for the worse while hoping for the best. Have a great day and make good choices!!! WTFDIK???
TLDR: Things look a little in limbo. My sentiment is mixed and I am uneasy about a possible Head and shoulders on the 4hr. I am not 100% certain its a valid head and shoulders. You be the judge and set a stop loss!