Good morning again ladies and gentlemen and welcome back to my daily look into the world of Bitcoin. Today I have the 4hr pulled up after a nice pump to 13k plus yesterday. Nice work there bulls! We had some outside interference in my opinion that assisted us to 13k and I will touch on that a bit later. We created a new yearly high yesterday and things are looking good for the bulls. Lets take a look at the chart.
I drew a new fib this a.m. and it seems to work out well. I noticed that we topped out around 13250 and that is quite impressive. I would not be surprised to see a bit of consolidation for the time being. This will give the bulls time to refuel or the bears time to plot their revenge. Regardless of what occurs we know that plenty of profit was made yesterday and if you havent walked your stop loss up yet what are you waiting for??? The bulls took us to new heights yesterday and I am making sure to lock in those gains.
RSI is currently very high which isnt really concerning but it could hinder another push towards 14k. Currently my trading set up is not extremely helpful as it is pretty far below the candles this morning thanks to the pump yesterday. I thought perhaps a broadening wedge pattern was in the midst of forming yesterday a.m. but I am pretty sure it was invalidated by the pump we witnessed. Its always fun when the candles are green isnt it???
The good news yesterday is at least partially to blame for the big spike yesterday. Paypal to allow buying and selling of cryptocurrency on their platform. This is a huge deal. 350 million people use Paypal and this can bring crypto to the masses. Or at least be a significant step in the right direction. I use paypal often and this is awesome to see. Cryptocurrency is literally being legitimized right before our eyes. I am interested in seeing how the fee structures work when buying and selling Bitcoin on the platform. I will certainly keep an eye on it and I will try to make my next buy on the platform if possible. Stay tuned!
At the end of the day we hit a brick wall at 13250. No sweat tho. Nothing goes up forever. At least not straight up. Markets are cyclical and we are witnessing that right before our very eyes. Just think 8 months ago we were sitting around 3800. Now we are almost 10k above that. Over 3x your investment in less than a year is a great return dont you think? I know we get spoiled with the gains we see in crypto, but 3x is 3x. I am not expecting the fireworks we saw yesterday to happen again today but perhaps I am wrong. RSI certainly suggests that we are going to consolidate or drop a bit. I would set a stop loss and hope for the best but prepare for the worst. You just never know when the bears are going to strike. Have a great day everyone. Make good choices! WTFDIK???
TLDR: 13K!!!!!!!!!!!!
I drew a new fib this a.m. and it seems to work out well. I noticed that we topped out around 13250 and that is quite impressive. I would not be surprised to see a bit of consolidation for the time being. This will give the bulls time to refuel or the bears time to plot their revenge. Regardless of what occurs we know that plenty of profit was made yesterday and if you havent walked your stop loss up yet what are you waiting for??? The bulls took us to new heights yesterday and I am making sure to lock in those gains.
RSI is currently very high which isnt really concerning but it could hinder another push towards 14k. Currently my trading set up is not extremely helpful as it is pretty far below the candles this morning thanks to the pump yesterday. I thought perhaps a broadening wedge pattern was in the midst of forming yesterday a.m. but I am pretty sure it was invalidated by the pump we witnessed. Its always fun when the candles are green isnt it???
The good news yesterday is at least partially to blame for the big spike yesterday. Paypal to allow buying and selling of cryptocurrency on their platform. This is a huge deal. 350 million people use Paypal and this can bring crypto to the masses. Or at least be a significant step in the right direction. I use paypal often and this is awesome to see. Cryptocurrency is literally being legitimized right before our eyes. I am interested in seeing how the fee structures work when buying and selling Bitcoin on the platform. I will certainly keep an eye on it and I will try to make my next buy on the platform if possible. Stay tuned!
At the end of the day we hit a brick wall at 13250. No sweat tho. Nothing goes up forever. At least not straight up. Markets are cyclical and we are witnessing that right before our very eyes. Just think 8 months ago we were sitting around 3800. Now we are almost 10k above that. Over 3x your investment in less than a year is a great return dont you think? I know we get spoiled with the gains we see in crypto, but 3x is 3x. I am not expecting the fireworks we saw yesterday to happen again today but perhaps I am wrong. RSI certainly suggests that we are going to consolidate or drop a bit. I would set a stop loss and hope for the best but prepare for the worst. You just never know when the bears are going to strike. Have a great day everyone. Make good choices! WTFDIK???
TLDR: 13K!!!!!!!!!!!!