Good morning everyone and welcome to my daily analysis of Bitcoin. Today I am taking a look at the 4hr chart after the weekly close and I can see we lost a bit of ground since yesterdays analysis. Luckily we had a bit of support beneath us to cushion the fall. The weekly closed back above the weekly 200 MA again so that is something we can celebrate as bulls. But what is next?
Looking at the 4hr we can see we eventually succumbed and ended up sinking into that cloud. Lucky for us the cloud had the 50 MA piercing it which resulted in some much needed support for the candles. Right now the 50 MA and the top border of the cloud have the candles confined a bit and there will likely be a break out soon. Depending on how the markets open this a.m. we will see if they choose up or down.
While writing this analysis we sank below the .5 fib (5800ish) and are currently looking pretty volatile. I would not be eager to enter a position at the moment without using a strict stop loss. With the way people are acting I would not take any chances with my trades. Going long or short right now is very risky and unless you use a stop loss or are using money you dont really need sitting on the sidelines for a bit never hurt anyone.
Not to say we wont moon. We all know what Bitcoin is capable of. I am just cautious during this trying time due to many factors. When there is so much that can effect the price you do not need to race into a position unless you are confident. You will get another shot.
The daily had a golden cross that is in the process of turning back into the bearish death cross. It happens. Ive seen a few instances where the gas just ran out and the golden cross reversed. Not all golden crosses are created equal thats for sure. My best advice is to be patient. The blood bath may not be over with and I dont want anyone to get burned. But oil recently dropping to under 20 a barrel is not good news for any market including BTC in my opinion. But things will recover and the sun will come out again. Until then either load up on what cheap BTC you can get your hands on. But then again WTFDIK???
TLDR: We are inside the 4hr cloud. Could mean consolidation. Weekly close looks decent. daily death cross is imminent. Happy Monday everyone!
Looking at the 4hr we can see we eventually succumbed and ended up sinking into that cloud. Lucky for us the cloud had the 50 MA piercing it which resulted in some much needed support for the candles. Right now the 50 MA and the top border of the cloud have the candles confined a bit and there will likely be a break out soon. Depending on how the markets open this a.m. we will see if they choose up or down.
While writing this analysis we sank below the .5 fib (5800ish) and are currently looking pretty volatile. I would not be eager to enter a position at the moment without using a strict stop loss. With the way people are acting I would not take any chances with my trades. Going long or short right now is very risky and unless you use a stop loss or are using money you dont really need sitting on the sidelines for a bit never hurt anyone.
Not to say we wont moon. We all know what Bitcoin is capable of. I am just cautious during this trying time due to many factors. When there is so much that can effect the price you do not need to race into a position unless you are confident. You will get another shot.
The daily had a golden cross that is in the process of turning back into the bearish death cross. It happens. Ive seen a few instances where the gas just ran out and the golden cross reversed. Not all golden crosses are created equal thats for sure. My best advice is to be patient. The blood bath may not be over with and I dont want anyone to get burned. But oil recently dropping to under 20 a barrel is not good news for any market including BTC in my opinion. But things will recover and the sun will come out again. Until then either load up on what cheap BTC you can get your hands on. But then again WTFDIK???
TLDR: We are inside the 4hr cloud. Could mean consolidation. Weekly close looks decent. daily death cross is imminent. Happy Monday everyone!