Good morning everyone and welcome to my daily analysis of Bitcoin. Today I have the 4hr time frame pulled up and I can see that the 9 week trend held through the night. We bounced from 8800. I had a feeling that would be the case. This uptrend we have been in since March 13th. All good things do eventually come to an end though and uptrends are no different. This weekend is also a holiday weekend in the US and as a result the weekend could be boring if people decide to ditch the laptops and get to the newly opened beaches around the country. Lets take a look at what the chart is telling us.
I have a white line I started at the dip 9 weeks ago to 3800 and the uptrend has been continuous since then. We tested this white line (trend support) numerous times over the past 9 weeks. at least 5 touches by my count. That is a pretty decent trend and it has outlasted plenty of trends I have traded in the past. Like they always say... The trend is your friend. At least until it isnt. Trends eventually reverse and if you arent prepared you will be left holding those heavy bags. This is why trading a trend is a great idea but always use a stop loss.
This price range on the chart is pretty tricky folks. We are constantly testing support on multiple trends. A 2 month old trend and a 1 year old trend are both playing a part on the charts. We are also in consolidation and inside of the weekly cloud and the 4hr cloud as of right now. Being inside of the cloud can be confining and hinder the candles from moving much.
I see some room for a rise as the RSI is pretty low at the moment and that could provide us with the fuel we need for another small leg up. If we did rise the 4hr 50 MA is around 9500 and I would assume this would be where we experienced some resistance. We have finally filled in the gap from last weekend completely now so there is no need to worry about that gap anymore.
This weekly close looks to be a bearish candle with a decent correction from approximately 10k. If we can keep this range up it looks like we are still above the 1 year trend resistance which is hopefully where we can refuel and launch from the elevated launch pad. Otherwise the bears can take us down to the weekly 50 MA (8800) Which has been reliable support for the past 3 weeks. With so many variables on the chart and a possible reversal of the trend on the horizon I would enter any position with extreme caution folks. But then again WTFDIK right????
TLDR: Bitcoin is teetering... Bulls and bears are locked in a fight for dominance and we may see a trend reversal very soon. Its been long over due if you ask me. Of course that halving luster could still surprise us I imagine but Im not holding my breath. Long weekend coming in the US so be prepared for anything folks.
I have a white line I started at the dip 9 weeks ago to 3800 and the uptrend has been continuous since then. We tested this white line (trend support) numerous times over the past 9 weeks. at least 5 touches by my count. That is a pretty decent trend and it has outlasted plenty of trends I have traded in the past. Like they always say... The trend is your friend. At least until it isnt. Trends eventually reverse and if you arent prepared you will be left holding those heavy bags. This is why trading a trend is a great idea but always use a stop loss.
This price range on the chart is pretty tricky folks. We are constantly testing support on multiple trends. A 2 month old trend and a 1 year old trend are both playing a part on the charts. We are also in consolidation and inside of the weekly cloud and the 4hr cloud as of right now. Being inside of the cloud can be confining and hinder the candles from moving much.
I see some room for a rise as the RSI is pretty low at the moment and that could provide us with the fuel we need for another small leg up. If we did rise the 4hr 50 MA is around 9500 and I would assume this would be where we experienced some resistance. We have finally filled in the gap from last weekend completely now so there is no need to worry about that gap anymore.
This weekly close looks to be a bearish candle with a decent correction from approximately 10k. If we can keep this range up it looks like we are still above the 1 year trend resistance which is hopefully where we can refuel and launch from the elevated launch pad. Otherwise the bears can take us down to the weekly 50 MA (8800) Which has been reliable support for the past 3 weeks. With so many variables on the chart and a possible reversal of the trend on the horizon I would enter any position with extreme caution folks. But then again WTFDIK right????
TLDR: Bitcoin is teetering... Bulls and bears are locked in a fight for dominance and we may see a trend reversal very soon. Its been long over due if you ask me. Of course that halving luster could still surprise us I imagine but Im not holding my breath. Long weekend coming in the US so be prepared for anything folks.