Good morning again ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I have the 4hr time frame pulled up and I can see we are still above 56k and I will consider that a win for the bulls. Yesterday was pretty boring in terms of price movement. But today is another day and I have a few ideas I want to run by you guys and gals to see what you think. Again these are really just ideas so take it easy there. Anyways lets take a look at the charts.
First and foremost is the big "cup like" pattern I noticed on the chart. It really made its presence known yesterday but I have been burned many times in the past assuming that a cup would lead to a handle. You see a cup and handle (C&H) is a bullish pattern. In order for this thought to become a reality we need the candles to drop to around 52k (There is support at this level {.786 fib}) So I think its entirely possible that this does work out. But dont expect it to. Even if it does make the perfect C&H pattern there is no guarantee that a pump materializes. Ive seen many instances of a C&H working out just as advertised. But also other times where a seemingly perfect C&H doesnt work out. I guess that is why they make stop losses huh??
I wont spend too much time on a possible pattern. If it happens you may want to enter a long though preferably before the pump. I would suggest that if you were to enter a long at these levels set a stop loss just in case the market does not agree with my thoughts. I have been wrong before and will be again. The bulls seem intent to keep the candles above 50k. I have no issues with that lol.
I see some support at the current levels the current candle is resting upon. If 55k is lost Im not sure if it is the worst news in the world as it could signal the handle to the cup is forming, which should be bullish. But as I mentioned before this pattern is not guaranteed. So you need to understand that it doesnt matter what I think or what you think. It matters what the entire market decides. And if they decide this is a cup and handle we will likely see a pump. But only time will tell for sure.
If things work out as I stated above we could easily see ourselves above 60k before the weeks end. But I would not hold my breath. And I would not play with the bears without protection. Protection in the form of a nice stop loss. I can tell you all I did expect a decent drop by now. But it hasnt happened. I am not disappointed at all by this but it does surprise me. I believe a lot of factors have caused this. Such as institutional buyers coupled with fellas like Elon Musk and Mark Cuban buying up crypto and accepting it in huge venues (Dallas Mavericks accept Doge now) (Elon accepts BTC for Teslas now too) Also we are not even a year after the last halving and I have heard rumors of BTC already becoming more scarce... To the point someone wrote an article describing what I have been saying for a few months now. What happens when BTC is mainstream? Will we run out of the reserves of BTC exchanges call upon to fill orders at this time? I think that is entirely possible and getting on a waiting list to buy BTC could be in our future folks.
I may be out of my mind with my crazy ideas this morning but I like to keep you all entertained and educated. I may not be so great at the latter but the former I think I am okay at. As I stated earlier I think a possible Cup is formed and the handle is all we need to make a bullish pattern. But the market will make that call. Lets hope it is bullish as I believe we can easily break 60k if this does work out. Meanwhile back on Earth I would set a stop loss if I were trying to play this pattern. No need to avoid the tools that make trading easier. Stop losses are an amazing tool if used correctly. I will be watching the charts and I will share any developments I see.. I really hope you all have an amazing and profitable day. Please Please Please Make good choices! And always remember WTFDIK???
TLDR: Possible Cup and Handle. If the market agrees 60k is easily within reach. 55k is current support. 58350 is the real resistance we need to break.
First and foremost is the big "cup like" pattern I noticed on the chart. It really made its presence known yesterday but I have been burned many times in the past assuming that a cup would lead to a handle. You see a cup and handle (C&H) is a bullish pattern. In order for this thought to become a reality we need the candles to drop to around 52k (There is support at this level {.786 fib}) So I think its entirely possible that this does work out. But dont expect it to. Even if it does make the perfect C&H pattern there is no guarantee that a pump materializes. Ive seen many instances of a C&H working out just as advertised. But also other times where a seemingly perfect C&H doesnt work out. I guess that is why they make stop losses huh??
I wont spend too much time on a possible pattern. If it happens you may want to enter a long though preferably before the pump. I would suggest that if you were to enter a long at these levels set a stop loss just in case the market does not agree with my thoughts. I have been wrong before and will be again. The bulls seem intent to keep the candles above 50k. I have no issues with that lol.
I see some support at the current levels the current candle is resting upon. If 55k is lost Im not sure if it is the worst news in the world as it could signal the handle to the cup is forming, which should be bullish. But as I mentioned before this pattern is not guaranteed. So you need to understand that it doesnt matter what I think or what you think. It matters what the entire market decides. And if they decide this is a cup and handle we will likely see a pump. But only time will tell for sure.
If things work out as I stated above we could easily see ourselves above 60k before the weeks end. But I would not hold my breath. And I would not play with the bears without protection. Protection in the form of a nice stop loss. I can tell you all I did expect a decent drop by now. But it hasnt happened. I am not disappointed at all by this but it does surprise me. I believe a lot of factors have caused this. Such as institutional buyers coupled with fellas like Elon Musk and Mark Cuban buying up crypto and accepting it in huge venues (Dallas Mavericks accept Doge now) (Elon accepts BTC for Teslas now too) Also we are not even a year after the last halving and I have heard rumors of BTC already becoming more scarce... To the point someone wrote an article describing what I have been saying for a few months now. What happens when BTC is mainstream? Will we run out of the reserves of BTC exchanges call upon to fill orders at this time? I think that is entirely possible and getting on a waiting list to buy BTC could be in our future folks.
I may be out of my mind with my crazy ideas this morning but I like to keep you all entertained and educated. I may not be so great at the latter but the former I think I am okay at. As I stated earlier I think a possible Cup is formed and the handle is all we need to make a bullish pattern. But the market will make that call. Lets hope it is bullish as I believe we can easily break 60k if this does work out. Meanwhile back on Earth I would set a stop loss if I were trying to play this pattern. No need to avoid the tools that make trading easier. Stop losses are an amazing tool if used correctly. I will be watching the charts and I will share any developments I see.. I really hope you all have an amazing and profitable day. Please Please Please Make good choices! And always remember WTFDIK???
TLDR: Possible Cup and Handle. If the market agrees 60k is easily within reach. 55k is current support. 58350 is the real resistance we need to break.