Good morning again ladies and gentlemen and welcome back to my daily look into the world of Bitcoin. I have the 4hr time frame pulled up this a.m. and I can see we did gain a little ground overnight. But there is still work for the bulls to do if we want to break 20k before New years. I absolutely think this is possible. But that doesnt mean I am preparing myself for anything and everything. Anyways lets take a look at what is going on today...
First thing Im looking at is the pattern I drew on the chart a few days back. We are still stuck inside the ascending wedge pattern which according to multiple sources is a bearish pattern. We all need to be prepared for the possibility of a drop. Im not saying this because Im positive we drop tomorrow so dont mess your underwear up quite yet. This pattern allows us to climb to 21k give or take a few hundred dollars before ultimately breaking out of the pattern. But this will only work if we remain inside the patter for a few more days. Bitcoin is also quite the contrarian therefore you should take that into account. Bitcoin will seemingly do the opposite of what traders expect it to do. Long story short... Set a stop loss. Simple as that.
I am also noticing we are having issues keeping our heads above 19400 - 19500. We have close a candle over the resistance but it was only 1 single 4 hr candle. We also had a bearish right after that took us right back below the resistance levels listed above. I see a few areas of support on the way down I have my eyes on if we do in fact drop. 18566 seems to have some promise looking at the recent past. Then below that we have the 4hr 50 MA. Its around 18250. I know 1000 dollars seems like a big swing but at this point 1000 dollar swings are normal for the King of crypto. Imagine if BTC was at 100k. The swings could be 20k easily. That is insane.
I see 20k is a stones throw away. I really want to break 20k since we are so close to the line in the sand so to speak. Getting so close and falling would not destroy the market at all. But it would certainly take some wind out of the noobs sails. Its funny, as I accept people into my trading course I am reminded of when I was a noob myself over 3 years ago. I was so excited. When I chatted with those in crypto for years before me you could tell they were still into the whole Bitcoin thing. But that noob luster is no longer there. I would really like to see BTC crush 20k simply to give the noobs confidence in the market. I remember during the crash of 2018 people were bailing ship big time lol.
I keep saying this too but lets make December count yall! I have not been this bullish since I first got into BTC. Highest market cap and highest 24 hour volume all happened in the last few weeks. Its a great time to be involved with BTC. After grinding my butt off through a pretty significant bear market we are back on top again and let me tell you. It is much more fun to analyze a bullish chart vs bearish. Mainly because the crypto community is excited. I hope you all have a fantastic day!!! Make good choices my friends! And always remember.... WTFDIK????
TLDR: support (18900 - 19k) resistance is (19400 -19500) Set your stop loss. Keep an eye on the charts folks. The bears and the bulls may have the biggest civil war. Like Avengers. Im Thor.
First thing Im looking at is the pattern I drew on the chart a few days back. We are still stuck inside the ascending wedge pattern which according to multiple sources is a bearish pattern. We all need to be prepared for the possibility of a drop. Im not saying this because Im positive we drop tomorrow so dont mess your underwear up quite yet. This pattern allows us to climb to 21k give or take a few hundred dollars before ultimately breaking out of the pattern. But this will only work if we remain inside the patter for a few more days. Bitcoin is also quite the contrarian therefore you should take that into account. Bitcoin will seemingly do the opposite of what traders expect it to do. Long story short... Set a stop loss. Simple as that.
I am also noticing we are having issues keeping our heads above 19400 - 19500. We have close a candle over the resistance but it was only 1 single 4 hr candle. We also had a bearish right after that took us right back below the resistance levels listed above. I see a few areas of support on the way down I have my eyes on if we do in fact drop. 18566 seems to have some promise looking at the recent past. Then below that we have the 4hr 50 MA. Its around 18250. I know 1000 dollars seems like a big swing but at this point 1000 dollar swings are normal for the King of crypto. Imagine if BTC was at 100k. The swings could be 20k easily. That is insane.
I see 20k is a stones throw away. I really want to break 20k since we are so close to the line in the sand so to speak. Getting so close and falling would not destroy the market at all. But it would certainly take some wind out of the noobs sails. Its funny, as I accept people into my trading course I am reminded of when I was a noob myself over 3 years ago. I was so excited. When I chatted with those in crypto for years before me you could tell they were still into the whole Bitcoin thing. But that noob luster is no longer there. I would really like to see BTC crush 20k simply to give the noobs confidence in the market. I remember during the crash of 2018 people were bailing ship big time lol.
I keep saying this too but lets make December count yall! I have not been this bullish since I first got into BTC. Highest market cap and highest 24 hour volume all happened in the last few weeks. Its a great time to be involved with BTC. After grinding my butt off through a pretty significant bear market we are back on top again and let me tell you. It is much more fun to analyze a bullish chart vs bearish. Mainly because the crypto community is excited. I hope you all have a fantastic day!!! Make good choices my friends! And always remember.... WTFDIK????
TLDR: support (18900 - 19k) resistance is (19400 -19500) Set your stop loss. Keep an eye on the charts folks. The bears and the bulls may have the biggest civil war. Like Avengers. Im Thor.