Good morning ladies and gentlemen and welcome back to my daily look into Bitcoin. Today I have the daily time frame pulled up and I can say that this week has been marred by consolidation. Attempts to break free from the resistance holding us down have amounted to nothing as we continue our sideways trek through 10600. I do see a light at the end of the tunnel though. So sit back and lets have a chat about BTC...
The main wall of resistance lies just above us and that would be the .5 fib. We have been rejected yesterday by the .5 fib and even today we have had no luck conquering the resistance. The real issue I see is breaking the .5 fib also means breaking into the daily cloud. That means double resistance and that is the reason we are having issues breaking above this level. If we did break the .5 fib the daily cloud is right there to stop us. the bulls may wait a few more days before breaking out of this situation as it is pretty cloudy on the charts.
The 4hr time frame shows us bouncing between the 4hr 50 MA above us and the 4hr 200 MA below us. The spread is 10560 - 10650. So we are stuck between a rock and a hard place. Not too much has changed since yesterday. We are still inside of the triangle I drew on the chart ages ago. As we remain inside of the triangle it is causing the bollinger bands to tighten up. When that happens volatility is soon to follow.
As we hang out under the daily and 4hr cloud things may not look particularly bullish. But things can rapidly change in the world of Crypto. If a few things can go the bulls way we can see some serious fomo. After all the recent FUD I would love to see some fomo show its face. I wont hold my breath on that but what I will do is prepare for the end of the triangle on the chart. As we approach the end you may want to play a trade. Make sure you set a stop loss and keep an eye on the chart. This triangle could break today or 3 days from now. Only time will tell. I hope you all have a great day. Make good choices!! WTFDIK??
TLDR: Consolidation. Stuck between a rock and a hard place. 3 days or less til we escape the triangle (approximately)
The main wall of resistance lies just above us and that would be the .5 fib. We have been rejected yesterday by the .5 fib and even today we have had no luck conquering the resistance. The real issue I see is breaking the .5 fib also means breaking into the daily cloud. That means double resistance and that is the reason we are having issues breaking above this level. If we did break the .5 fib the daily cloud is right there to stop us. the bulls may wait a few more days before breaking out of this situation as it is pretty cloudy on the charts.
The 4hr time frame shows us bouncing between the 4hr 50 MA above us and the 4hr 200 MA below us. The spread is 10560 - 10650. So we are stuck between a rock and a hard place. Not too much has changed since yesterday. We are still inside of the triangle I drew on the chart ages ago. As we remain inside of the triangle it is causing the bollinger bands to tighten up. When that happens volatility is soon to follow.
As we hang out under the daily and 4hr cloud things may not look particularly bullish. But things can rapidly change in the world of Crypto. If a few things can go the bulls way we can see some serious fomo. After all the recent FUD I would love to see some fomo show its face. I wont hold my breath on that but what I will do is prepare for the end of the triangle on the chart. As we approach the end you may want to play a trade. Make sure you set a stop loss and keep an eye on the chart. This triangle could break today or 3 days from now. Only time will tell. I hope you all have a great day. Make good choices!! WTFDIK??
TLDR: Consolidation. Stuck between a rock and a hard place. 3 days or less til we escape the triangle (approximately)