Good morning everyone and welcome to my daily analysis of Bitcoin. Today I have the 4hr pulled up and things are looking surprisingly similar to yesterday analysis. Resistance is holding strong and the bulls are looking weak at the moment. We do still have some support below us that could keep up above 9k for the weekend but this whole 9k stable coin thing Bitcoin has been doing is likely coming to an end. I think a move is on the horizon and I will explain myself in this analysis.
First of all the 4hr shows that we still have plenty of resistance above us. The cloud is daring us to break back into the confines of the indicator. Even if we did retake the 4hr cloud directly above that we have the 4hr 50 and 4hr 200 MA which have both rejected the candles as recently as a few days ago. Not to mention the top border of the triangle on the chart. Like it or not we have a lot of hurdles to jump to get out of this mess. And right now the path of least resistance is down.
I dont usually expect big moves during the weekend but they can happen. The daily bollinger bands are a dead give away that a move is certainly on the horizon. Tight consolidation leads to tightened bollinger bands and tightened bollinger bands typically precede a price jump. Whether it be up or down, I would be prepared for anything if I were in a long. Or a short for that matter. But the resistance has seemingly built up above us not just on the 4hr time frame but also the 1 day. We are below the cloud on both major time frames and below the 50 MA on the daily which has resisted the candles pretty much since late June.
Sideways movement sure makes for some boring trades. But that has become a reality as we have been at 9k - 9300 for ages now. But this could be the calm before the storm folks. The daily bollinger bands and the 4hr bollinger bands for that matter sure point to a significant move on the horizon. My money is on a red candle. But I sure would like to be wrong about that. A quick look to the weekly shows that we have support between 8500 and 8800. The cloud and the weekly 50 MA is sitting at 8500 and if we dip that far I expect some support to show its face there. Also at 8800 we have the .236 fib which is visible on this 4hr chart as well. But support is running thin at this point Im afraid and right now there is more resistance above us than support below us which is never a good development for you bulls out there.
We could finish the weekend above 9k and still be inside the triangle but after that we should see a break out of sometime. It could happen this weekend. Ive seen some moves after the weekly close as of late so keep an eye on the price when the weekly closes. There can be some wild candle movement when the candle is about to close and right after that weekly closes traders take note and it sort of sets the mood for the coming week. Being above that weekly cloud is nice but seems fleeting to me. I wish I had better news to bring you but for now set that stop loss. Better safe than sorry. But WTFDIK???
TLDR: Dont ever send your crypto to someone in anticiaption of them sending you more in return. Its a scam. Its always been a scam. It will never not be a scam. All the need is a public key to send you crypto. They dont need you to send them crypto first. Thats not how cryptocurrency works. Joe Biden and Elon Musk are not sending you Bitcoin.
First of all the 4hr shows that we still have plenty of resistance above us. The cloud is daring us to break back into the confines of the indicator. Even if we did retake the 4hr cloud directly above that we have the 4hr 50 and 4hr 200 MA which have both rejected the candles as recently as a few days ago. Not to mention the top border of the triangle on the chart. Like it or not we have a lot of hurdles to jump to get out of this mess. And right now the path of least resistance is down.
I dont usually expect big moves during the weekend but they can happen. The daily bollinger bands are a dead give away that a move is certainly on the horizon. Tight consolidation leads to tightened bollinger bands and tightened bollinger bands typically precede a price jump. Whether it be up or down, I would be prepared for anything if I were in a long. Or a short for that matter. But the resistance has seemingly built up above us not just on the 4hr time frame but also the 1 day. We are below the cloud on both major time frames and below the 50 MA on the daily which has resisted the candles pretty much since late June.
Sideways movement sure makes for some boring trades. But that has become a reality as we have been at 9k - 9300 for ages now. But this could be the calm before the storm folks. The daily bollinger bands and the 4hr bollinger bands for that matter sure point to a significant move on the horizon. My money is on a red candle. But I sure would like to be wrong about that. A quick look to the weekly shows that we have support between 8500 and 8800. The cloud and the weekly 50 MA is sitting at 8500 and if we dip that far I expect some support to show its face there. Also at 8800 we have the .236 fib which is visible on this 4hr chart as well. But support is running thin at this point Im afraid and right now there is more resistance above us than support below us which is never a good development for you bulls out there.
We could finish the weekend above 9k and still be inside the triangle but after that we should see a break out of sometime. It could happen this weekend. Ive seen some moves after the weekly close as of late so keep an eye on the price when the weekly closes. There can be some wild candle movement when the candle is about to close and right after that weekly closes traders take note and it sort of sets the mood for the coming week. Being above that weekly cloud is nice but seems fleeting to me. I wish I had better news to bring you but for now set that stop loss. Better safe than sorry. But WTFDIK???
TLDR: Dont ever send your crypto to someone in anticiaption of them sending you more in return. Its a scam. Its always been a scam. It will never not be a scam. All the need is a public key to send you crypto. They dont need you to send them crypto first. Thats not how cryptocurrency works. Joe Biden and Elon Musk are not sending you Bitcoin.