Bitcoin 4hr analysis 11/7/2020
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 dropping a bit from our approach to 16k. No problemo. We have eclipsed last years high of 14k and have a real clear shot of breaking 20k before the end of the year. But we will light that fire cracker when we get there. Lets take a look at the charts.
I see that we are in a slight retrace from our current peak of 16k. That is to be expected. The RSI was overbought and we seemingly are dropping and refueling at the same time. I cant guarantee that we keep moving up at this point but I will say I wont bet against the bulls at this point. Im simply walking up my stop loss locking in profit. Paying attention as closely as I can. The bulls are clearly in charge at the moment.
The current trend I have mapped on the chart shows a slight retrace as I mentioned earlier. Typically these trends break up but I would definitely not count my chickens before they hatch. I like to poke fun at the bears but they really could strike any minute. Which is why I always stress walking your stop loss up to lock that profit in. It just makes sense. These trends that are descending tend to break up. this could be the next leg up of the pump. I cant promise you that this will come to pass. I can just tell you that I am watching this with great interest.
I also noticed that every time we approach roughly half way down the RSI chart at the bottom we have a pump soon after. Perhaps we will see this same scenario play out again. Which could mean we retrace even back into the 14k region. No sweat though. We have loads of support below us and the longer we maintain this price level the longer my indicators have to finally catch up to the price action on the charts. We have only been in this price range once before this and we all know how that ended. So we need to prepare ourselves for the worst while hoping for the best.
15330. Imagine knowing Bitcoin would be that expensive back on March 13th. You could have bought BTC for 3800 that day. That is a solid return. I am eager to see what the bulls will do with the last 2 months of 2020. I cant be 100% but I will tell you right now.. If we saw a new ATH this year it certainly would not surprise me. Meanwhile tend to your trades and make good choices folks. WTFDIK???
TLDR: Set a stop loss. Go bulls!
I see that we are in a slight retrace from our current peak of 16k. That is to be expected. The RSI was overbought and we seemingly are dropping and refueling at the same time. I cant guarantee that we keep moving up at this point but I will say I wont bet against the bulls at this point. Im simply walking up my stop loss locking in profit. Paying attention as closely as I can. The bulls are clearly in charge at the moment.
The current trend I have mapped on the chart shows a slight retrace as I mentioned earlier. Typically these trends break up but I would definitely not count my chickens before they hatch. I like to poke fun at the bears but they really could strike any minute. Which is why I always stress walking your stop loss up to lock that profit in. It just makes sense. These trends that are descending tend to break up. this could be the next leg up of the pump. I cant promise you that this will come to pass. I can just tell you that I am watching this with great interest.
I also noticed that every time we approach roughly half way down the RSI chart at the bottom we have a pump soon after. Perhaps we will see this same scenario play out again. Which could mean we retrace even back into the 14k region. No sweat though. We have loads of support below us and the longer we maintain this price level the longer my indicators have to finally catch up to the price action on the charts. We have only been in this price range once before this and we all know how that ended. So we need to prepare ourselves for the worst while hoping for the best.
15330. Imagine knowing Bitcoin would be that expensive back on March 13th. You could have bought BTC for 3800 that day. That is a solid return. I am eager to see what the bulls will do with the last 2 months of 2020. I cant be 100% but I will tell you right now.. If we saw a new ATH this year it certainly would not surprise me. Meanwhile tend to your trades and make good choices folks. WTFDIK???
TLDR: Set a stop loss. Go bulls!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.