Bitcoin 4hr analysis 3-2-2021

BINANCE:BTCUSDT   Bitcoin / TetherUS
Good morning again ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I have the 4hr pulled up after a nice little bounce from support. Can the bulls keep the momentum going though? We have retaken some lost support so things definitely look better today than yesterday in my opinion. Anyways lets take a look at the charts. 

I can see that since I fell asleep last night the bulls led the charge and retook the 4hr 50 MA. Nice work bulls! That was a big step towards extending the bull run. Although we are not quite out of the woods yet. The 4hr cloud is current resistance and if we cannot muscle our way above the 4hr cloud this mornings recovery may be short lived. 

So we are sitting just below 50k and things look decent. The resistance of the 4hr cloud vs the support of the 4hr 50 MA. I can tell you that if you plan to long this set a stop loss. This is the most important time to set a stop loss as the market truly could go either way and you should be prepared for that. 

Taking a closer look at the 4hr and a number of candles back we had a nice bounce from the 4hr 200 MA. This is why I enjoy using the indicator. The 50 MA and the 200 MA have always been quite reliable in my trades. So after seeing that bounce from the 200 MA and seeing us retake the 4hr 50 MA this may give traders the confidence needed to go long. Confidence is always abundant when support is abundant and right now we have a nice amount of support directly below us (on the daily and the 4hr) 

So if we can muscle our way up above the 4hr cloud we have a real shot at another pump to a possible new ATH. Only time will tell for sure. I will be watching the charts today to see what the bulls do with this new found support. I hope you all have a great day folks! Make good choices! And always remember WTFDIK??? 

TLDR: Bulls woke up early and retook the 4hr 50 MA. We need to retake the 4hr cloud next to keep the momentum moving. Cmon bulls! 

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.