Good morning again everyone and welcome back to my daily look into the world of Bitcoin. Today I have the four hour time frame pulled up and I can see we have been in consolidation since early Friday and it looks to continue into the weekend and possibly even till Sunday. We will just have to see how it goes. There are reasons to be bullish and there are also reasons to expect maybe a short-term drop and I will touch on all of that during the analysis. So pull up a chair and let's get this party started.
Looking at the current situation $46,500 looks to be the support currently. It flipped to resistance just a few days ago but we flipped it back to support recently and we are still above it and that is a good thing. We hit a new all-time high of about $49,000 on the 11th of February. Things are looking very strong for Bitcoin and I would be very hesitant to drop a short and even though I do think a drop will come eventually.
The thing is I keep seeing bullish news come out for Bitcoin for instance they are talking about Visa and MasterCard possibly offering cryptocurrencies on their Network and allowing people to pay with them etc. That would be a huge deal for Bitcoin and altcoins alike. This news coupled with big news that we recently got about Elon Musk purchasing 1.5 billion dollars worth of bitcoin means the Bulls might be alive for a bit longer folks. But setting a stop loss is always recommended. Just in case those Bears surprise us.
If we do in fact lose the support at 46500 over the weekend I would expect a drop to around 44,000 as that is where former support and resistance slide not to mention before our 50 in May is showing up right about in that area as well which means there would likely be a bounce their due to multiple supports. Of course I only time will tell if that is true. The best recommendation is if you are going to go that route and play the charts set a stop loss like I always say. Limiting your losses will save a lot of profit.
We still have major support around 42,000 as well so since that was the previous all-time high back in January I am expecting that to hold up at least for a short period of time and possibly get a trade or two out of it. But setting a stop loss is always recommended and I cannot stress that enough.
With all of these big names throwing their hat in the ring Bitcoin can really go off this year. Possibly even hitting six figures. And tell me about And tell me how you feel about possibly having to get on a waiting list one of these days to buy Bitcoin? It sounds like it may end up going that route if Bitcoin stays mainstream like this and all these rich people want to buy some. Not to mention institutions. I could definitely see a waiting list being a real possibility in the future for Bitcoin and I know that would suck but we need to be prepared for anything as there are only 21 million Bitcoin...
So if we want to keep moving up we need to break 49,000 and we need to hold 46500 at the same time which is simply minor support but it is holding up nicely and hopefully we can see a bounce from it this weekend. If not we will likely Fall to around 44,000 I imagine. The weekend is typically low volume. So i'm not expecting a lot.
The market cap for BTC eclipses 1 trillion again. It's amazing to see the growth. I remember when the market cap was nowhere near 1 trillion. You could spend 1 million a day for 2000 years and not spend 1 trillion dollars. Boggles the mind it does. I hope you all have a great weekend. Stay warm. I know a winter storm is crashing through the US right now so if you guys don't hear from me Monday morning my power might be out so just FYI. I have all sorts of devices to stay warm with so I should be okay but still. I hope you all stay warm and have a good weekend. Make good choices and always remember WTFDIK...
TLDR: 46500 is current support. 49k is resistance. The bulls are still alive and well. Set a stop loss! 44k shows promise of support along with 42k if we do drop.
Looking at the current situation $46,500 looks to be the support currently. It flipped to resistance just a few days ago but we flipped it back to support recently and we are still above it and that is a good thing. We hit a new all-time high of about $49,000 on the 11th of February. Things are looking very strong for Bitcoin and I would be very hesitant to drop a short and even though I do think a drop will come eventually.
The thing is I keep seeing bullish news come out for Bitcoin for instance they are talking about Visa and MasterCard possibly offering cryptocurrencies on their Network and allowing people to pay with them etc. That would be a huge deal for Bitcoin and altcoins alike. This news coupled with big news that we recently got about Elon Musk purchasing 1.5 billion dollars worth of bitcoin means the Bulls might be alive for a bit longer folks. But setting a stop loss is always recommended. Just in case those Bears surprise us.
If we do in fact lose the support at 46500 over the weekend I would expect a drop to around 44,000 as that is where former support and resistance slide not to mention before our 50 in May is showing up right about in that area as well which means there would likely be a bounce their due to multiple supports. Of course I only time will tell if that is true. The best recommendation is if you are going to go that route and play the charts set a stop loss like I always say. Limiting your losses will save a lot of profit.
We still have major support around 42,000 as well so since that was the previous all-time high back in January I am expecting that to hold up at least for a short period of time and possibly get a trade or two out of it. But setting a stop loss is always recommended and I cannot stress that enough.
With all of these big names throwing their hat in the ring Bitcoin can really go off this year. Possibly even hitting six figures. And tell me about And tell me how you feel about possibly having to get on a waiting list one of these days to buy Bitcoin? It sounds like it may end up going that route if Bitcoin stays mainstream like this and all these rich people want to buy some. Not to mention institutions. I could definitely see a waiting list being a real possibility in the future for Bitcoin and I know that would suck but we need to be prepared for anything as there are only 21 million Bitcoin...
So if we want to keep moving up we need to break 49,000 and we need to hold 46500 at the same time which is simply minor support but it is holding up nicely and hopefully we can see a bounce from it this weekend. If not we will likely Fall to around 44,000 I imagine. The weekend is typically low volume. So i'm not expecting a lot.
The market cap for BTC eclipses 1 trillion again. It's amazing to see the growth. I remember when the market cap was nowhere near 1 trillion. You could spend 1 million a day for 2000 years and not spend 1 trillion dollars. Boggles the mind it does. I hope you all have a great weekend. Stay warm. I know a winter storm is crashing through the US right now so if you guys don't hear from me Monday morning my power might be out so just FYI. I have all sorts of devices to stay warm with so I should be okay but still. I hope you all stay warm and have a good weekend. Make good choices and always remember WTFDIK...
TLDR: 46500 is current support. 49k is resistance. The bulls are still alive and well. Set a stop loss! 44k shows promise of support along with 42k if we do drop.