Good morning Ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I have the 4 hour time frame pulled up after holding onto 60 K more or less throughout the day yesterday. I guess we can pat ourselves on the back for that. Meanwhile we do have some bearish news that I will address through this analysis. I also have some good news as well so we can focus on both and you can make your own mind up. I am fresh off of a 3 day ban via Facebook so I am happy to be able to finally post again. I have missed you all dearly. Anyways let's take a look at the chart and see what we can see.
So we are just below 60k at the moment. Nothing to get freaked out about. We have been floating above and below 60k the entire time I have been looking at the chart this a.m. As you probably all know the weekend is typically lower volume when compared to the Monday through Friday work week. More people tend to trade during the week and exchanges like CME flat out close on the weekend. This is where the bearish news comes into play. I guess we can focus on the bear news first. That way we can have a happy ending.
The bear news isn't devastating or anything but it does signal that a drop could be in order on Monday. We will just have to wait and see how it plays out. We all know that we experienced a rise over the weekend of a few thousand dollars. This typically results in a bearish gap. These gaps form on the CME during the weekend when the price rises. The CME closes Friday at whatever the price is at the close {This past Friday the close was close to 57250 according to the CME chart } and the price right this second is 60k approximately. That makes a nearly 3k gap below us which may cause quite a dip Monday morning. Let me say this.. Not all dips are created equal so do with this information what you will. This is just a warning to watch the charts. Those gaps fill more often than not within 24 hours.
Okay enough about gaps. Especially the bear gaps. Lets talk bull. We are above the set up on my chart. As my buddy Ernie Villz would say, "The path of least resistance seems to be up." That means there is a lot more evident support than resistance. This alone can give traders the confidence to long an already overbought market. That is what fomo does. I saw it in 2017 and this pump seems different. I guess due to the fact that it was a perfect storm really. Let me explain.
1 year ago almost to the day we dropped. HARD. We fell from 10500 USD to 3800 in a matter of 48 hours. Quite the dip. If you took that dip {percentage wise} and applied it to the price today we would drop from 60k to 24k respectively. That would be a blow to morale lol. Just want to give you an idea of what it was like to be in the market 1 year ago. Watching a wallet lose 65% over the course of 2 days was not easy... Let me tell you. But look at it now. I bought more around 4k. Best investment I have ever made. But since that drop volume came roaring back. The halving occurred less than a year ago and that assisted the pump. Couple that with stimulus payments and inflation along with breaking 20k and other key resistance along the way and you have a recipe for an explosive market. Proof is in the pudding!
The gap I drew on the chart is conditional. If the weekend closes around 57800 there likely wont be a gap. Anything can and usually does happen in this market so be prepared for anything folks. Set a stop loss. There is no excuse not to. Unless you are long term holding and in that case you need to find some cold storage. Bybit is great and so is Ledger. Cold storage is safer than an exchange wallet by miles. A little security can go a long way. Problem is most people dont care about security til its too late.
I missed you guys over the last 3 days.. But Im back today and I will be sharing my analysis again as usual. Stimulus checks are hitting US citizens accounts as I type and that could provide a pump to the BTC market. That is why I would be careful with that gap. Maybe we will fill it right away. Maybe not. I see gaps that have been on the chart for years. So not all gaps fill like their brothers. Some fill in minutes and some take years apparently. Maybe it will never be filled? Anyways I hope you all have a great day! Make good choices my friends and always remember WTFDIK???
TLDR: Bulls are fighting to keep 60k. We may have a bearish gap to start Monday... {Closed Friday around 57800 and current price is 60 so that is a few thousand dollar gap} Just keep an eye on things. If that gap does fill its a great opportunity to make a quick profitable trade to start off your Monday!
So we are just below 60k at the moment. Nothing to get freaked out about. We have been floating above and below 60k the entire time I have been looking at the chart this a.m. As you probably all know the weekend is typically lower volume when compared to the Monday through Friday work week. More people tend to trade during the week and exchanges like CME flat out close on the weekend. This is where the bearish news comes into play. I guess we can focus on the bear news first. That way we can have a happy ending.
The bear news isn't devastating or anything but it does signal that a drop could be in order on Monday. We will just have to wait and see how it plays out. We all know that we experienced a rise over the weekend of a few thousand dollars. This typically results in a bearish gap. These gaps form on the CME during the weekend when the price rises. The CME closes Friday at whatever the price is at the close {This past Friday the close was close to 57250 according to the CME chart } and the price right this second is 60k approximately. That makes a nearly 3k gap below us which may cause quite a dip Monday morning. Let me say this.. Not all dips are created equal so do with this information what you will. This is just a warning to watch the charts. Those gaps fill more often than not within 24 hours.
Okay enough about gaps. Especially the bear gaps. Lets talk bull. We are above the set up on my chart. As my buddy Ernie Villz would say, "The path of least resistance seems to be up." That means there is a lot more evident support than resistance. This alone can give traders the confidence to long an already overbought market. That is what fomo does. I saw it in 2017 and this pump seems different. I guess due to the fact that it was a perfect storm really. Let me explain.
1 year ago almost to the day we dropped. HARD. We fell from 10500 USD to 3800 in a matter of 48 hours. Quite the dip. If you took that dip {percentage wise} and applied it to the price today we would drop from 60k to 24k respectively. That would be a blow to morale lol. Just want to give you an idea of what it was like to be in the market 1 year ago. Watching a wallet lose 65% over the course of 2 days was not easy... Let me tell you. But look at it now. I bought more around 4k. Best investment I have ever made. But since that drop volume came roaring back. The halving occurred less than a year ago and that assisted the pump. Couple that with stimulus payments and inflation along with breaking 20k and other key resistance along the way and you have a recipe for an explosive market. Proof is in the pudding!
The gap I drew on the chart is conditional. If the weekend closes around 57800 there likely wont be a gap. Anything can and usually does happen in this market so be prepared for anything folks. Set a stop loss. There is no excuse not to. Unless you are long term holding and in that case you need to find some cold storage. Bybit is great and so is Ledger. Cold storage is safer than an exchange wallet by miles. A little security can go a long way. Problem is most people dont care about security til its too late.
I missed you guys over the last 3 days.. But Im back today and I will be sharing my analysis again as usual. Stimulus checks are hitting US citizens accounts as I type and that could provide a pump to the BTC market. That is why I would be careful with that gap. Maybe we will fill it right away. Maybe not. I see gaps that have been on the chart for years. So not all gaps fill like their brothers. Some fill in minutes and some take years apparently. Maybe it will never be filled? Anyways I hope you all have a great day! Make good choices my friends and always remember WTFDIK???
TLDR: Bulls are fighting to keep 60k. We may have a bearish gap to start Monday... {Closed Friday around 57800 and current price is 60 so that is a few thousand dollar gap} Just keep an eye on things. If that gap does fill its a great opportunity to make a quick profitable trade to start off your Monday!