Bitcoin 4hr analysis 3/8/2021
Good morning again ladies and gentlemen and welcome back to my analysis of Bitcoin. Today I have the 4hr time frame pulled up after a decent weekend for the price of Bitcoin. We did not lose or gain much ground over the last few days but even with this in mind we still managed to put some resistance back below us (making it support) But are the bulls already spent this Monday A.M??? Lets take a look at the charts.
First of all the descending resistance on the chart (yellow line) shows that we are above the resistance now. Great news. The thing about this break was it was very weak. Perhaps because it happened over a low volume weekend? But with the weak break out I dont see that higher high traders want to wake up to. Not to say it cannot happen today. It very well could happen right now. But that is what I am really looking for to keep the bulls in charge... We need to create that higher high.
Another thing I wanted to discuss (a bit of good news) is we retook the 4hr 50 MA over the weekend. Big news. The candles have been flirting with the 4hr 50 MA for days and now we have officially conquered it after a solid few days fighting the former resistance. But will it last through the week? I have a feeling it could. The US govt approved the stimulus (pretty much as there is still a few more steps) with this in mind people could decide to use the extra income to invest. Only time will tell how much of that flows into this market. On top of that its tax season. That could mean people have more money to invest as well. But it could also mean people take some of their BTC to pay taxes. Especially after the gains we witnessed over the past 3-4 months.
We are above the 4hr 50 MA, the 4hr 200 MA and the 4hr cloud. This is all bullish. So lets hope that equates into nasty gains today. I also saw a gap from this weekend. It was a bearish gap and we filled it right after the close yesterday. This is how 90% of all gaps work out. They show up after a weekend and then traders play the position and as a result we fill that gap fast on Monday a.m. I missed this gap but I do enjoy playing CME gaps. Its a great way to start your week off well. With a successful trade!
I know we all wanted 100k Bitcoin by now. This entire market is filled with spoiled rotten traders that get used to the gains quickly. Traders like me. LOL. I would love to see Bitcoin hit 6 figures. Even if it doesnt happen for 3 more years that is the nature of a market. Good times followed by bad times followed by good times. 2017 when I got started I bought in at 8k. It seemed high to me at the time. It paid off in less than a month. Bitcoin was at 20k and I was up 2.5X. That feeling of euphoria never left me. I was hooked. This bull run was so much more. But will the run continue? That is the question as well. If we can beat 52650 (previous high) than I think the market will respond positively. Only time will tell for sure. I hope you all have a great day. Make good choices my friends. And always remember WTFDIK????
TLDR: I love how autocorrect fixes when I type WTFDIK now.... LOL. I guess I added it to my dictionary. Anyways the bulls have a shot to retake some former glory with all this support below them. Keep an eye on the charts! Set a stop loss!
First of all the descending resistance on the chart (yellow line) shows that we are above the resistance now. Great news. The thing about this break was it was very weak. Perhaps because it happened over a low volume weekend? But with the weak break out I dont see that higher high traders want to wake up to. Not to say it cannot happen today. It very well could happen right now. But that is what I am really looking for to keep the bulls in charge... We need to create that higher high.
Another thing I wanted to discuss (a bit of good news) is we retook the 4hr 50 MA over the weekend. Big news. The candles have been flirting with the 4hr 50 MA for days and now we have officially conquered it after a solid few days fighting the former resistance. But will it last through the week? I have a feeling it could. The US govt approved the stimulus (pretty much as there is still a few more steps) with this in mind people could decide to use the extra income to invest. Only time will tell how much of that flows into this market. On top of that its tax season. That could mean people have more money to invest as well. But it could also mean people take some of their BTC to pay taxes. Especially after the gains we witnessed over the past 3-4 months.
We are above the 4hr 50 MA, the 4hr 200 MA and the 4hr cloud. This is all bullish. So lets hope that equates into nasty gains today. I also saw a gap from this weekend. It was a bearish gap and we filled it right after the close yesterday. This is how 90% of all gaps work out. They show up after a weekend and then traders play the position and as a result we fill that gap fast on Monday a.m. I missed this gap but I do enjoy playing CME gaps. Its a great way to start your week off well. With a successful trade!
I know we all wanted 100k Bitcoin by now. This entire market is filled with spoiled rotten traders that get used to the gains quickly. Traders like me. LOL. I would love to see Bitcoin hit 6 figures. Even if it doesnt happen for 3 more years that is the nature of a market. Good times followed by bad times followed by good times. 2017 when I got started I bought in at 8k. It seemed high to me at the time. It paid off in less than a month. Bitcoin was at 20k and I was up 2.5X. That feeling of euphoria never left me. I was hooked. This bull run was so much more. But will the run continue? That is the question as well. If we can beat 52650 (previous high) than I think the market will respond positively. Only time will tell for sure. I hope you all have a great day. Make good choices my friends. And always remember WTFDIK????
TLDR: I love how autocorrect fixes when I type WTFDIK now.... LOL. I guess I added it to my dictionary. Anyways the bulls have a shot to retake some former glory with all this support below them. Keep an eye on the charts! Set a stop loss!
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