Good morning again ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I am looking at the 4 hr and things are going like I assumed they would since I recognized this pattern. Support and resistance are clearly defined and now its just a matter of escaping this consolidation! I am going to try something a a bit different today and accompany this analysis with a video analysis. So I may not type as much. I know that will break some hearts LOL :) Anyways lets take a look at what is happening.
The consolidation is real! We are stuck in the cloud as I type and this has been the case for 4 days now. That shows how reliable of an indicator the "ichimoku cloud" can be. When you enter the cloud its not so easy to escape and that is what we are seeing here. If we can exit the top of the cloud the bull market should be alive and well but if we fall out of the bottom... Well all I will say is set a stop loss.
This week has been pretty flat in terms of price movement. I guess we are spoiled as investors and are used to several thousand dollar swings in this market. But a little breather may be what the market needed? Only time will tell. Stimulus talks are going on as I type and that could add more capitol to the market. Along with devaluing the USD through a massive printing effort. I mean if they are going to inflate our currency we may as well buy BTC and benefit from their short sightedness.
We broke out of the 4hr cloud this week but the support didnt hold unfortunately sending us right back into the clutches of the 4hr cloud and we have been stuck there for the majority of this week. Right now the saving grace happens to be the fact the 4hr 200 MA (blue line) is right at the bottom of the cloud. This means double support which should remain strong through the weekend I imagine. That is if this strong support holds. If we lose the support all that stands between us and a real dip is the support of the former ATH at 42k...
I will say this, I really hope the bulls have a few giant green candles up their sleeves. But I will not be greedy. I will stick to my plan and if I decide to enter a long you better believe I am entering my stop loss right after. Right now is not the time to be cute with your bags. If a dip is coming you should be ready. Another thing I should mention is get cold storage. If you plan to sit on BTC long term start thinking more about security. Cold storage is so much safer than storing in a hot wallet (exchange or wallet app off the playstore that looks sketch af) Learn to protect your investment. If you lose your $$ you want it to be because of your awful trading, not because some jerk phished your pw away... I hope you all have a great day and make good choices! WTFDIK??
TLDR: Bears suck. Cmon Bulls lets roundhouse kick these bears back into their hibernation caves
The consolidation is real! We are stuck in the cloud as I type and this has been the case for 4 days now. That shows how reliable of an indicator the "ichimoku cloud" can be. When you enter the cloud its not so easy to escape and that is what we are seeing here. If we can exit the top of the cloud the bull market should be alive and well but if we fall out of the bottom... Well all I will say is set a stop loss.
This week has been pretty flat in terms of price movement. I guess we are spoiled as investors and are used to several thousand dollar swings in this market. But a little breather may be what the market needed? Only time will tell. Stimulus talks are going on as I type and that could add more capitol to the market. Along with devaluing the USD through a massive printing effort. I mean if they are going to inflate our currency we may as well buy BTC and benefit from their short sightedness.
We broke out of the 4hr cloud this week but the support didnt hold unfortunately sending us right back into the clutches of the 4hr cloud and we have been stuck there for the majority of this week. Right now the saving grace happens to be the fact the 4hr 200 MA (blue line) is right at the bottom of the cloud. This means double support which should remain strong through the weekend I imagine. That is if this strong support holds. If we lose the support all that stands between us and a real dip is the support of the former ATH at 42k...
I will say this, I really hope the bulls have a few giant green candles up their sleeves. But I will not be greedy. I will stick to my plan and if I decide to enter a long you better believe I am entering my stop loss right after. Right now is not the time to be cute with your bags. If a dip is coming you should be ready. Another thing I should mention is get cold storage. If you plan to sit on BTC long term start thinking more about security. Cold storage is so much safer than storing in a hot wallet (exchange or wallet app off the playstore that looks sketch af) Learn to protect your investment. If you lose your $$ you want it to be because of your awful trading, not because some jerk phished your pw away... I hope you all have a great day and make good choices! WTFDIK??
TLDR: Bears suck. Cmon Bulls lets roundhouse kick these bears back into their hibernation caves