Bitcoin 4hr analysis 1-31-2021

BINANCE:BTCUSDT   Bitcoin / TetherUS
Good morning again ladies and gentlemen and welcome to my daily analysis of Bitcoin. Today I have the 4hr time frame pulled up after a pretty flat weekend in terms of positive gains (or negative gains for that matter) That is what I typically have come to expect from the weekend. We had a pretty crazy week across the markets from a stock scandal to various alt coins taking off. But what is next for BTC? Lets take a look at the possibilities.

Bitcoin had a pretty wild week as I mentioned just a second ago. A lot of people were taken off guard by the sudden outside interferences. Elon Musk added Bitcoin to a profile and that was all it took to see a 10-15% spike in the price. Markets are a crazy thing that we are all still really playing by ear. I mean there is no indicator or special trick that would have told you that spike was coming. If you were long good for you. I hope you got some profit from the deal.

We have fallen back into the same sticky situation we were in earlier last week. We fell back under the descending resistance of the huge right triangle on the chart. I have found these patterns to be mostly bearish meaning we do eventually break down. Although nothing is certain in trading. I would definitely set a stop loss if I were to long this.

There may not be much of a gap come Monday. I do like trading gaps but they are not always guaranteed. With all the crazy things going on with the markets and people supposedly forming "pump groups" which are designed to pump certain stocks or coins. If you think this hasnt been tried before you are mistaken. Im not saying the little guy cannot make a difference. They obviously can. I just dont want to see the little guy holding big bags when its all said and done.

We are below the 4hr 200 MA and the descending resistance of the big right triangle. It seems as resistance is building up once more. Which could make a beak out to the upside a bit more difficult. Who knows? Maybe Warren Buffet will put BTC on his profile and we will moon again? I do know I heard Visa is thinking about allowing people to buy and sell on their network with crypto. Im not 100% sure how that will work but I imagine it will be a good thing for BTC. Time will tell. I hope you all have a wonderful Sunday! Make good choices my friends. And always remember WTFDIK??

TLDR: The elon pump made this week extra exciting. We have since fallen back into the same predicament we were in before Elon came around with his tweets. I see some hope but I also see the bears mounting their attack. 4hr 200 MA is resistance now and the top of the 4hr cloud is support. Tight squeeze there. If we see a move before todays close we may have a gap. Stay tuned

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