Bitcoin 4hr analysis 2-2-2021

BINANCE:BTCUSDT   Bitcoin / TetherUS
Good morning again ladies and gentlemen and welcome back to my daily look into the world we call Bitcoin. Today I have the 4hr time frame pulled up after retaking some serious support. The question is will it last? The bulls have awoken early today and if the bears sleep in we could see some gains today. But only time will tell if that will be the case. So lets take a look at the chart and see what we can see.

The bulls pulled us out of a tight spot and now we are sitting pretty upon plenty of support. That will instill confidence and possibly entice more bulls to enter the fray. If I were going to long this recent development I would certainly not end my session at the computer without setting a stop loss. We saw the Elon candle broke up from the descending resistance only to fall right back below it less than 8 hours later so prepare for the worst and hope for the best.

Now we have 35k as support. That is if we can get some confirmation candles to close above the 35k support/resistance. If we do in fact sink back under 35k we still have the support of the 4hr 50 MA and the 4hr cloud and the 4hr 200 MA. So as I mentioned earlier there is a lot of support. If we drop back below 35k the bulls will likely relent due to knee jerk sellers bailing out of a failed pump.

30k way below us is also support. Im hoping we can avoid dropping that far for the time being but anything can and usually does happen. The 4hr MACD seems to be bullish but MACD can change pretty quickly so beware of the bears. We are clinging to 35k this morning and it very well may be fleeting. With that in mind set a stop loss and you should be okay.

I would like to see a higher high show up on the chart after this break above resistance but I guess I cant have everything. I will be keeping an eye on the charts today. Im not expecting a lot but you never really know for sure. I mean guys named Elon may put Bitcoin on his profile and boom! LOL. I wish there was an indicator made for that. I hope you all have a great day. Make good choices! And always remember WTFDIK???

TLDR: We broke above the resistance that has been plaguing us. We need to close a few candles above support (35k) if we expect these recent gains to stick. Finger crossed!

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