Hello again ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I have the 4hr pulled up (believe it or not) and we have plenty to discuss today. The bears struck this week and let us know they are still a force to be reckoned with. But the bulls rallied back. Can the bulls keep the momentum or will we see a bear attack this coming week. We have a lot to cover so lets get this show on the road.
We are inside what looks to be a huge triangle on the 4hr. People claim its a bullish pattern and I would love to agree... But only time will tell for sure. This big triangle reminds me of the big triangle we saw when we reached 14k in the mini pump of 2019. To be fair though that was more of a right triangle compared to more of an equilateral triangle that we have on the charts at the moment. I would say its 50-50 whether we break up from this. I know you guys and gals are hoping for a more legit synopsis of the market but Im afraid we will just have to wait and see...
We fell through the 4hr 50 MA and when we lost that support we fell into the depths of the 4hr cloud. Lucky for us the 4hr cloud is pretty reliable and we found support at the bottom border of the cloud. We have since rebounded nicely. But the thing is we lost the trend. I drew a line in the center of the triangle and this is the line I am talking about. It was ascending support while we were climbing back up from 30k but we lost that support yesterday. Now that same ascending trend support we enjoyed earlier in the week is now ascending resistance.
Either way you slice it we will likely remain in consolidation between 30k and 38k I imagine at least until the end of this month. The big triangle sure shows us that this is a possibility. I know plenty of people saying this is alts time to shine and perhaps they are correct. Ive seen plenty of alts do well when BTC stopped pumping. ETH is close to ATH levels. Even if we dont break up from the triangle at the end of the month Im not sweating it. If we dip that is just as much of an opportunity as if we climb. Thats how we should all view the market. I hope you all have a great weekend. Make good choices! And never ever forget... WTFDIK???
TLDR: Consolidation between 30k and 38k over the next month. Set a stop loss if you want to trade this (as always)
We are inside what looks to be a huge triangle on the 4hr. People claim its a bullish pattern and I would love to agree... But only time will tell for sure. This big triangle reminds me of the big triangle we saw when we reached 14k in the mini pump of 2019. To be fair though that was more of a right triangle compared to more of an equilateral triangle that we have on the charts at the moment. I would say its 50-50 whether we break up from this. I know you guys and gals are hoping for a more legit synopsis of the market but Im afraid we will just have to wait and see...
We fell through the 4hr 50 MA and when we lost that support we fell into the depths of the 4hr cloud. Lucky for us the 4hr cloud is pretty reliable and we found support at the bottom border of the cloud. We have since rebounded nicely. But the thing is we lost the trend. I drew a line in the center of the triangle and this is the line I am talking about. It was ascending support while we were climbing back up from 30k but we lost that support yesterday. Now that same ascending trend support we enjoyed earlier in the week is now ascending resistance.
Either way you slice it we will likely remain in consolidation between 30k and 38k I imagine at least until the end of this month. The big triangle sure shows us that this is a possibility. I know plenty of people saying this is alts time to shine and perhaps they are correct. Ive seen plenty of alts do well when BTC stopped pumping. ETH is close to ATH levels. Even if we dont break up from the triangle at the end of the month Im not sweating it. If we dip that is just as much of an opportunity as if we climb. Thats how we should all view the market. I hope you all have a great weekend. Make good choices! And never ever forget... WTFDIK???
TLDR: Consolidation between 30k and 38k over the next month. Set a stop loss if you want to trade this (as always)