Bitcoin 1 day analysis 2-28-2021

BINANCE:BTCUSDT   Bitcoin / TetherUS
Good morning again everyone and welcome back to my daily look into the world of Bitcoin. Today I have the daily time frame pulled up and I can see we are holding on to 45 K by the hair on our chinny chin chin. Weekends are known for being low volume event so this doesn't surprise me too much. But will Monday result in a green candle or two? That's the question on my mind. Let's take a look at the chart... 

I still say there is a lot of support between 42 and 45 k and that coupled with the 50 ma being below us I am still ultimately boys although I have made sure my stop-losses are set accordingly. We are currently just below 45k but with this in mind we may have a bullish gap above us Monday. Only time will tell if this results in a bullish start to the month of March but as you all know I do like playing gaps so I will be watching. 

In my opinion if we were to lose the support of the daily 50 MA or 42k I would likely be bearish. Let's see how the daily, the weekly, and the monthly close tonight. Lots of big time frames ending cycles so it is certainly something we should watch. 

The way we can turn back bullish In my opinion is to retake the 4hr 50 MA. I love the 4hr time frame and when I saw us lose the support of the 4hr 50 MA I was discouraged. Now I will be watching the 50 MA on that daily time frame. Of it holds I believe BTC is still bullish. If not we could see those lower highs that are so common in a bear market. 
I would love another Bullish month (March) but I'm not holding my breath. The writing is on the wall for bulls and im not saying we are going down yet. But I am saying set a stop loss. Many alts took a hit overnight. But there is still a chance that the bulls can flip the script. I hope you all have a great day! Make good choices! And always remember WTFDIK?

TLDR: Wake up bulls and let's retake the 4hr 50MA. Someone wake Musk up and tell him to tweet something bullish lol

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.