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Bitcoin 4hr analysis 2-7-2021Good morning again ladies and gentlemen and welcome back to my daily look into the charts of Bitcoin. Today I have the 4hr time frame pulled up after a nice little run to start the weekend off. We have cooled off a bit since the $40850 high we saw yesterday but there is still reason to be bullish. I will explain... So pull up a seat and lets get this party started. I see we nearly hit 41k yesterday. Very close to the ATH we hit last month. Ive been saying it for days but 42k is obviously the line in the sand at this point. We had trouble crossing 41k yesterday which shows that breaking the line at 42k may be easier said than done. I think if we can make it to 42k out chances will definitely increase with a possible injection of fomo. Fomo is such a wild card as it can make a simple green candle into a massive pump. The crypto market is notorious for pump chasers. I was looking for a possible gap on the chart or at least evidence that a gap may or may not be on the charts Monday and for now it does not look like there will be much of a gap. Of course there is sill 9-10 hours before the daily and weekly close. So only time will tell for sure. I like to trade gaps on Monday mornings if they are worth trading that is. Sometimes the gaps are just too minor or non existent to worry about. But when they are on the chart I try to take advantage. Although it is always recommended to exercise risk management and set a stop loss. So we broke the resistance that was evident at around 38500ish yesterday and peaked around $40,850 now we are retesting the $38,500 resistance we broke yesterday which is now support. But we are really testing it hard so if it fails we may drop a bit. I see support around $34,500ish but it doesnt look like the strongest of supports Ive ever seen. Lets hope that $38,500 holds and we can advance to 42k. If we can break that resistance we have a real shot at 45k or maybe even 50k depending on how hot the fomo can get. This week we pretty crazy. We had the Elon pump. A huge 4hr candle that was over 5k was the result. But the gains did not stick. Thats to be expected from a fabricated pump such as this one. There was no real rhyme or reason for the pump. But if you did catch the wave congratulations. Alt coins deserve a little mention as they have been really performing great. It sort of reminds me of 2018. Right after the BTC pump to 20k profits left BTC and flowed into many alts. Of course I want to say alts were hotter in 2017 than they are today. Although I may just have my head too far up BTC's %$$ to pay anything else too much attention. I will say that this alt season seems more streamlined. Not every alt is pumping. In 2017 you could throw a dart at a computer screen and pick a winner. Either way the crypto market as a whole seems to be impervious to the FUD of India possibly banning BTC and other crypto and also Nigeria. Both are huge hubs for crypto use. Lets start this week off right. Even if we dip a bit before the weekly close tonight we should have gap above us as a result and that could help me start the week off right with a profitable trade. Like I said before set a stop loss if you want to play that game. We made the higher high traders want to see yesterday but the momentum must continue or it will all be for nothing. Sundays are notorious for low volume but maybe it will be a repeat of yesterday? We will have to wait and see. Have a great Sunday and enjoy the Super Bowl if you are into that kind of thing. Make good choices my friends and always remember WTFDIK???? TLDR: 38,500 is support/resistance. If we can hold the line above 38500 we have a real shot at a bounce to another possible higher high. But it doesnt look promising as we are currently below the support which makes it resistance. But I would wait for the candle to close.
by UnknownUnicorn4304403
Bitcoin 4hr analysis 2-6-2021Good morning again ladies and gentlemen and 40k as well! We have broken resistance and things are looking good for BTC at the moment. The bulls have put on a show over night and reminded everyone of us (including me) not to underestimate the bulls. The alt coin market has taken a lot of the recent glory in the crypto market but it looks as if BTC is attempting to take some dominance back. But can it last? Lets take a look at the charts. First of all I want to point out that we have overcome the bears and broke up from the small bullish triangle overnight. It looks as if we have a confirmation candle that indicates that we have successfully broken the resistance. Former resistance becomes support. Technical Analysis 101. I love passing off little helpful hints in my analysis. Most vets already understand former support becomes resistance and vice versa. Learning how to identify support and resistance and understanding exactly how they work is better than any indicator you can turn on. Keep that in mind when you are looking at a chart. You can have a billion lines on the chart. In the end it looks like a bowl of spaghetti. I do enjoy keeping a few indicators on the chart such as the 50 MA and the 200 MA and the cloud specifically. Bollinger bands and MACD are also helpful. But I can certainly read a chart without these indicators. But I will say that I can appreciate the usefulness of these indicators and I leave them on to make it even easier on me. Just keep it simple. Decide on a few key indicators and stick with them. Learn them. Understand them. Then check out the lesser used indicators. Maybe you will lay that golden egg. So here we are back at 40k. I had a feeling we would break up from the right ascending triangle on the chart. We topped out on this triangle 2 times this week. I was hesitant to mention it looked like a double top to me when I saw it recently which led me to believe we may not break up from this. But after waking up this morning I was pleasantly surprised and I will walk my stop loss up to lock in that profit. Easy peasy... So the next hurdle sits around 42k. That will be the real test. I do like the fact we have started creating higher highs once again. All of the bullish factors I am bringing up certainly gives traders confidence to long this. Especially with the abundance of support below us on multiple time frames. If we do in fact break 42k I think 45k - 50k would be a possibility. But WTFDIK??? Make good choices folks! TLDR: Bulls are awake early. And they drank some espresso
by UnknownUnicorn4304403
Bitcoin 4hr analysis 2-2-2021Good 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!
by UnknownUnicorn4304403
Bitcoin 4hr analysis 1-31-2021Good 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
by UnknownUnicorn4304403
Bitcoin 4hr analysis 1-30-2021Good morning again ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I am looking into the 4hr as it is telling me a lot and I want to share it with you all. The pump yesterday, while welcomed, was short lived and typically gains like that tend not to stick. Regardless of the gains Bitcoin has become a force. Its becoming mainstream. An everyday thing. I heard to sports radio guys complaining about all the recent stock chatter and one of them mentioned how he was sick of hearing about BTC. LOL. This means word is spreading.... Like a fire. Anyways lets take a look at what is going on with the charts today. I see a doji. This doji is a classic example of how a doji can predict a reversal and how you can make some money trading events like this. Reversal dojis are certainly not an every day occurrence. Not even weekly. Maybe once or twice a month on the 4hr. But when I do take notice I do try to trade the reversal or pivot point. Those dojis do not always work as advertised so risk management is always recommended if you want to play a doji. But I have made some decent profit over the last few years when I notice these dojis. We spiked above the triangle we were stuck inside of for weeks. This huge right triangle (which I deemed bearish) saw us break up from the abyss. I mean outside of a status change of Twitter to "Bitcoin" there was no rhyme or reason in my opinion for the break out. We were under the 4hr cloud, The 4hr 50 MA, the 4hr 200 MA, and we tested 29k a few times over the last 7 days. Most of this is bearish. Not to mention we had a death cross on the 4hr a few days ago. This goes to show you that TA is fanstastic. It works. But you will always have outside forces that can throw a wrench into the cog wheels of the grandest technical analysis. There is no indicator for these outside interferences so keep your ears open. After a 6,000 USD 4hr candle we saw the doji I mentioned earlier and then we see a bearish candle right after that. It took away most of the gains we saw but left us a bit higher and a bit more dry than we would have been otherwise. Instead of testing 29k like we were 2 days ago we are sitting just below 34k. But will this just be a delay of the inevitable? I will explain my reasoning. We dropped after the pump pretty quickly, as those type of quick pumps dont tend to stick around long. When we dropped I was hoping the support (I drew a line representing it at $34,800) would hold allowing us a possible bounce. Traditionally former resistance becomes support so that is why I was thinking this way. It didnt work and we fell below it. And the descending resistance of the triangle. So at the end of the day we ended up right back where we started but in slightly shallower waters so Ill take that. We remain flirting with the top border of the 4hr cloud which is support along with the 4hr 200 MA (blue line) which is support one second and resistance the next. This is a street fight between the bulls and the bears. I sure hope the bulls come in with a steel chair and knocks the bears out but I would not be in a position right now unless risk management was in place. Set a stop loss. Dont ignore helpful tools like a stop loss. Perhaps we can break up out of this right triangle but from past experience they tend to break down. I hope this triangle proves this wrong. I hope you all have a great weekend folks. Make good choices with your money. And always remember WTFDIK?? TLDR: Bull breakout yesterday was largely a quick pump with profit taking. Nothing we havent seen before. Bears are fighting back but we are close to the top of the triangle (after breaking out from it yesterday and falling back in later in the day) We are above the 4hr 200 MA and the 4hr cloud and the 4hr 50 MA. All bullish. Keep an eye on the charts and set a stop loss.
by UnknownUnicorn4304403
Bitcoin 1 day chart 1-24-2021Good morning ladies and gentlemen and welcome back to my daily look into the world of BItcoin. Today I have the daily time frame pulled up believe it or not and I can see we are still clinging to 30k. The bulls have dug in and the bears are plotting their next move. We may have a better idea of what comes next towards the end of January. I will explain why I feel that way. So lets get this party started... I see a possible right triangle forming on the chart. Ive already pointed that out in previous analysis but the longer we remain above 30k the longer we remain inside of the right triangle. I have seen quite a few right triangles and they are typically bearish from previous experience. I think its time to start thinking above a revisit of the 20k levels... It definitely would not surprise me to see us test 28500 or 24k has some promise as support. I see there was resistance at these levels on the way up the chart so Im banking on these levels to provide at least some support.. Only time will tell for sure. 20k would be another support as well. There is tons of support below us and I dont even want to scare you guys by even mentioning lower numbers than 20k. But anyone that has been in BTC for over 2 years should be used to pumps and dips by now. A good risk management strategy is key no matter what type of market we are in... A stop loss locks in profit and allows you to remain in the trade for the time being. Especially if you believe the pump is still going you want to simply chase the candles with that stop loss. When my stop trips I am out and look for a good reentry point. Ive said it many times but I consider trading a lot like a baseball player at the plate. You may hit a home run or strike out. If you hit a home run enjoy it. Take profit and take the knowledge gained and use that on the next trade. If you fail and your stop loss trips its no big deal. Treat it like strike out and go back to the dug out til you see another possibility of a profitable trade. You will hit a home run if you stick to the plan. Right now Im seeing consolidation and that could mean a very small gap tomorrow or no gap at all. So that would make the weeks first trade a bit more difficult. I like to catch those gaps and trade them. They are pretty reliable and in this world you need to take every edge in the market you can get. If trading was easy everyone would be doing it. So persistence and patience is key. Leave emotions out of your trades. I spoke to a woman that bought at 40k. Panicked and sold at 30k thinking we were dropping to 0. Then she rebought at like 35k. That is exactly what you dont want to do. That is the result of trading with emotions. If you are new paper trader (fake trades til you gain confidence) and that should keep you from losing all your investment before you are ready to trade. Believe me its not easy. Im still learning every day. Practice makes perfect though so if you are serious about learning to trade I have a course and there is plenty of free stuff on the net. Just make sure you learn before you attempt to earn. Otherwise you may get burned.. Hey that rhymes! I hope you all have a great Sunday. Make good choices my friends and always remember... WTFDIK?? TLDR: We are clinging to 30k. If we do fall out of the triangle we have a real chance of testing 28500 or even 24k. Luckily we still have a lot of support so that is promising. But beware of the bears...
by UnknownUnicorn4304403
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Long
by PatelsBro
6
Bitcoin 4hr analysis 1-17-2021Well good morning again ladies and gentlemen and welcome back to my daily blab about Bitcoin and Bitcoin accessories. (King of the Hill reference) Today I have the 4hr time frame pulled up... I know its a huge surprise. I like the 4hr though guys. It is just my speed. I know every trader is different and I guess I will toss in another time frame sooner or later. But I just feel the 4hr is quite telling at this point in time and more helpful than most other time frames for my trading style. Anyways enough about me. We are here to talk about Bitcoin so lets chat about the charts. I drew the "ricochets" the candles have been experiencing over the ATH and subsequent consolidation after the ATH (ATH stands for all time high (whichis nearly 42k) for all you noobs reading this) This pattern is all too common in crypto and most other investment opportunities. Identifying patterns like this early allows you to earn more from trading them. If you simply bought when the bottom support of said pattern was touched and sold only when we touched the top you would be making a killing. You could literally buy a lambo just trading a pattern like this. Patterns like this are fleeting folks. That is why identifying them early is crucial. Otherwise you will make much less. I know its not rocket science what I am trying to explain and many of you vets reading this are rolling your eyes but I speak with noobs every single day and this info will help them a lot. You can also see many instances within the giant triangle pattern I have drawn on the charts. Instances where we bounced without necessarily making it all the way to the bottom of the pattern. That happens. There are numerous indicators within this triangle that can provide support or resistance depending on where the candles are located. With that in mind we can bounce off these indicators within the pattern itself as well and traders that take advantage of most bounces will make the most money (if they play their cards right that is) Catching each and every bounce requires unlimited patience and unlimited time to sit in front of a cpu all day. Every day. I dont like doing that. Dont get me wrong... I love Bitcoin. I love trading. I love writing theses analysis' I write every day for you guys and gals. But I also love to do other stuff as well. Life is about being happy and I use trading to supplement my income. Im not rich. I hope to be one day. Right now Im just like most of you. Still learning. But I have learned a lot since I began. I remember when I had no clue what an MA was. Now I have a trading course with quite a few clients and I have been #1 Bitcoin analyst on Tradingview numerous times. Not too shabby for someone that has been doing this for less than 2 years. The way the pattern on the chart looks and the way the weekend tends to have a dip in volume (when compared to weekly volume levels) we may see more dump today folks. I hate to say it. There is bad news and good news though. The bad news is the weekend isnt over tomorrow in the US. Its Martin Luther King Jr day tomorrow so Im certain the CME will be closed and likely we will not see the gap til tuesday. So I guess there is no good news yet. The bad news is I think I see a head and shoulders on the chart. We havent seen the dip so I very well could be wrong. The way I see it is it does no good to argue about such things. Instead of debating the legitamacy of the H&S (head and shoulders) I always say prepare for the worst and hope for the best. Set a stop loss and that will be your back up parachute in case the trade doesnt go your way. Let the market decide. If the majority of traders see a H&S they will react to it and we will see a dip. If the majority disagree with this they wont play it and the dip will be minimal at best. Ive seen clear H&S not play out in terms of a dip after the fact so not every h&s are created equal folks. We are still holding onto 30k+ and in my book that is a win. The way I see it we will consolidate for most of January and towards the end of the month we should see the result of this big triangle I keep bringing up. The US is discussing stimulus money very soon and that could cause a rise in volume while the mass printing of USD will ultimately cause inflation causing BTC to go up in terms of USD. Because people are buying BTC with the disposable income along with the fact the very currency BTC is tied to (not 100% of the time but there is no denying the US is a big part of the financial eco system of this planet and Bitcoin) These are issues that are not necessarily on the chart but they are still something any and every analyst needs to take notice of. Inflation of the USD will cause BTC to rise. I am confident that this is the start. If printing continues we could see 6 figure BTC sooner than people think. Im not a financial expert folks. This analysis is my opinion and you can take it or leave it. You should not make any financial moves based on my opinions alone and do some research and learn how to make your own financial decisions. It is much more rewarding to make your own moves based on your own ideas. But I will always make these analysis for those that dont trade and those that just like to read it. I know it gets long at times but I have a big mouth so I have to let it out somewhere. I hope you all have a great Sunday and make good choice my friends. And always remember WTFDIK????? TLDR: Bouncing around inside this triangle. Right now the 4r cloud is holding the candles but the candles are getting heavy. We may test the bottom of that big triangle before the weekly close in 10 hours.
by UnknownUnicorn4304403
Bitcoin 4hr analysis 1-16-2021Hello 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)
by UnknownUnicorn4304403
Bitcoin to the Moon !!!We have converted all our Bitcoin into cash !!! It doesn't mean that bitcoin will go to zero. As we can see in the chart that prices are over extended and multiple fear and greed index now at Extrema Greed. Prices will correct about the support level 11.6k to 12k and then it will Moon Again. This will be healthy correction for prices to stay bullish, to shake out the novice traders. As we will recognize some bullish setup around the support level we will go long on bitcoin as well as we will trade it with leverage.
Long
by PatelsBro
HUUUUUGE Warning !! 😣😲As we consider the money printing than the new all time high of bitcoin will be 27k to 29k Range. Bitcoin will likely to crash upto 60% at the range of 9k to 11K ( Reload Zone) In addition to that we are observing this strange pattern when the prices mooning consequences three month. 2nd candle is bigger than 1st.3rd candle is bigger than 2nd candle. As the bitcoin complete the month of bull run, it crash to Reload zone. So its nice opportunity to buy some more Bitcoin 😁 To the Moon 🌙
Long
by UnknownUnicorn3756651