Good morning again ladies and gentlemen and welcome back to my daily look into the world of Bitcoin. Today I have the 4hr pulled up and as we can see that a bounce occurred after revisiting some former support. But we have since seen a decent recovery and back above 18k again. But will it last??? Many alts decided to awaken from their slumber this weekend and the crypto market as a whole is seemingly abuzz with bullish hopium. But the dip is a reminder that the bears lie in wait. Lets take a look at the chart.
I see we hit 17600 briefly before recovering quite nicely back to above 18k. This shows that the market isnt quite ready for a dump as the bulls fought back. After retesting former support the bulls rallied and we recovered which is promising. But as the rise took place 18500 popped up acting as resistance. It was former support so this is not very surprising. I would love to see us break above 18500 before the weekly close tonight but with the bullishness we have been experiencing Im not sure if we are anywhere near the top.
A look at the bottom of the chart lies the RSI. As you can see I drew a line right where we see bounces occurring and you can clearly see we bounce pretty much each and every time we approach the 45 level on RSI. Will this continue forever? Probably not. But as a trader I like to look for patterns that are easily tradeable and this is one of the instances. If I just bought when the RSI hit 45 I would be up nicely right now. But this wont last forever so please dont expect this to be the norm. It may never happen again. But I can say it has been a reliable trading tool as of late.
As alts awaken from their slumber we all know that BTC may stall a bit. I would not put money on it but typically from my experience when alts pump BTC consolidates. Of course only time will tell for sure. As the weekend wraps up there doesnt seem to be much of a gap to speak of but we will know more about that tomorrow. In the mean time set a stop loss folks. Dont get cute at these levels. Lock in that profit. I hope you all have a great day. Make good choices... WTFDIK????
TLDR: 18500.... 1 BTC = 18500 USD
I see we hit 17600 briefly before recovering quite nicely back to above 18k. This shows that the market isnt quite ready for a dump as the bulls fought back. After retesting former support the bulls rallied and we recovered which is promising. But as the rise took place 18500 popped up acting as resistance. It was former support so this is not very surprising. I would love to see us break above 18500 before the weekly close tonight but with the bullishness we have been experiencing Im not sure if we are anywhere near the top.
A look at the bottom of the chart lies the RSI. As you can see I drew a line right where we see bounces occurring and you can clearly see we bounce pretty much each and every time we approach the 45 level on RSI. Will this continue forever? Probably not. But as a trader I like to look for patterns that are easily tradeable and this is one of the instances. If I just bought when the RSI hit 45 I would be up nicely right now. But this wont last forever so please dont expect this to be the norm. It may never happen again. But I can say it has been a reliable trading tool as of late.
As alts awaken from their slumber we all know that BTC may stall a bit. I would not put money on it but typically from my experience when alts pump BTC consolidates. Of course only time will tell for sure. As the weekend wraps up there doesnt seem to be much of a gap to speak of but we will know more about that tomorrow. In the mean time set a stop loss folks. Dont get cute at these levels. Lock in that profit. I hope you all have a great day. Make good choices... WTFDIK????
TLDR: 18500.... 1 BTC = 18500 USD