Good morning again ladies and gentlemen and welcome back to 50,000 dollar Bitcoin! We have been making advances and retaking old support in the process. Things look good if you are a bull right now. I will discuss why I feel that way throughout this analysis. So buckle up Dorothy... Because Kansas is goin bye bye LOL (just a joke). Lets take a look at the charts..
We muscled our way above the 4hr 50 MA yesterday and that was the start of the recent pump. That 4hr 50 MA is important as when we are above it we seemingly do rather well. When we are below it not so much.... That is the way a MA works after all. Especially the 50 and 200 MA from my experience. When you are above the 50 and 200 MA things are generally bullish. Lets hope it stays this way.
More recently the last 4hr candle that closed did in fact close above the 4hr cloud. Now that we have officially broken from the confines of the cloud we need a confirmation candle. (another candle to close above the cloud) and if that happens I believe we may just get more air from this pump. Support is abundant at the moment which could stoke traders to abandon their ideas of shorting in favor of a long position.
So its been a decent morning if you are a bull. We muscled our way above the 4hr cloud and as of right now almost every single bit of support that can be below us is below us. Minus the one at 58k. If we can make it that high I see no reason we can not surpass the previous ATH. Of course only time will tell for sure. I hope you all have a bullish Wednesday and make good choices my friends. And always remember WTFDIK????
TLDR: Bulls are up early. We broke from the 4hr cloud and are awaiting confirmation that the break will stick.
We muscled our way above the 4hr 50 MA yesterday and that was the start of the recent pump. That 4hr 50 MA is important as when we are above it we seemingly do rather well. When we are below it not so much.... That is the way a MA works after all. Especially the 50 and 200 MA from my experience. When you are above the 50 and 200 MA things are generally bullish. Lets hope it stays this way.
More recently the last 4hr candle that closed did in fact close above the 4hr cloud. Now that we have officially broken from the confines of the cloud we need a confirmation candle. (another candle to close above the cloud) and if that happens I believe we may just get more air from this pump. Support is abundant at the moment which could stoke traders to abandon their ideas of shorting in favor of a long position.
So its been a decent morning if you are a bull. We muscled our way above the 4hr cloud and as of right now almost every single bit of support that can be below us is below us. Minus the one at 58k. If we can make it that high I see no reason we can not surpass the previous ATH. Of course only time will tell for sure. I hope you all have a bullish Wednesday and make good choices my friends. And always remember WTFDIK????
TLDR: Bulls are up early. We broke from the 4hr cloud and are awaiting confirmation that the break will stick.