Good morning again ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I have the 4hr time frame pulled up and there is a lot going on at the moment. As we try to make sense of it all we are a stones throw away from breaking 20k (definitively). Things look really good if you remember March of this year anyways. But there is a lot of uncertainty at this level too. One thing is for sure, whether we drop or rise we as traders need to rise to the occasion and take advantage of the market no matter which way it moves. My hopes lie with the bulls no doubt about it, but the bears are always waiting and plotting their revenge... Do bears still like picnic baskets? Asking for a friend.
First I can see we are in a serious wedge pattern. I drew it on the chart so you can see what I'm looking at. The problem with this pattern is they tend to break to the down side. Bummer I know. Nothing is written in stone as of right now, but it's something you should be on the lookout for. This pattern has a limit of around 21k if we can remain in it til we run out of room. I dont think we remain in the pattern in question for that long. But it would be nice to see us remain inside til we at least break 20k.
We just painted a doji on the 4hr. It was at the top of a small uptrend and as a result we are seeing a slight drop. Nothing major, but I always seem to write my analysis during this particular candle closing every day and I was watching it especially close this a.m. mainly due to the fact it looked like it may close as a bearish doji. Thing is the 4hr chart movements are not quite as significant as the daily. So I don't think we lose too much ground from this particular doji on the 4hr but only time will tell for sure.
Below us (in the event of a dump) we have multiple support levels along with the 4hr 50 MA which is around 18300. The 4hr 50 MA has been very reliable over the last 10 weeks. Only failing one time in the last 10 weeks. I was making trades each time we hit that 4hr 50 MA for around 4 of those weeks since I noticed it was such a reliable support. Although it did fail over Thanksgiving weekend, my stop loss is what saved me. Traders need to be able to identify the things I mentioned in this analysis (bearish or bullish dojis, support/resistance) If you can simply master identifying support and resistance you will be a much better trader than 95% of the traders out there. Support and resistance is the most important lesson a trader can learn.
"So where is resistance Tim?? If you're so smart tell us before the pumps occur!" I get a lot of that and it does bug me. I make these analysis to give my thoughts on the market. I give my opinions and this is certainly not financial advice as I am still learning myself. But on my journey to master the charts I became Bitcoin's #1 analyst on TradingView (Binance charts) which tells me I am heading in the right direction. Just remember I am not a robot. I try my best for you guys and gals and 99% of you are amazing... But that 1% sure has a big mouth lol. I can take it though. That block button is working overtime some days.
I do want to mention that I have the most amazing followers. Everyone is so supportive and I cant appreciate it enough. I mentioned this yesterday in CCT on Facebook... I was a millimeter from quitting this game. I was discouraged back when I first started. I didnt get nearly as many calls right. I was a noob so what did I expect?? But it was bugging me that I was having trouble getting it. I almost quit like I just mentioned. But a few friends propped me up when I was down. Ernie (a guy that sort of mentored me while {still does}) once told me that I was learning a lot or something along those lines. This was when I was at rock bottom. The trolls were relentless at this time and Ernies comment made me reconsider quitting. And now look at me!
Also my friend Ash... She knows who I am talking about. She taught me a lot and was quite patient with me. I remember when I first met her I was intimidated by her brilliance. Now I am very appreciative just to know her. Taught me how important sentiment can be among many other things. I have a horrid memory so after about 6 months my thoughts all seem to mix together in a sort of soup of memories. But I can say Ash made me a much better trader than I would have been otherwise and for that I salute you my friend!
Todd B did the same. Once a nameless person stole my analysis and posted it as his own. Thing was he didnt change anything. Even left my trademark WTFDIK on there. LOL. Needless to say I wasnt happy. Todd jumped up when he noticed it and called the guy out. And many of you know how hostile Todd B could be lol. He also was the first real intro into the charts for me. His youtube channel helped me learn the basics. (support, resistance, the cloud, Moving averages, all the basics) And without Todd I certainly would not be here today. So I thank you Ernie and Ash and Todd B (wherever tf you are) You guys are men among men... Exemplary. And I cannot thank you enough!
Sorry but I never give thanks to those that created this monster so I thought today was a good opportunity to do just that. I see us hanging around 19k right now and if we drop much farther the pattern I drew on the chart will fail. No biggie. What goes up must come down. And make no mistake it will come down eventually. My advice?? Set a stop loss. Hope for the best while expecting the worst. I hope you all have a fantastic day. Make good choices my friends and followers and say no to $%!+ coins! WTFDIK????
TLDR: Thank you to all my followers and mentors. We are hanging around 19k. plenty of support below us. But market seems a bit shaky. Make sure you set a stop loss if you are long (or short I guess)
First I can see we are in a serious wedge pattern. I drew it on the chart so you can see what I'm looking at. The problem with this pattern is they tend to break to the down side. Bummer I know. Nothing is written in stone as of right now, but it's something you should be on the lookout for. This pattern has a limit of around 21k if we can remain in it til we run out of room. I dont think we remain in the pattern in question for that long. But it would be nice to see us remain inside til we at least break 20k.
We just painted a doji on the 4hr. It was at the top of a small uptrend and as a result we are seeing a slight drop. Nothing major, but I always seem to write my analysis during this particular candle closing every day and I was watching it especially close this a.m. mainly due to the fact it looked like it may close as a bearish doji. Thing is the 4hr chart movements are not quite as significant as the daily. So I don't think we lose too much ground from this particular doji on the 4hr but only time will tell for sure.
Below us (in the event of a dump) we have multiple support levels along with the 4hr 50 MA which is around 18300. The 4hr 50 MA has been very reliable over the last 10 weeks. Only failing one time in the last 10 weeks. I was making trades each time we hit that 4hr 50 MA for around 4 of those weeks since I noticed it was such a reliable support. Although it did fail over Thanksgiving weekend, my stop loss is what saved me. Traders need to be able to identify the things I mentioned in this analysis (bearish or bullish dojis, support/resistance) If you can simply master identifying support and resistance you will be a much better trader than 95% of the traders out there. Support and resistance is the most important lesson a trader can learn.
"So where is resistance Tim?? If you're so smart tell us before the pumps occur!" I get a lot of that and it does bug me. I make these analysis to give my thoughts on the market. I give my opinions and this is certainly not financial advice as I am still learning myself. But on my journey to master the charts I became Bitcoin's #1 analyst on TradingView (Binance charts) which tells me I am heading in the right direction. Just remember I am not a robot. I try my best for you guys and gals and 99% of you are amazing... But that 1% sure has a big mouth lol. I can take it though. That block button is working overtime some days.
I do want to mention that I have the most amazing followers. Everyone is so supportive and I cant appreciate it enough. I mentioned this yesterday in CCT on Facebook... I was a millimeter from quitting this game. I was discouraged back when I first started. I didnt get nearly as many calls right. I was a noob so what did I expect?? But it was bugging me that I was having trouble getting it. I almost quit like I just mentioned. But a few friends propped me up when I was down. Ernie (a guy that sort of mentored me while {still does}) once told me that I was learning a lot or something along those lines. This was when I was at rock bottom. The trolls were relentless at this time and Ernies comment made me reconsider quitting. And now look at me!
Also my friend Ash... She knows who I am talking about. She taught me a lot and was quite patient with me. I remember when I first met her I was intimidated by her brilliance. Now I am very appreciative just to know her. Taught me how important sentiment can be among many other things. I have a horrid memory so after about 6 months my thoughts all seem to mix together in a sort of soup of memories. But I can say Ash made me a much better trader than I would have been otherwise and for that I salute you my friend!
Todd B did the same. Once a nameless person stole my analysis and posted it as his own. Thing was he didnt change anything. Even left my trademark WTFDIK on there. LOL. Needless to say I wasnt happy. Todd jumped up when he noticed it and called the guy out. And many of you know how hostile Todd B could be lol. He also was the first real intro into the charts for me. His youtube channel helped me learn the basics. (support, resistance, the cloud, Moving averages, all the basics) And without Todd I certainly would not be here today. So I thank you Ernie and Ash and Todd B (wherever tf you are) You guys are men among men... Exemplary. And I cannot thank you enough!
Sorry but I never give thanks to those that created this monster so I thought today was a good opportunity to do just that. I see us hanging around 19k right now and if we drop much farther the pattern I drew on the chart will fail. No biggie. What goes up must come down. And make no mistake it will come down eventually. My advice?? Set a stop loss. Hope for the best while expecting the worst. I hope you all have a fantastic day. Make good choices my friends and followers and say no to $%!+ coins! WTFDIK????
TLDR: Thank you to all my followers and mentors. We are hanging around 19k. plenty of support below us. But market seems a bit shaky. Make sure you set a stop loss if you are long (or short I guess)