Good morning again you filthy animals and welcome back to my daily analysis of Bitcoin. I have the 4hr time pulled up today after taking off of support.... Things are looking good for bulls at the moment. Not only BTC but many alts are also taking off. This shows that the market is still holding 50k and that should be a win to bulls everywhere. Anyways lets take a look at the technical side of the charts this a.m.
So we broke from the triangle. I left it on the chart due to the fact that we had a pretty weak breakout over the weekend. I was worried we may even settle back under the resistance we originally broke escaping the triangle. But Monday came around and we bounced from the triangle we just broke... This is classic TA. Break resistance. Test former resistance. If it holds it is now support. Rinse and repeat.
I also see we created the higher high we were looking for when I made my analysis yesterday. That higher high is still in limbo as it looks like it may or may not continue to rise for the time being anyways. I could see a retest of 52k. The .786 fib lies right here and the last 2 highs we made before this seemingly ended at the .786 fib (blue horizontal fib line) So a retest of former resistance may be in the cards. You guys always ask "Tim how do I set a stop loss!" Well I made a video on that and the information in this very paragraph is all you need to set a stop loss. So get to watching!
Looking above I see some resistance at 55k. We had a brief high at this level right after hitting the ATH recently. This shows me that 55k is a good spot to expect some resistance. Of course only time will tell for sure. If we can beat 55k the next true resistance IMO is $58,250. That is the previous ATH. We may or may not surpass this level during this pump. Right now the market is not as Bullish as it was earlier this year. I see a lot of doubters via sentiment analysis. With this in mind set stop loss and make it snappy!
Things look promising to this Bull. But you better believe I have a stop loss set. Im not a fool. Stop losses give you an edge on the market you wouldnt have without a tool like this. If you perfect its use it can compliment your trading strategy. Like I always say... Its like Baseball. You may strike out. But you will get another shot to hit that home run. I lose trades and I win trades. The trick is prolonging the gains while learning to minimize the losses. It may not sound easy... But if I can learn it so can you! I hope you all have a great day my friends... Make good choices and always remember WTFDIK????
TLDR: Bulls woke up earlier than me this morning. Higher high was definitely created and we could be on the way to a new ATH if the chips fall the right way... Set that stop loss!
So we broke from the triangle. I left it on the chart due to the fact that we had a pretty weak breakout over the weekend. I was worried we may even settle back under the resistance we originally broke escaping the triangle. But Monday came around and we bounced from the triangle we just broke... This is classic TA. Break resistance. Test former resistance. If it holds it is now support. Rinse and repeat.
I also see we created the higher high we were looking for when I made my analysis yesterday. That higher high is still in limbo as it looks like it may or may not continue to rise for the time being anyways. I could see a retest of 52k. The .786 fib lies right here and the last 2 highs we made before this seemingly ended at the .786 fib (blue horizontal fib line) So a retest of former resistance may be in the cards. You guys always ask "Tim how do I set a stop loss!" Well I made a video on that and the information in this very paragraph is all you need to set a stop loss. So get to watching!
Looking above I see some resistance at 55k. We had a brief high at this level right after hitting the ATH recently. This shows me that 55k is a good spot to expect some resistance. Of course only time will tell for sure. If we can beat 55k the next true resistance IMO is $58,250. That is the previous ATH. We may or may not surpass this level during this pump. Right now the market is not as Bullish as it was earlier this year. I see a lot of doubters via sentiment analysis. With this in mind set stop loss and make it snappy!
Things look promising to this Bull. But you better believe I have a stop loss set. Im not a fool. Stop losses give you an edge on the market you wouldnt have without a tool like this. If you perfect its use it can compliment your trading strategy. Like I always say... Its like Baseball. You may strike out. But you will get another shot to hit that home run. I lose trades and I win trades. The trick is prolonging the gains while learning to minimize the losses. It may not sound easy... But if I can learn it so can you! I hope you all have a great day my friends... Make good choices and always remember WTFDIK????
TLDR: Bulls woke up earlier than me this morning. Higher high was definitely created and we could be on the way to a new ATH if the chips fall the right way... Set that stop loss!