Good morning again ladies and gentlemen and welcome back to my daily look into the world of Bitcoin. Today I have the 4hr time frame pulled up after taking 18k and losing 18k. I think that isnt the worst thing that can happen. The pump in 2017 was straight up (seemingly) and we all know how that ended. Blood in the streets. The longer we spend above 15k the more we learn about it. Since we dont have much data when Bitcoin is at these levels I am soaking up all I can. Anyways lets take a look at the charts and see what we can see.
I see that we topped out around 18500. That is a nice round number for resistance to show its face. I noticed when I zoomed out an 8 year old ascending trend line crosses right around 18500. Which is why I said resistance may show its face in this area and I was on the money with that call. We were soundly rejected from the resistance. This tells me that 18500 is our next battle and if we can beat it 20k is only a stones throw away. It is exciting to see BTC near an ATH once again and you can see the excitement in the community right now.
As we walk up the chart the basics come to mind. Support and resistance. Learning to identify support and resistance is crucial to being a decent trader and right now support seems to be strong around 17600. Next leg down will be 17k. I dont like to think about down when the bulls are so beautiful at the moment but I have to be realistic. If you keep your head in the clouds its really easy to trip over a bear. Be realistic with me and set a stop loss. Dont be a hero.
Many people are asking me for advice on what to do next. "Should I buy now?" My answer is if you feel comfortable. You can buy at these levels if you have a strong pull out game (meaning that you need to set a stop loss right away and dont get cute. I also have been hearing many people complain about their alts doing badly. That always happens when BTC is on a tear across the charts. All eyes are on Bitcoin at the moment. As we retreated from 18500 RSI dropped back to a more bullish level which is good. It was extremely overbought when I checked around 18500. Last time RSI was that high was the beginning of the month. We were at 16k then. At the next RSI peak we hit 18500. We are going the right direction that is for sure.
I noticed a right triangle forming I have my eyes on. If this plays out we should see a move shortly. I am not 100% certain at the moment if this is the beginning throws of a bigger pattern or just a short little right triangle. Looking at popular consensus these type of triangles tend to break down. Going by traditional TA teachings that drop would be around 800 dollars or so give or take. I cant guarantee anything and I tend to steer clear of making straight up predictions such as this but I decided to throw this one out there. Lets see what happens. I wouldnt open a short on account of what I just wrote, but I would certainly set a stop loss. Anyways I hope you all have a great day. Make good choices folks!!! And always remember... WTFDIK???
TLDR: More retrace or consolidation. I think the bulls need a break.
I see that we topped out around 18500. That is a nice round number for resistance to show its face. I noticed when I zoomed out an 8 year old ascending trend line crosses right around 18500. Which is why I said resistance may show its face in this area and I was on the money with that call. We were soundly rejected from the resistance. This tells me that 18500 is our next battle and if we can beat it 20k is only a stones throw away. It is exciting to see BTC near an ATH once again and you can see the excitement in the community right now.
As we walk up the chart the basics come to mind. Support and resistance. Learning to identify support and resistance is crucial to being a decent trader and right now support seems to be strong around 17600. Next leg down will be 17k. I dont like to think about down when the bulls are so beautiful at the moment but I have to be realistic. If you keep your head in the clouds its really easy to trip over a bear. Be realistic with me and set a stop loss. Dont be a hero.
Many people are asking me for advice on what to do next. "Should I buy now?" My answer is if you feel comfortable. You can buy at these levels if you have a strong pull out game (meaning that you need to set a stop loss right away and dont get cute. I also have been hearing many people complain about their alts doing badly. That always happens when BTC is on a tear across the charts. All eyes are on Bitcoin at the moment. As we retreated from 18500 RSI dropped back to a more bullish level which is good. It was extremely overbought when I checked around 18500. Last time RSI was that high was the beginning of the month. We were at 16k then. At the next RSI peak we hit 18500. We are going the right direction that is for sure.
I noticed a right triangle forming I have my eyes on. If this plays out we should see a move shortly. I am not 100% certain at the moment if this is the beginning throws of a bigger pattern or just a short little right triangle. Looking at popular consensus these type of triangles tend to break down. Going by traditional TA teachings that drop would be around 800 dollars or so give or take. I cant guarantee anything and I tend to steer clear of making straight up predictions such as this but I decided to throw this one out there. Lets see what happens. I wouldnt open a short on account of what I just wrote, but I would certainly set a stop loss. Anyways I hope you all have a great day. Make good choices folks!!! And always remember... WTFDIK???
TLDR: More retrace or consolidation. I think the bulls need a break.