Good morning ladies and gentlemen and welcome back to the exciting world we refer to as Bitcoin or for the more seasoned Vet in this space its is more affectionately known as Boatcorn. I see we took a little tumble yesterday. Ouch. Touched former support before rebounding back a bit. You know, same old ups and downs from Bitcoin. As we approach the years end I am eager to see us break 20k. Its still 100% possible. But as I always say... Set a stop loss! No need to be a hero. Anyways lets take a look at the charts this a.m.
The bulls seem to be exhausted. I cant tell you that the pump is done but this drop we just saw reminds me of the drop we experienced last year after the yearly high of 14k was reached. We saw a significant drop after a period of consolidation. The difference between last year and this year is YUGE though. We had a halving around 8 or 9 months ago. We broke the descending trend line that has suppressed the candles since the ATH in 2017. Not to mention the fact Paypal now offers BTC purchases (Custodial) along with Robinhood and Fidelity. Grayscale is scooping up all they can. What surprises me is the fact they dont seem to care if they buy Bitcoin above 15k. Doesnt seem to stop them from scooping up all they can. This tells me they have a lot of confidence in Bitcoin and expect it to go up much farther than 20k. Otherwise they would have never bought at these current levels in my opinion. I like to speculate. What do you think?
A more zoomed in look at the current situation. Its not exactly a great place to be in but I have seen much worse. We dropped pretty much all day yesterday. Whenever we lost the support of the 4hr 50 MA I started thinking a decent dip was in the works. Its not rocket science. The writing was on the wall folks. The RSI could have went either way. Volume was in decline which is a serious signal that a drop is in the works. Bollinger bands told us a move was coming. See the Bollinger bands are an indicator that shows you when volatility is in the works. When they are tight that means consolidation is happening and the movement of the candles is hindered by the pattern its in. Many times it can be a triangle like I had on the chart yesterday. The closer to the end of the triangle you get the more hindered the movement which eventually results in a break out. Bollinger bands wont tell you which way the break out goes tho. So that means its up to you to decide which way the break out heads. I suggest using other indicators to make an educated guess on the markets future direction.
We fell from the cloud and being beneath the cloud is considered bearish in the eyes of traders that rely on the Ichimoku cloud like I do. I saw that we did bounce from the .236 fib (17600) Which coincidentally is the same as the 4hr 200 MA. When support overlaps each other like they did in this case it makes traders more confident to make a move and expect a gain from the support. One thing I have learned over the past 19 - 20 months in trading the 200 MA on multiple time frames is absolutely reliable and that is why you never see my charts without the 200 MA. Especially when support overlaps as I mentioned earlier. That also plays into why the bounce back to 18300 was so juicy. We broke back into the cloud. That is better than being below that cloud. But that doesnt mean its time to celebrate. No way Jose. The bulls still have work to do.
The right triangle I drew on the chart doesnt incorporate the wicks. That is not usually how I do things but to me its significant and I thought I would share it with you. If you disagree with my placement of the bottom border of the right triangle lets discuss why. I know that most right triangles like that have broken down from my experience which is the main reason I decided to display the triangle this morning. Right now the hurdle before the bulls is approximately around 18500. Below us we have some stiff support so things are pretty hard to predict. I dont see a path of least resistance. The market will decide and as the west wakes up from their slumber this a.m. I am eager to see which way they decide to take the market. Just remember that even if Bitcoin drops to 2500 dollars tomorrow that is just as big of an opportunity as a pump to 30k. It may not be as profitable. But buying when their is blood in the street is classic trading. Patience is all you need if you can buy these huge dips. I wont promise that we will drop that far. Like I said yesterday... Im not that good. What I will say it proceed with caution folks. I hope you all have a great day! Make good smart choices my friends! And always remember WTFDIK????
TLDR: Haters gonna hate. Had someone call me out as a scammer this a.m. lol. What a joke. I am the opposite of a scammer. Lucky for me my reach is great and my fellow mod friends deleted his post. I share analysis every day for free. I dont ask for anything from my followers of members of the community. LOL. I dont know why I let the opinion of a snake bother me. Anyways I hope you all have a great day
The bulls seem to be exhausted. I cant tell you that the pump is done but this drop we just saw reminds me of the drop we experienced last year after the yearly high of 14k was reached. We saw a significant drop after a period of consolidation. The difference between last year and this year is YUGE though. We had a halving around 8 or 9 months ago. We broke the descending trend line that has suppressed the candles since the ATH in 2017. Not to mention the fact Paypal now offers BTC purchases (Custodial) along with Robinhood and Fidelity. Grayscale is scooping up all they can. What surprises me is the fact they dont seem to care if they buy Bitcoin above 15k. Doesnt seem to stop them from scooping up all they can. This tells me they have a lot of confidence in Bitcoin and expect it to go up much farther than 20k. Otherwise they would have never bought at these current levels in my opinion. I like to speculate. What do you think?
A more zoomed in look at the current situation. Its not exactly a great place to be in but I have seen much worse. We dropped pretty much all day yesterday. Whenever we lost the support of the 4hr 50 MA I started thinking a decent dip was in the works. Its not rocket science. The writing was on the wall folks. The RSI could have went either way. Volume was in decline which is a serious signal that a drop is in the works. Bollinger bands told us a move was coming. See the Bollinger bands are an indicator that shows you when volatility is in the works. When they are tight that means consolidation is happening and the movement of the candles is hindered by the pattern its in. Many times it can be a triangle like I had on the chart yesterday. The closer to the end of the triangle you get the more hindered the movement which eventually results in a break out. Bollinger bands wont tell you which way the break out goes tho. So that means its up to you to decide which way the break out heads. I suggest using other indicators to make an educated guess on the markets future direction.
We fell from the cloud and being beneath the cloud is considered bearish in the eyes of traders that rely on the Ichimoku cloud like I do. I saw that we did bounce from the .236 fib (17600) Which coincidentally is the same as the 4hr 200 MA. When support overlaps each other like they did in this case it makes traders more confident to make a move and expect a gain from the support. One thing I have learned over the past 19 - 20 months in trading the 200 MA on multiple time frames is absolutely reliable and that is why you never see my charts without the 200 MA. Especially when support overlaps as I mentioned earlier. That also plays into why the bounce back to 18300 was so juicy. We broke back into the cloud. That is better than being below that cloud. But that doesnt mean its time to celebrate. No way Jose. The bulls still have work to do.
The right triangle I drew on the chart doesnt incorporate the wicks. That is not usually how I do things but to me its significant and I thought I would share it with you. If you disagree with my placement of the bottom border of the right triangle lets discuss why. I know that most right triangles like that have broken down from my experience which is the main reason I decided to display the triangle this morning. Right now the hurdle before the bulls is approximately around 18500. Below us we have some stiff support so things are pretty hard to predict. I dont see a path of least resistance. The market will decide and as the west wakes up from their slumber this a.m. I am eager to see which way they decide to take the market. Just remember that even if Bitcoin drops to 2500 dollars tomorrow that is just as big of an opportunity as a pump to 30k. It may not be as profitable. But buying when their is blood in the street is classic trading. Patience is all you need if you can buy these huge dips. I wont promise that we will drop that far. Like I said yesterday... Im not that good. What I will say it proceed with caution folks. I hope you all have a great day! Make good smart choices my friends! And always remember WTFDIK????
TLDR: Haters gonna hate. Had someone call me out as a scammer this a.m. lol. What a joke. I am the opposite of a scammer. Lucky for me my reach is great and my fellow mod friends deleted his post. I share analysis every day for free. I dont ask for anything from my followers of members of the community. LOL. I dont know why I let the opinion of a snake bother me. Anyways I hope you all have a great day