Good morning again ladies and gentlemen and welcome back to my daily look into the exciting world of Bitcoin! Today I have the daily time frame pulled up just to get a broader idea of where the market could be heading in the future. I know most of the time I share the 4hr time frame but that does not mean that the daily is less significant. It is just a bit slower paced so the action is a bit less exciting as it is on smaller time frames. But no less significant. Of all the time frames I believe the daily to be the most important time frame. Anyways lets take a look at what is happening on the Bitcoin scene this a.m.... Just bring me coffee!
I pulled up the daily as it is actually beginning to become helpful with my set up. Im not saying the daily was any less important yesterday as it is today. I am saying that my set up (50 MA, 200 MA, Ichi cloud) were too far below the daily candles for too long for the indicators in question to make a difference. That is until now as we seemingly approach the daily 50 MA. This is the real moment of truth for the bulls. I will explain my thoughts.
You see the 50 MA is basically the first line of defense against the bears. We lost the smaller time frame (4hr) 50 MA this week and that was the start of the dump. I kept saying over the last 2 weeks that if we lose the 4hr 50 MA I will be bearish and I am bearish short term. But that does not mean the bulls cant turn this around and make the most of the impending bounce from the daily 50 MA. Ever since we eclipsed the previous ATH (20k) we have tested the 50 MA (daily) One time and it held. But that was down around 29k. As of right now the 50 MA is much higher than it was at the end of January. Currently the 50 MA on the daily is around 40900 so that is where I would expect immediate support to lie.
I drew a range of support that I think will be crucial to this current push to another new ATH. If we can remain above this key support I think our chances to retake former support is highly likely. Like the 4hr 50 MA and the 4hr cloud. If we can retake these key indicators I believe the run may get stoked again. Especially since rumor has it taxe returns are starting to arrive in peoples bank accounts across America. With the stimulus still being hotly debated it may be a while before we see any effect from the stimulus. Even then there is no guarantee it pumps the market. I just believe that once they start printing the 2 trillion to quell the masses it further inflates the US dollar and should have a positive effect on the price of BTC. Of course only time will tell if that is to be the case.
So if I were you and I wanted to long this I would certainly not forget to set that stop loss. Right now the continuation pattern I pointed out seems to be playing out on the 4hr time frame but only time will tell if it takes us to the 45k support range below. I will be watching for sure as I think if we lose 45k we may still be okay but losing 42k will be a blow to morale as that is a previous high and traders will likely see this as a retreat by the bulls and could pull funds out of the market as a result. Im not clairvoyant so this is all conjecture until the events come to pass. I have a vivid imagination that I sort of let run wild during these analysis but I always try to keep logic front and center when it comes to my analysis. I hope you all have a great day folks!!! Make good choices! And always remember WTFDIK????
TLDR: Bulls vs Bears. I see 42k - 45k being a hotly contested range and we should find out if the bulls or bears will win this fight. If the bears take it I believe they may do so after the daily close but no promises.
I pulled up the daily as it is actually beginning to become helpful with my set up. Im not saying the daily was any less important yesterday as it is today. I am saying that my set up (50 MA, 200 MA, Ichi cloud) were too far below the daily candles for too long for the indicators in question to make a difference. That is until now as we seemingly approach the daily 50 MA. This is the real moment of truth for the bulls. I will explain my thoughts.
You see the 50 MA is basically the first line of defense against the bears. We lost the smaller time frame (4hr) 50 MA this week and that was the start of the dump. I kept saying over the last 2 weeks that if we lose the 4hr 50 MA I will be bearish and I am bearish short term. But that does not mean the bulls cant turn this around and make the most of the impending bounce from the daily 50 MA. Ever since we eclipsed the previous ATH (20k) we have tested the 50 MA (daily) One time and it held. But that was down around 29k. As of right now the 50 MA is much higher than it was at the end of January. Currently the 50 MA on the daily is around 40900 so that is where I would expect immediate support to lie.
I drew a range of support that I think will be crucial to this current push to another new ATH. If we can remain above this key support I think our chances to retake former support is highly likely. Like the 4hr 50 MA and the 4hr cloud. If we can retake these key indicators I believe the run may get stoked again. Especially since rumor has it taxe returns are starting to arrive in peoples bank accounts across America. With the stimulus still being hotly debated it may be a while before we see any effect from the stimulus. Even then there is no guarantee it pumps the market. I just believe that once they start printing the 2 trillion to quell the masses it further inflates the US dollar and should have a positive effect on the price of BTC. Of course only time will tell if that is to be the case.
So if I were you and I wanted to long this I would certainly not forget to set that stop loss. Right now the continuation pattern I pointed out seems to be playing out on the 4hr time frame but only time will tell if it takes us to the 45k support range below. I will be watching for sure as I think if we lose 45k we may still be okay but losing 42k will be a blow to morale as that is a previous high and traders will likely see this as a retreat by the bulls and could pull funds out of the market as a result. Im not clairvoyant so this is all conjecture until the events come to pass. I have a vivid imagination that I sort of let run wild during these analysis but I always try to keep logic front and center when it comes to my analysis. I hope you all have a great day folks!!! Make good choices! And always remember WTFDIK????
TLDR: Bulls vs Bears. I see 42k - 45k being a hotly contested range and we should find out if the bulls or bears will win this fight. If the bears take it I believe they may do so after the daily close but no promises.