Good morning again ladies and gentlemen and welcome to another episode Bitcoin today with your host Tim... Today we have the 4hr time frame pulled up after a pretty little pump up the charts. I awoke to a plethora of messages asking me why are we going up? Tim should I sell? Tim how much flour goes into a German Chocolate Cake? Okay dont worry about the last one. I will give my answers through this analysis. So grab some coffee and lets get started.
The bulls woke up early this a.m. and took us all the way back up the charts to 38k. This all happened within the last 4-5 hours so many are still not even awake to enjoy the pump. What did I do when I got up? walked my stop loss up to lock in profit. Its as simple as that with a long. I try to keep the trade going as long as possible with maximized profit. When the dips come my stop loss trips and Im out til next time. So when you get up you may want to walk your stop losses up to lock in that profit.
I see the daily 50 MA held (I drew a representation of the daily 50 MA on the chart) This is not very surprising to me. The daily 50 MA has always been quite reliable as support or resistance. With that in mind I think I had forgotten just how strong the support was as I was pretty bearish this week. I must tell you that this current pump took me by surprise. It happens to the best traders. But there are alerts one can set to allow you to be ready for moves like this.
I drew some support around 35k. This is evident if you look at past candles. There are plenty of instances where we either crashed into the resistance at 35k or many times 35k supported the candles. With that in mind now that we are back above it we are back above a multitude of supports. 35k is where Im looking for a possible retest of 35k. Only time will tell if it holds and if these gains are lasting. I do like what I am seeing this morning.
I saw on the sentiment poll I conducted recently that the majority of the market is bullish. Even though the bears are beginning to add up The poll was at least 60% in bulls favor. Maybe even more. Sentiment analysis can give you an idea of how people are currently feeling about the market. That sentiment analysis did tell me that hey the bulls may not be done yet if these traders have anything to say about it... So here we remain above 30k. No higher high as of yet so this may not be the reversal the bulls desire. But that doesnt mean you cant profit from the mayhem....
I hope you all have a great day. Make good choices with your money folks. And always remember WTFDIK???
TLDR: Bulls woke up early and drank a red bull. Hopefully the 35k range can hold the candles up and we can take this pump further. Time will tell.
The bulls woke up early this a.m. and took us all the way back up the charts to 38k. This all happened within the last 4-5 hours so many are still not even awake to enjoy the pump. What did I do when I got up? walked my stop loss up to lock in profit. Its as simple as that with a long. I try to keep the trade going as long as possible with maximized profit. When the dips come my stop loss trips and Im out til next time. So when you get up you may want to walk your stop losses up to lock in that profit.
I see the daily 50 MA held (I drew a representation of the daily 50 MA on the chart) This is not very surprising to me. The daily 50 MA has always been quite reliable as support or resistance. With that in mind I think I had forgotten just how strong the support was as I was pretty bearish this week. I must tell you that this current pump took me by surprise. It happens to the best traders. But there are alerts one can set to allow you to be ready for moves like this.
I drew some support around 35k. This is evident if you look at past candles. There are plenty of instances where we either crashed into the resistance at 35k or many times 35k supported the candles. With that in mind now that we are back above it we are back above a multitude of supports. 35k is where Im looking for a possible retest of 35k. Only time will tell if it holds and if these gains are lasting. I do like what I am seeing this morning.
I saw on the sentiment poll I conducted recently that the majority of the market is bullish. Even though the bears are beginning to add up The poll was at least 60% in bulls favor. Maybe even more. Sentiment analysis can give you an idea of how people are currently feeling about the market. That sentiment analysis did tell me that hey the bulls may not be done yet if these traders have anything to say about it... So here we remain above 30k. No higher high as of yet so this may not be the reversal the bulls desire. But that doesnt mean you cant profit from the mayhem....
I hope you all have a great day. Make good choices with your money folks. And always remember WTFDIK???
TLDR: Bulls woke up early and drank a red bull. Hopefully the 35k range can hold the candles up and we can take this pump further. Time will tell.