Good morning again ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I have the 4hr pulled up and I can see we just kissed 19k before dropping a bit. We keep establishing new support in a slowly but surely creep up the chart. I do like seeing the new highs not seen since 2017 but are the bears waiting to strike? I do like the seemingly slower ascent to a new ATH. The climb seems much more sustainable than that of 2017 where we seemed to climb straight to 20k before losing the ATH and tumbling back down to 3200 from 20k. Ya that was quite the drop. But today is the reward for the patient investor that decided to buy the dip. Just like I was begging my friends to do just 8 months ago. Now the train has left the station and we are almost at 20k. Anyways lets take a look at the charts.
I see a bit of a divergence and I would like your guys opinion on this. The RSI is steadily dropping while the candles seeming rise at the same time. I need to follow this up so I can see the results of this divergence. It may be nothing folks but I thought I would point it out to you anyways. I am watching close at the moment as we nudge 19k. If we can break 19k we may see a bit of fomo on the way to 20k. I am just thinking that people seem to be buying even at these levels do to previous price action and the push to 20k should attract some volume on its own. Although this is all speculation until it actually happens.
I see we are still creating higher highs which leads me to believe the bulls are not done yet. Although you never know when the bears will strike back. This means you need to set a stop loss. Just in case. Dont lose out on profit because you think you are smarter than the market. Eventually you will get burned. Its not fun. Sometimes though you have to get burned to get learned. 19k seems to be resistance as the climb ended there. Resistance and support seems to be showing up at nice round numbers (18k, 18500, 19k) And the reason for this is we dont have much in terms of historic data therefore support and resistance is being laid out before our eyes. The market is making the call and people tend to set buys and sells at nice even numbers. I could be wrong but i think this has a lot to do with it.
It is the weekend and more often than not that means reduced volume and less trading. No sweat though. We have had a great week and things look very good for a possible new ATH before December 31st. Although nothing is 100% certain and you need to prepare yourself for anything. Dont be the one holding bags when its all said and done. A good strategy is remove your principle investment and trade with house money. Simple yet effective and low risk. That is important. I always try to avoid as much risk as humanly possible. Its the weekend so enjoy your time with your friends and family folks. Just set a stop loss before you do :) Have a great day folks. Please make good smart choices! And always remember... WTFDIK???
TLDR: Buy Bitcoin! WTF are you waiting for? 6 figures?
I see a bit of a divergence and I would like your guys opinion on this. The RSI is steadily dropping while the candles seeming rise at the same time. I need to follow this up so I can see the results of this divergence. It may be nothing folks but I thought I would point it out to you anyways. I am watching close at the moment as we nudge 19k. If we can break 19k we may see a bit of fomo on the way to 20k. I am just thinking that people seem to be buying even at these levels do to previous price action and the push to 20k should attract some volume on its own. Although this is all speculation until it actually happens.
I see we are still creating higher highs which leads me to believe the bulls are not done yet. Although you never know when the bears will strike back. This means you need to set a stop loss. Just in case. Dont lose out on profit because you think you are smarter than the market. Eventually you will get burned. Its not fun. Sometimes though you have to get burned to get learned. 19k seems to be resistance as the climb ended there. Resistance and support seems to be showing up at nice round numbers (18k, 18500, 19k) And the reason for this is we dont have much in terms of historic data therefore support and resistance is being laid out before our eyes. The market is making the call and people tend to set buys and sells at nice even numbers. I could be wrong but i think this has a lot to do with it.
It is the weekend and more often than not that means reduced volume and less trading. No sweat though. We have had a great week and things look very good for a possible new ATH before December 31st. Although nothing is 100% certain and you need to prepare yourself for anything. Dont be the one holding bags when its all said and done. A good strategy is remove your principle investment and trade with house money. Simple yet effective and low risk. That is important. I always try to avoid as much risk as humanly possible. Its the weekend so enjoy your time with your friends and family folks. Just set a stop loss before you do :) Have a great day folks. Please make good smart choices! And always remember... WTFDIK???
TLDR: Buy Bitcoin! WTF are you waiting for? 6 figures?