Bitcoin 4hr analysis 2/5/2021
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 a pretty decent climb during the previous few days. The bulls managed to give hope to all those that held through the volatility that followed 42k. But is it fleeting? If the bears have any say so it will be. Anyways lets take a closer look at the chart this morning.
The bulls kept us above the support/resistance at 35k. That is important as if we lose this support the drop to 30k or even lower becomes closer to reality. We are seemingly inside of another triangle. This one looks bullish to me but we should not assume anything yet. If you plan to trade this you need to set a stop loss just in case the bears take the candles and run with them. Ive seen perfectly bullish patterns break down so prepare for anything!
As the bears plot their next move I am still looking at this situation we are in. The triangle seems to be in a good spot. The 50 MA and the 200 MA on the 4hr time frame are merged along with the 4hr cloud being very close to the merged MA's. When traders see situations like this it makes it easier to go long for them because the market gave us a reprieve from some risk factors. Such as the lack of support. When there is no support traders are more hesitant to enter positions. Lucky for us we have plenty of support currently.
I also want to bring up that we look to be reversing the 4hr death cross (when the 200 MA {blue line} crosses above the 50 MA {orange line}) For the majority of this week we have seen a bearish occurrence where the 50 MA retreats beneath the 200 MA on the 4hr. Luckily we seem to be reversing it currently and the 4hr 50 MA should be back above the 200 MA today. But does that mean its time to celebrate? Not necessarily. The reversal are seeing today could also reverse back to bearish in the painting of one good red candle. Just be prepared for anything at these levels and use a stop loss and you should be okay.
If this right triangle I am watching is legit we should see a break out within the next 24 hours I imagine. Only time will tell for sure. The weekend is finally on the horizon and the weekend is typically accompanied by a drop in volume. No sweat. With us nearing the end of the triangle I just mentioned perhaps this weekend will not be lackluster. I hope you all have a great day folks and make good choices! Always remember WTFDIK???
TLDR: Still above 35k and that is a win for the bulls. We are near the end of the triangle. Keep an eye on the charts for a possible break out. Just in case!
The bulls kept us above the support/resistance at 35k. That is important as if we lose this support the drop to 30k or even lower becomes closer to reality. We are seemingly inside of another triangle. This one looks bullish to me but we should not assume anything yet. If you plan to trade this you need to set a stop loss just in case the bears take the candles and run with them. Ive seen perfectly bullish patterns break down so prepare for anything!
As the bears plot their next move I am still looking at this situation we are in. The triangle seems to be in a good spot. The 50 MA and the 200 MA on the 4hr time frame are merged along with the 4hr cloud being very close to the merged MA's. When traders see situations like this it makes it easier to go long for them because the market gave us a reprieve from some risk factors. Such as the lack of support. When there is no support traders are more hesitant to enter positions. Lucky for us we have plenty of support currently.
I also want to bring up that we look to be reversing the 4hr death cross (when the 200 MA {blue line} crosses above the 50 MA {orange line}) For the majority of this week we have seen a bearish occurrence where the 50 MA retreats beneath the 200 MA on the 4hr. Luckily we seem to be reversing it currently and the 4hr 50 MA should be back above the 200 MA today. But does that mean its time to celebrate? Not necessarily. The reversal are seeing today could also reverse back to bearish in the painting of one good red candle. Just be prepared for anything at these levels and use a stop loss and you should be okay.
If this right triangle I am watching is legit we should see a break out within the next 24 hours I imagine. Only time will tell for sure. The weekend is finally on the horizon and the weekend is typically accompanied by a drop in volume. No sweat. With us nearing the end of the triangle I just mentioned perhaps this weekend will not be lackluster. I hope you all have a great day folks and make good choices! Always remember WTFDIK???
TLDR: Still above 35k and that is a win for the bulls. We are near the end of the triangle. Keep an eye on the charts for a possible break out. Just in case!
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