(The red and green arrows are the Aurox Indicator and they recommend a buy or a sell. Red indicates where you should sell and green indicates a buy zone. Pretty simple indicator but rather effective if I do say so myself.)
Good morning everyone and welcome back to my daily look into the charts of the worlds most popular cryptocurrency... Bitcoin! Today I have the 4hr time frame pulled up after regaining a small bit of lost support. I will take what I can get from the bulls on the weekend. Typically Saturday and Sunday can be a bit slow. But things are looking a bit better than yesterday mornings analysis. If support can hold Monday may be a decent day. Lets take a look at the charts.
We retook the lost 4hr 50 MA. It is not support but we are stuck between the top border of the 4hr cloud which is still resistance and above the 4hr 50 MA which is support. The spread between the support and resistance I just mentioned is around 50 dollars so that is not much room to move around for the candles. This could be a good thing as tight spots tend to break out. But as we all should know by now a drop could also materialize.
If I were to trade this chart I would set a stop loss just below the 50 MA. Far enough away to where I feel like I am out of danger from possibly getting stopped out. If we break out of the top of the cloud I will walk up my stop loss once the pump stalls. Rinse and repeat. As long as you can identify support and resistance you should have a much easier time trading and making a decent profit. Of course we all lose occasionally.
If we were to pump from this I see a lot of recent past resistance at 11600 approximately. We always seem to drop once we reach this nexus. At least this has been the case over the past few days. If we can overtake the resistance we have a real shot at retaking 12k within the next week. We look to be in decent shape on the daily time frame as well. We are above the cloud still and that is what I like to see. Now lets get those 4hr candles above the 4hr ichimoku cloud. That would be a great way to start our Monday.
I dont see a gap being an issue unless we see some decent movement on the chart today. We have largely been in consolidation since the start of the weekend. We may have a small one but lets wait til the weekly close before we start counting our eggs. I have noticed a lot of decent move lately that developed right after the weekly close so keep an eye on that. As long as you have your stop loss set you should be okay. I hope you all have a great Sunday and make good choices! WTFDIK??
TLDR: We retook the lost 4hr 50 MA so it is now support. We are stuck between the 4hr 50 MA and the 4hr cloud with only around a 50$ spread. Tight spot!
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