Bitcoin 4hr analysis 11/21/2020

(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 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?




https://aurox.app/fr2




This is a link to the Aurox Telegram that I help moderate. If you want to learn more about TA or just want to learn more about Aurox itself stop on by. I try to participate as much as I can.





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COMMENT

7

Dr Sana
5d

Great sir 

As usual its very nice analysis and really helpful, I always appreciate your worth Sir

Thanks

11

MCcoy MCcoy64
5d

This sound interesting watching my investment growing everyday and I hope it breaks 19k and proceed to 20k which I will have to withdraw by God grace..

15

Morgan Nwanguma
4d

Well done on you usually detailed and very explicable analysis; each time I check out Bitcoin these days I regret that I didn't invest in this wonderful virtual currency years back. The bulls really excite me. But the future I gusess awaits. Thanks.

22

preview not available Ilin Kazandzhiev
4d

Tim, I set stop loss but I have the following problem. The price falls to my stop loss, triggers it, and then it starts climbing again. So actually I lose money. What would you suggest? Thanks :)

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