(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 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 little tumble down to former support (16500 - 16600) Right now is a dangerous time to "buy the dip" as the market seems to be uncertain about the next move it wants to make. It is a long holiday weekend in the US and that could very well be effecting the charts as well. Anyways lets take a look at the charts and see what we can see.
I see that we fell to the former resistance of 16500 - 16600. I had a feeling that as long as we kept above the 4hr 50 MA things would be okay. As soon as we lost it we dropped considerably. Now we must rely on former support to catch us at this level. The closest historic support just below this level seems to be 15800. So if we clearly lose 16500 we will likely bounce somewhere around this level.
Unfortunately fomo goes both ways. It is nice to see people fomo in on the way up but on the way down it causes knee jerk sells that can bring a market to its knees. Below us we also have the 4hr 200 MA right around 15740. I like to look for support below when the bears are out of their caves. Above us resistance is less clear. But you can still identify it thanks to previous price action. 17500 seems to be the first hurdle we must overcome on the way to a new ATH.
A retrace is to be expected. Will we drop to 4k in a few months? I doubt it. We still have the post halving pump that may or may not be finished. We are still above the 2.5 year resistance we broke earlier this year. If you ask me we still have a lot farther to fall before I declare a bear market. I do like the fact that the RSI was reset on most time frames. Its still a bit high on the weekly. All in all we are not in terrible shape. Just make sure that if you want to long this and catch a possible future pump avoid risk when and where you can. Set a stop loss. Make good choices folks!! WTFDIK???
TLDR: Bears are awake
Buy Bitcoin and Earn Up to 6.5% Annual Interest from Crypto.com App
Crtpto.com Earn allow you to deposit Bitcoin and other crypto to earn interest, this is how it works : https://bit.ly/36HFnmd
Download Crypto.com App and Earn Interest now :
> iOS : https://apple.co/3d6ZjA6
> Android : https://bit.ly/36H7Mc4
Crypto.com App: https://
Trade Bitcoin and Earn Taker Fee
Crypto.com is now doing a stake-to-take program where you can earn up to 100.1% of taker fee that you paid
Register on Crypto.com Exchange and earn from trading Bitcoin : https://bit.ly/35TlzMv
Want more ? Here are additional incentives for new exchange users
- 2% bonus paid in CRO for any crypto deposits (on-chain)
- Stake CRO for 180 days and earn 20% p.a. daily, paid in CRO
- Buy crypto with up to 50% Off from Crypto.com Syndicate if stake at least 5000 CRO
*All above benefits would have conditions applied, please refer to crypto.com exchange support document : https://bit.ly/3iC3LJ0
** Crypto.com exchange is not yet open for US residents
Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.