(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 time frame pulled up mainly because my trading set up is still working really well with the 4hr. The daily 50 MA for example is still pretty far below us thanks to all that recent pump action we have been enjoying. I see some people that seem defeated over the drop. I have been messing with Bitcoin for 3 years now and this is totally par for the course folks. Nothing goes up forever and even if we drop to 10k tomorrow I feel like it would be just as much of an opportunity as if we hit 30k tomorrow. As Todd B. once told us... "When hasnt BTC bounced back from a dip?" I can tell you never so far. Even after some pretty serious fiascoes. Anyways lets take a look at the chart this morning.
We can clearly see support and resistance at this time and all one needs to do is simple TA to find out why we bounced around 16400. On the way up 16400 was resistance and this is how support and resistance works folks. Support will eventually become resistance, resistance will eventually become support. Pretty simple stuff. Now that we bounced from the lower 16k region we now find ourselves back above 17k. Nicely done bulls. But there is a big cloud over our heads (since the small dip) and when the cloud is above you that is largely considered to be bearish. I see the .236 and the bottom border of the cloud I just mentioned are pretty much merged at this point and as a result may make breaking the resistance at this level a bit more difficult.
Above that we have the 4hr 50 MA which was such reliable support on the bull march up the chart. For the last few months we have bounced from the 4hr 50 MA numerous times and as a result I set my stop loss slightly below the 50 MA . I was convinced that if we lost the 4hr 50 MA it would result in a pretty decent dump. Got stopped out. Laughed all the way to the bank. Now that the market is in consolidation after the drop the thought on everyones mind is which way do we go from here? Well I will tell you a simple strategy if you want to long this. Go for it. But set a stop loss. The weekend is typically pretty boring and we may see more consolidation as a result. Or even more dump God forbid.
Within the next few hours the .236 and the bottom border of the cloud I mentioned earlier will no longer be merged and we may see an attempt to retake lost support. Only time will tell for sure. The markets have been crazy the last few months and a retrace should have been expected for a while. I have been pretty successful walking up my Stop loss over the last few months and have made some solid trades. There could be a decent gap above us after the weekend. I believe the CME was closed since Thursday therefore the gap should be above us. Im not 100% the CME was closed yesterday so that may not be the case. We should know more on my Monday a.m. analysis. Anyways I hope you all have a great day! Make good choices folks!! WTFDIK??
TLDR: Bitcoin could go to 100k tomorrow and drop to 50k 4 weeks later and people would call it a scam.
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