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Bitcoin 4hr analysis 5-3-2021

(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 look into the world of Bitcoin. Today I have the 4hr time frame pulled after a pretty exciting Sunday night (or maybe it was Monday a.m.). Either way we muscled our way out of a pretty tight jam.... Nice work bulls! But can the momentum continue? The bulls woke up early this Monday A.M. and that is a good thing that's for sure. Enough with the introduction though. Let's get this party started.




First thing I want to bring up is the fact we are above the 4hr cloud and the daily cloud and the 4hr 200 MA and the daily 50 MA to start off this beautiful Monday morning. I dont think I have ever used the words ``beautiful" and "Monday" in the same sentence but here I am. Being above the daily 50 MA is a big deal in my opinion. We fell below it for the first time since October of last year. So its good to see the bulls muscle their way back above the former support. I just hope the gains stick around.\




If you want to learn to read a chart properly I can help. Let me know if you would like to join my course. It's growing every day! I go live tomorrow night (6 PM CST) and Saturday morning for my peeps in the Eastern hemisphere. 




There is a gap all the way up to just below 61k from approximately 2-3 weeks ago if memory serves me... Anyways that gap is in the process of filling currently. Do I see us realistically filling this massive gap? I would have to say the possibility is definitely there. Especially since we broke the daily 50 MA resistance. The bears were depending on that to hold and the line faltered. Now skies the limit as far as I am concerned. But realistically if we stay in the bull trend I drew on the chart we could hit 63k in a matter of hours. Or longer. I'm only an analyst. Not a clairvoyant.




The bears are still alive and well this morning so don't be caught off guard. No matter how bullish it looks, always protect yourself. I would never skydive without a backup parachute... And I would never trade without a stop loss in place. Simple and effective and low risk. What more could a trader ask for? The good news (if you are a bull) is that we have a lot of support currently which could bring out that volume we need to make those higher highs traders want to see. As confidence grows we may ever create a new ATH but only time will tell.




I could go on all day but I will end it here. I hope we can remain in this bull trend for a few more days. At least til we fill that huge bull gap on the chart. If we did that we are very close to 65k... I won't count my BTC before they are mined but I'm optimistic that is for sure. ETH has been absolutely crushing it as of late. I'm not positive but I can assume that eventually some of that volume may spill into BTC when traders begin taking profit. Although as strong as ETH has been lately that may not happen. At least not for a bit. I hope you all have an amazing day and I want to thank everyone that wished me well as I was so sick over the weekend. I feel 100% better today. Make good choices folks and always remember WTFDIK???




TLDR: Bulls woke up early. We are trying hard to fill that gap from a few weeks ago.In order to fill it we need to break 61k. We have a ton of support currently so confidence in BTC may be higher today.




https://aurox.app/5k3e

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