(The Aurox indicator is the green and red arrows below and above the candles on the chart. They represent buy signals and sell signals. Lots of you message me daily begging for signals and this is a good place to get them. I highly recommend this indicator that is exclusive to Aurox)
Good morning everyone and welcome back to my daily analysis of Bitcoin. Today I have the 4hr pulled up and I see we are still trying to put that .236 fib (red line) firmly in our past. But can the bulls continue the pump or are we destined to fall back to the low 9k region? We muscled our way back above a key level of resistance on the chart and that is certainly promising but is it enough? Lets see what the chart is telling us.
First of all I see we conquered the 4hr 200 MA after I made my daily analysis yesterday. It is nice to see the 200 MA below us once again. The pattern that had developed over the past few days was interesting indeed. We sank to 8880 earlier this week and many bulls thought we were going down after that. But that .236 has been such strong support as of late it doesnt surprise me one bit that we bounced there. There seems to be a lot of buying pressure below 9k.
After we climbed back from the depths of 8800 we I guess some money jumped onto the pump train because we shot up pretty fast from that dip. We hit the 4hr 200 MA and got rejected briefly before surpassing the 4hr 200 MA which is now support to the candles. The more support below us the more confidence there is in the market. Now that we have that 200 MA below us we need to make it count and try and refuel and take off from this support. It could happen but there are reasons to doubt it as well. I will touch on that next.
The reason the markets seem spent at the moment is the fact that the RSI on the 4hr is overbought (or close to it). That is not bullish and the last 3 times on the chart we reached overbought territory we sank soon after. This time may be no different. If you are long at this point set that stop loss. Especially after seeing the previous attempts fail after reaching the overbought region of the RSI chart.
One glimmer of hope I see for the bulls is that this pattern looks like a continuation pattern but these things are largely subjective when you trade and even if Im right I would still not chance a long at this time without a well placed stop loss. No reason to tempt fate. If this is a continuation pattern we may see 9700 - 9800 which is where our last real high occurred. We may see profit taking at this level so be ready for that if we do climb more. I like what I see as the 200 MA on the 4hr could be just the platform we needed to shoot up to the next level. Of course only time will tell. Bitcoin isnt giving up this 9k support without a fight. And that should be promising to the bulls. But then again WTFDIK right??
TLDR: Bitcoin is trying its best to climb this chart. 200 MA on the 4hr is below us and that is nice to see if you are a bull. If you are long walk that stop loss up til a dip shows its face. Lock in that profit and dont get burnt!!!
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