Bitcoin 4hr analysis 11/3/2020
Good morning ladies and gentlemen and welcome back to the Bitcoin Show. Today we have the 4hr time frame pulled up after a little consolidation. 13500 seems to be holding for now. But with the election results pouring in throughout the day I would be very careful entering a position. Even if you set a stop loss things could go either way I assume. Last time we elected a president in the US Bitcoin was under 800 dollars. Today it is sitting at 13500 and that is impressive. Anyways lets take a look at what is going on with the charts this morning.
First and foremost I see that the 4hr 50 MA (orange line) is flipping back and forth between support and resistance. Indecision could be the culprit as many people are waiting to hear the election results to act. I think that the gains taxes will definitely be worse under one guy vs the other... I wont use names. But if capital gains taxes are increased or even simply threatened to be increased traders may dump their bags. Only time will tell for sure. My personal opinion is no matter what Bitcoin does today it can and will recover. Bitcoin is resilient.
Okay I also drew a triangle on the chart. The bottom support of the triangle has been active for a while and ignoring a few wicks below the support we have largely maintained the support. RSI is low on the 4hr time frame as well which is bullish. Every time we approach the support I just mentioned we have in turn created a higher high. Perhaps this time it will be the same. Whatever you do you need to pay attention today. Sure you can trade. Set a stop loss. Be vigilant. In the blink of an eye a dump can happen and many complain about stop losses not tripping in extenuating circumstances. Today could be one of those days.
We still have tons of support on multiple time frames which is encouraging. The 4hr 50 MA is currently support along with the 4hr cloud (top border) which is almost in the exact same place as the 4hr 50 MA I just mentioned. This along with the .236 fib is quite a bit of support. The .236 fib actually supported yesterday mornings drop stopping the drop in its tracks.
If we can break up from this I think we have a real shot at creating a higher high. That would mean we beat 14k and turn it to support. I think that technical aspects along with outside events (election) could effect the market today. Nothing is for sure but you need to be aware that today could be filled with heartache or bliss. Or maybe nothing will happen? This is my first analysis during a presidential election and I will be paying close attention to the charts. I hope you all have a great day. Make good choices people! WTFDIK?????
TLDR: Election day. Be extra careful with your trades today.
First and foremost I see that the 4hr 50 MA (orange line) is flipping back and forth between support and resistance. Indecision could be the culprit as many people are waiting to hear the election results to act. I think that the gains taxes will definitely be worse under one guy vs the other... I wont use names. But if capital gains taxes are increased or even simply threatened to be increased traders may dump their bags. Only time will tell for sure. My personal opinion is no matter what Bitcoin does today it can and will recover. Bitcoin is resilient.
Okay I also drew a triangle on the chart. The bottom support of the triangle has been active for a while and ignoring a few wicks below the support we have largely maintained the support. RSI is low on the 4hr time frame as well which is bullish. Every time we approach the support I just mentioned we have in turn created a higher high. Perhaps this time it will be the same. Whatever you do you need to pay attention today. Sure you can trade. Set a stop loss. Be vigilant. In the blink of an eye a dump can happen and many complain about stop losses not tripping in extenuating circumstances. Today could be one of those days.
We still have tons of support on multiple time frames which is encouraging. The 4hr 50 MA is currently support along with the 4hr cloud (top border) which is almost in the exact same place as the 4hr 50 MA I just mentioned. This along with the .236 fib is quite a bit of support. The .236 fib actually supported yesterday mornings drop stopping the drop in its tracks.
If we can break up from this I think we have a real shot at creating a higher high. That would mean we beat 14k and turn it to support. I think that technical aspects along with outside events (election) could effect the market today. Nothing is for sure but you need to be aware that today could be filled with heartache or bliss. Or maybe nothing will happen? This is my first analysis during a presidential election and I will be paying close attention to the charts. I hope you all have a great day. Make good choices people! WTFDIK?????
TLDR: Election day. Be extra careful with your trades today.
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