Bitcoin 4hr analysis 2/4/2021
Good morning again ladies and gentlemen and welcome back to my daily look into the exciting world of Bitcoin. Today I have the 4hr time frame pulled up after a nice little surge back to 37k. The bulls rolled up their sleeves and retook some previously lost support. The bears have their work cut out for them if they want to reverse the current course. Can they accomplish their goals of chart domination and send us back to the 20k region? Lets take a look at the charts.
First thing I want to bring up is the right triangle. This pattern is typically bullish from my experience and I am playing this triangle with caution. You see we have the pivots that outline the pattern but their are only 2 touches on the top line. Which is worrisome to me somewhat. The reason for this is the fact that the two touches on the top of the triangle also resemble a "double top" formation. That is bearish. So we will have to keep an eye on this one.
I mentioned I was long but I have my stop loss set just in case the double top wins the day and we see a decline. I would love to see us break up from this bullish triangle. But I have to be realistic and plan for the worst and hope for the best. The 35k range has shown promise as support and resistance in the recent past so if we do drop due to the double top we could find some much needed support upon 35k. Coincidentally that is just about the same general area as the 4hr 200 MA so that means multiple supports stacked upon one another. Which could give traders more confidence to long this.
I mentioned the death cross on the 4hr a week ago or something like that. It looks like it is starting to reverse course. This happens often. I have seen a death cross reverse to a golden cross only to fall back into death cross. All within a matter of weeks. A golden cross is when the orange line (50 MA) crosses above the blue line (200 MA). A death cross is the opposite. The names should suffice as far as bear vs bull. A golden cross is obviously bullish while a death cross is bearish. We are well above the 4hr 50 MA and the 4hr 200 MA and the 4hr cloud all of which is bullish.
The bulls look poised to break up if all things work out. If not we could very well dip back to the former support of the 4hr cloud or 4hr 200 MA. The good news is traders see loads of support below us. That gives them the confidence needed to long. Alts have been really shining as of late and that is to be expected I guess. I mean it was similar in 2017 - 2018. BTC took over and then profits from BTC flowed into alts causing the oh so famous "alt season" everyone remembers fondly. ETH recently hit ATH (in USD pairing) so I would like to say bravo ETH. Elon is up to his old tricks. Mentioning Doge caused another spike in the alt coin today. This market is wild. I will keep an eye on the charts and update you if I notice anything worth sharing. I hope you all have a great day. Make good choices people! And always remember WTFDIK???
TLDR: Encore!! Encore!!!!!!!
First thing I want to bring up is the right triangle. This pattern is typically bullish from my experience and I am playing this triangle with caution. You see we have the pivots that outline the pattern but their are only 2 touches on the top line. Which is worrisome to me somewhat. The reason for this is the fact that the two touches on the top of the triangle also resemble a "double top" formation. That is bearish. So we will have to keep an eye on this one.
I mentioned I was long but I have my stop loss set just in case the double top wins the day and we see a decline. I would love to see us break up from this bullish triangle. But I have to be realistic and plan for the worst and hope for the best. The 35k range has shown promise as support and resistance in the recent past so if we do drop due to the double top we could find some much needed support upon 35k. Coincidentally that is just about the same general area as the 4hr 200 MA so that means multiple supports stacked upon one another. Which could give traders more confidence to long this.
I mentioned the death cross on the 4hr a week ago or something like that. It looks like it is starting to reverse course. This happens often. I have seen a death cross reverse to a golden cross only to fall back into death cross. All within a matter of weeks. A golden cross is when the orange line (50 MA) crosses above the blue line (200 MA). A death cross is the opposite. The names should suffice as far as bear vs bull. A golden cross is obviously bullish while a death cross is bearish. We are well above the 4hr 50 MA and the 4hr 200 MA and the 4hr cloud all of which is bullish.
The bulls look poised to break up if all things work out. If not we could very well dip back to the former support of the 4hr cloud or 4hr 200 MA. The good news is traders see loads of support below us. That gives them the confidence needed to long. Alts have been really shining as of late and that is to be expected I guess. I mean it was similar in 2017 - 2018. BTC took over and then profits from BTC flowed into alts causing the oh so famous "alt season" everyone remembers fondly. ETH recently hit ATH (in USD pairing) so I would like to say bravo ETH. Elon is up to his old tricks. Mentioning Doge caused another spike in the alt coin today. This market is wild. I will keep an eye on the charts and update you if I notice anything worth sharing. I hope you all have a great day. Make good choices people! And always remember WTFDIK???
TLDR: Encore!! Encore!!!!!!!
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