Bitcoin 4hr analysis 1-7-2021
Good morning again ladies and gentlemen and welcome back to the Bitcoin bull run. We just cant stop climbing the charts! 38k was broken in the last 4 hours and the bulls look like they have something to prove at the moment. Like maybe 40k is just a literal stones throw away. I see many things to be happy about on the chart if you are a bull. But I also see signs that the bears are waiting in que... Biding their time. I will discuss my thoughts in this analysis so grab a cup of coffee and lets get down to business.
The first thing I want to bring up is 38k. Wow. It really is like the 38th day of December 2020 LOL. The reason I say that is we have seemingly went up 1k per day since the 23rd. Now its the 7th and we are at 38k. Dont get me wrong... Going up 1k a day is a beautiful site but I just wonder how sustainable a climb like this can really be. On the other hand the US govt continually prints USD on demand and after the 600 USD stimulus we saw the market climb. Well now another stimulus is definitely in the works. 2k per citizen supposedly. This could do one of 2 things. Both are really bullish if you ask me. Either people refuse to remove their BTC and pay tax obligations with the money they get from the stimulus. Or they use the money they get from the stimulus to buy BTC. Either way I see a bullish BTC so long as the US is printing money like a bat out of hell.
I did something a little different this a.m. and pointed out some pivot points. These dojis I pointed out on the charts are decent indicators of a possible pivot or reversal in immediate price action. I mean we ultimately went up but after the dojis pointed out if you parked in USDT or any stable coin for that matter you could really clean up. Learning how to play these dojis can net you some good profit. On an uptrend if a doji shows its face it could signal a reversal. Even if its brief you can see at least 2 examples of this on the chart I am sharing with you this a.m. Plus after this a.m. pump I can see another possible doji forming as I type. Of course I dont want to get too far ahead of myself. Always confirm before proceeding. Of course set a stop loss as well. Not all dojis are created equal. (These dojis are bullish if they show up at the bottom of a down trend. Some ask "well how do you know its the bottom?" Answer is I dont. I am taking a chance based on logic and reasoning due to the fact I have seen these work many times in the past. So I am taking the odds that are in my favor and running with them) If you do play any doji set a stop loss. Nothing in trading is certain except uncertainty.
On the way up to 38k I can see another area of support I threw on the chart this a.m. I did this because right now at these levels we dont have much data. We literally have a few hours of data above 38k. Trying to analyze this could drive you to pull your hair out. And I need my hair. You can see that we clearly had issues breaking the resistance which is now support and now I expect the resistance to return the favor if the doji does complete and causes the possible reversal. The current candle sure looked more like a doji at the start of this analysis but we wont stop climbing. I cant type a few paragraphs before the charts change lol. Not a bad problem to have in a bull market. As we inch our way to 40k I know all of the haters are scratching their heads. We are completely above my trading set up on every major time frame and anyone that has read my daily analysis knows that this is bullish. Being above the 50 MA (orange line) The 200 MA (blue line) and the ichimoku cloud (big green blob on the chart) is all bullish. Especially on the major time frames. We have so much support below us its hard to imagine the bears taking us down. But always be ready for the worst folks. Those bears are sneaky.
In conclusion I am still bullish folks. Im staying full bull until the bears give me a reason to change my mind. In the mean time I am really hoping to see us break 40k. That would be satisfying. Especially after seeing the bears say "Im shorting this POS" when we were sitting just below 20k. I hate seeing anyone lose money but if you are going to bet against the bulls you may get burned. With another stimulus in the works I think BTC is going to break 40k. Maybe Im wrong. Dont get a loan against your home to bet on my predictions. I try not to make predictions like this but I just see the bulls staying strong. Especially if people get stimulus money. They can pay their taxes with that stimulus which will prevent many from removing their BTC in order to meet tax obligations. Another thing is people may just throw that 2k into BTC in hopes of catching some of this run. I know many people that would love to turn 2k into 4k or 6k. Is that realistic? Maybe not... But I certainly wont bet against the bulls at this point. Plenty for us to be excited about. Alts are starting to take off. Not like 2017 but I do like seeing some of these alts climb after so long. ETH and LTC for example have been doing pretty well. Im not the biggest alt guy but I will trade them if there is money to be made.
I made a video covering gaps (CME Gaps) and I encourage you to check it out if you would like to learn more about gaps and how they work etc. Its around a 10 min video that covers the basics one needs to know in order to trade a gap. Let me know what you think. I have already rambled on too long this a.m. and I got some work to do so I am going to end the analysis here. I could talk all day about BTC but I have to limit myself otherwise I would never get anything done. I hope you all have a great day and please make good and smart choices folks. Use a stop loss. And always remember this... What the f do I know? WTFDIK????
TLDR: Short lesson about Dojis (bullish vs bearish) more stimulus money = more bull run and more inflation (for the USD). Time will tell for sure
Here is a link to the Gap video mentioned above youtube.com/watch?v=BsjvmzOKytQ
The first thing I want to bring up is 38k. Wow. It really is like the 38th day of December 2020 LOL. The reason I say that is we have seemingly went up 1k per day since the 23rd. Now its the 7th and we are at 38k. Dont get me wrong... Going up 1k a day is a beautiful site but I just wonder how sustainable a climb like this can really be. On the other hand the US govt continually prints USD on demand and after the 600 USD stimulus we saw the market climb. Well now another stimulus is definitely in the works. 2k per citizen supposedly. This could do one of 2 things. Both are really bullish if you ask me. Either people refuse to remove their BTC and pay tax obligations with the money they get from the stimulus. Or they use the money they get from the stimulus to buy BTC. Either way I see a bullish BTC so long as the US is printing money like a bat out of hell.
I did something a little different this a.m. and pointed out some pivot points. These dojis I pointed out on the charts are decent indicators of a possible pivot or reversal in immediate price action. I mean we ultimately went up but after the dojis pointed out if you parked in USDT or any stable coin for that matter you could really clean up. Learning how to play these dojis can net you some good profit. On an uptrend if a doji shows its face it could signal a reversal. Even if its brief you can see at least 2 examples of this on the chart I am sharing with you this a.m. Plus after this a.m. pump I can see another possible doji forming as I type. Of course I dont want to get too far ahead of myself. Always confirm before proceeding. Of course set a stop loss as well. Not all dojis are created equal. (These dojis are bullish if they show up at the bottom of a down trend. Some ask "well how do you know its the bottom?" Answer is I dont. I am taking a chance based on logic and reasoning due to the fact I have seen these work many times in the past. So I am taking the odds that are in my favor and running with them) If you do play any doji set a stop loss. Nothing in trading is certain except uncertainty.
On the way up to 38k I can see another area of support I threw on the chart this a.m. I did this because right now at these levels we dont have much data. We literally have a few hours of data above 38k. Trying to analyze this could drive you to pull your hair out. And I need my hair. You can see that we clearly had issues breaking the resistance which is now support and now I expect the resistance to return the favor if the doji does complete and causes the possible reversal. The current candle sure looked more like a doji at the start of this analysis but we wont stop climbing. I cant type a few paragraphs before the charts change lol. Not a bad problem to have in a bull market. As we inch our way to 40k I know all of the haters are scratching their heads. We are completely above my trading set up on every major time frame and anyone that has read my daily analysis knows that this is bullish. Being above the 50 MA (orange line) The 200 MA (blue line) and the ichimoku cloud (big green blob on the chart) is all bullish. Especially on the major time frames. We have so much support below us its hard to imagine the bears taking us down. But always be ready for the worst folks. Those bears are sneaky.
In conclusion I am still bullish folks. Im staying full bull until the bears give me a reason to change my mind. In the mean time I am really hoping to see us break 40k. That would be satisfying. Especially after seeing the bears say "Im shorting this POS" when we were sitting just below 20k. I hate seeing anyone lose money but if you are going to bet against the bulls you may get burned. With another stimulus in the works I think BTC is going to break 40k. Maybe Im wrong. Dont get a loan against your home to bet on my predictions. I try not to make predictions like this but I just see the bulls staying strong. Especially if people get stimulus money. They can pay their taxes with that stimulus which will prevent many from removing their BTC in order to meet tax obligations. Another thing is people may just throw that 2k into BTC in hopes of catching some of this run. I know many people that would love to turn 2k into 4k or 6k. Is that realistic? Maybe not... But I certainly wont bet against the bulls at this point. Plenty for us to be excited about. Alts are starting to take off. Not like 2017 but I do like seeing some of these alts climb after so long. ETH and LTC for example have been doing pretty well. Im not the biggest alt guy but I will trade them if there is money to be made.
I made a video covering gaps (CME Gaps) and I encourage you to check it out if you would like to learn more about gaps and how they work etc. Its around a 10 min video that covers the basics one needs to know in order to trade a gap. Let me know what you think. I have already rambled on too long this a.m. and I got some work to do so I am going to end the analysis here. I could talk all day about BTC but I have to limit myself otherwise I would never get anything done. I hope you all have a great day and please make good and smart choices folks. Use a stop loss. And always remember this... What the f do I know? WTFDIK????
TLDR: Short lesson about Dojis (bullish vs bearish) more stimulus money = more bull run and more inflation (for the USD). Time will tell for sure
Here is a link to the Gap video mentioned above youtube.com/watch?v=BsjvmzOKytQ
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