Bitcoin 4hr analysis 11-6-2020
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 up after some serious gains yesterday. The bulls showed us what they are made of and we were in territory not seen since 2017-2018. I really like what I am seeing on the charts and this pump could boil down to a few factors. Lets take a look at the chart.
The first thing I want to bring up is we nearly broke into 16k overnight. That is definitely encouraging to the bulls. Sentiment is overwhelmingly bullish and things look really promising on the charts. We are seeing pumps that remind me a lot of 2017. I dont think the rise has been as violent as it was in 2017 but my memory may be a bit foggy. It usually is. But what I do remember is it took little to no time to go from 8k to 20k. Like 3 weeks if I am not mistaken. I cannot promise that this will be the case this time around but I will say that I am on the edge of my seat as a trader.
RSI is going to be overbought on numerous time frames which isnt bullish. But that doesnt mean we wont pump. I remember a few pumps over the years completely disregarded the RSI. When the bulls come to play they break the rules occasionally. We could move sideways a bit allowing the RSI to settle a bit. We may pump right through it. As a bull Im sure it doesnt matter to you guys as long as you get profit.
Pumping all the way to 16k is nice to see but now we are in no mans land. I zoomed out a bit and see that there could be some resistance around 17160. The reason I say that is we were rejected there 2 times back in 2017 - 2018. Its not a certainty but that is where Im looking for some resistance to show its face. That doesnt mean it will resist the rise. The bears may not be able to stop the bulls at this point.
Trading should not change. Stick to your plans. Set a stop loss. Walk it up with the candles. Rinse and repeat. I know I make it sound simple, but its not that simple. You got to find a strategy and stick with it. In the midst of climbing to a new ATH I think about the halving that occurred 6 months or so ago. That may not be the only factor in this pump but I would not disregard it. Post halving pumps are becoming more reliable. We have only seen 3 halvings so data is a little lacking but what I see is definitely promising. I would keep an eye on things if you are in a trade. Things are pretty crazy right now with the election and pandemic still in limbo. Proceed with caution folks. Enjoy 15k+ BTC! It feels like 2017 all over again. Have a good day and make good choices folks! WTFDIK???
TLDR: 16k!
The first thing I want to bring up is we nearly broke into 16k overnight. That is definitely encouraging to the bulls. Sentiment is overwhelmingly bullish and things look really promising on the charts. We are seeing pumps that remind me a lot of 2017. I dont think the rise has been as violent as it was in 2017 but my memory may be a bit foggy. It usually is. But what I do remember is it took little to no time to go from 8k to 20k. Like 3 weeks if I am not mistaken. I cannot promise that this will be the case this time around but I will say that I am on the edge of my seat as a trader.
RSI is going to be overbought on numerous time frames which isnt bullish. But that doesnt mean we wont pump. I remember a few pumps over the years completely disregarded the RSI. When the bulls come to play they break the rules occasionally. We could move sideways a bit allowing the RSI to settle a bit. We may pump right through it. As a bull Im sure it doesnt matter to you guys as long as you get profit.
Pumping all the way to 16k is nice to see but now we are in no mans land. I zoomed out a bit and see that there could be some resistance around 17160. The reason I say that is we were rejected there 2 times back in 2017 - 2018. Its not a certainty but that is where Im looking for some resistance to show its face. That doesnt mean it will resist the rise. The bears may not be able to stop the bulls at this point.
Trading should not change. Stick to your plans. Set a stop loss. Walk it up with the candles. Rinse and repeat. I know I make it sound simple, but its not that simple. You got to find a strategy and stick with it. In the midst of climbing to a new ATH I think about the halving that occurred 6 months or so ago. That may not be the only factor in this pump but I would not disregard it. Post halving pumps are becoming more reliable. We have only seen 3 halvings so data is a little lacking but what I see is definitely promising. I would keep an eye on things if you are in a trade. Things are pretty crazy right now with the election and pandemic still in limbo. Proceed with caution folks. Enjoy 15k+ BTC! It feels like 2017 all over again. Have a good day and make good choices folks! WTFDIK???
TLDR: 16k!
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