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Saturday, September 5, 2020

Bitcoin 4hr outlook 9/5/2020

Bitcoin 4hr outlook 9/5/2020


Good morning ladies and gentlemen and welcome back to my daily analysis of Bitcoin . Today I have the 4hr time frame pulled up after a tumble down the chart from 11k. The bears have finally awoken from their slumber and now if the bulls want to reclaim lost ground they have their work cut out from them. I see some good signs that suggest we may not drop much more but only time will tell for sure. Dumps like this is the reason a stop loss is so important. Anyways lets take a look at the chart.

I see we walked our way down to 4 digit Bitcoin before recovering to just above 10k. We dropped past the .5 fib and tried to recover but were rejected from the .5 fib. So that would make this the closest resistance that we will need to beat in order to turn this around. We dropped quite a bit over the last few days and we could always see more blood in the street. But that 2.5 year resistance we beat a few months ago seems to be coming back into play. This time as support. So keep an eye on this.

We do seem to be finding support on 10k which is slightly above the 2.5 year trend line below us. I see some relatively deep wicks from the drop which suggests that the bulls are not ready for 4 digit BTC . We may see a slight recovery over the weekend but I usually dont expect a lot from the weekend. The bollinger bands on the daily and 4hr were pretty tight right before the violent drop we witnessed this week.

Many coins had a big drop this week. Business as usual in the world of crypto though. If you arent used to these big swings by now perhaps you should look into gold or something. Look at the drops like this as an opportunity. An opportunity to get your hands on cheaper BTC . There is a silver lining to every dump. This market like any other is cyclical and as a result what goes up must come down. I am expecting 10k to hold but its not like Im trading without a stop loss. Ive been wrong before and that is why I always use a stop loss. I hope you all have a great day. Make good choices! WTFDIK??

TLDR: We are holding onto 10k by the hair on our chinny chin chin. Im thinking 10k will hold but like I always say "WTFDIK"? BTFD

from Trading Ideas
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