(The red and green arrows are the Aurox Indicator and they recommend a buy or a sell. Red indicates where you should sell and green indicates a buy zone. Pretty simple indicator but rather effective if I do say so myself.)
Good morning ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I have the daily time frame pulled up and I can see that the bears are up early this morning creating havoc on the charts. We are still clinging to 11250 but things are looking a bit bearish on the smaller time frames. The daily has some key areas of support that will come into play if we dip much farther so I decided to analyze the daily today. Anyways lets take a look at the charts.
The daily looks better than the 4hr. The daily shows we have a lot of support below us so if the bears want to take us down much farther they will have to break through the support on the daily. The daily 50 MA is the first indicator below us that should provide some support in the event of a drop. The daily 50 MA is sitting around 11100 which happens to be where support has been showing up since early August. Not to mention the .382 fib lies on 11100 so I expect this range to hold.
Another area of support directly below the daily 50 MA lies around 11050 and that is the ichimoku cloud. The clouds top border and the daily 50 MA are almost lying on top of one another which should make it stronger support. This is our last stronghold against the bears and a 10k reality. The bulls have a good opportunity to reverse this bearish short term action. A cycle to the 4hr time frame and directly above us is a break in the clouds. The bulls could easily slip through this break with relative ease. Only time will tell if this will materialize.
I threw a new fib on the chart finally. I think this fib works pretty well considering. It shows 11100 as support and that is definitely accurate. I love a good fib. Its insane how they work. The more I study them the more I am scratching my head. Im not 100% why they work but I know they do work. I am leaning towards the idea that since millions of traders use fibs that is why they work. Sort of a self fulfilling prophecy. There is a lot of that in trading. 11k looks fleeting for now but dont count the bulls out folks. If you want to long this mess set a good stop loss. Perhaps a little below the support I mentioned earlier? Just a thought... Have a great day folks and make good choices! My Cat passed away yesterday and Im broken up about it. I want to take this opportunity to remember her. She was my trading partner. RIP Buttercup. I miss you baby girl. WTFDIK???
TLDR: Whatcha gonna do when the bears run wild on you brother?
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Today I have the daily time frame pulled up and I can see that the bears are up early this morning creating havoc on the charts.