(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 and welcome back to my daily analysis of Bitcoin. Today I have the 4hr time frame pulled up after a pretty flat weekends so far anyways. We kissed 10600 yesterday which is encouraging. But we have since fallen back down a bit. No sweat though right? We are managing to cling to 5 figure Bitcoin and things are looking a bit less cloudy then they did a week ago. But I am still being cautious. Lets take a look at the charts this a.m.
I noticed that we filled in a gap just above our heads I had pointed out on the chart this past week. Now that the gap above us has filled we only have gaps below us. I am curious to see how the weekend works out. As we sit here at 10340 I am looking at what is coming our way. We do currently enjoy more support than we had most of the week. It may give us just the confidence we need to see a pump. I mentioned the bollinger bands were tight yesterday and that is still true today. We could see a decent move before long.
We are enjoying a bit more support than we enjoyed most of this week. We conquered the 4hr 50 MA and the bottom border of the 4hr cloud. Being inside of the cloud is not considered bullish by design but I must say I would rather be inside of the cloud than below it. The 50 MA is currently acting as support and shows signs of a possible bounce from the indicator. Although only time will tell for sure. The bulls certainly have their work cut out for them if they want to reverse the current negative sentiment.
Its Sunday today and Im not expecting a lot from the bulls or bears. I will keep and eye on that weekly close tonight though. Currently the weekly candle looks pretty bullish to me. Although you cant predict a bull market from a simple candle closing. But I am grasping at straws here trying my best to spread some good news among all the recent blood in the streets. I must say Im more bullish today than I was 6 or 7 days ago. But that does not mean I am trading without a stop loss. No sir....
I have a kitten that keeps interrupting my analysis so I will go ahead and wrap it up here. I see promise in the charts and I am optimistic. Not overly optimistic but I am optimistic. The weekly close is coming soon and that candle can do a lot in a few hours. Many times when I make a trade I wait for a big candle like that to close. A lot can happen in the last few minutes of a candles life. I have seen totally bullish candles flip red in the last minute of their life. It was green for 3 hours and 59 minutes and all the sudden it slams down. This is a good reason to be patient when you trade. We all have our own strategies and that is a good thing. It is better to have a strategy than trading without a safety net. Set a stop loss. Take profit at certain levels. My main goal when I enter a trade is to remove my capital asap. As soon as enough profit is built up I remove the money I initially invested and that way I cannot lose anything but house money. It helps me sleep better at night. You might be slightly more bold with your trades and that is okay. Just protect yourself. That is my philosophy. The best way to accomplish this is to have a plan and have an exit plan and set stop losses. Have a great Sunday everyone. Make good choices! WTFDIK???
TLDR: Things look more bullish to me. I see we filled the gap after kissing 10600. So now all gaps are officially below us to my knowledge. Weekly close could dictate the entire week. Lets hope its a bullish close.
