Bitcoin 4hr analysis 8/27/2020
(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 again ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I have the 4hr pulled up after wrestling with the 4hr 200 MA yesterday. I see a few short term issues that could cause another dip. Regardless of what happens a quick zoom out can reassure the most pessimistic of traders. But my analysis is aimed more at short term price movement so lets discuss the possibilities.
I see that right after my analysis yesterday we muscled our way back above the 4hr 200 MA though it was fleeting. We lost the support overnight and when we lose support it becomes resistance. I spoke of a possible continuation pattern on the chart. It could still materialize. I see that the 4hr has a bearish death cross on the horizon and that may encourage the bears even more so than they are currently. I know many people straight up ignore death crosses and golden crosses but I thought I would bring it to your attention anyways.
We have a lot of ground to retake if we want to send the bears packing. We need to retake the lost support of the past week. 4hr 50 MA and the 4hr cloud along with the 4hr 200 MA. The bears have the advantage when you use my trading set up on the 4hr but zoom out a bit to the daily and things start to look a bit better. The way we could really stoke the market is beating the 12500 yearly high. Breaking this level can bring the fomo traders like to see.
Below us on the 4hr we do not have much support in terms of the setup I use. But cycle to the daily time frame and the 50 MA is around 10700 or so and this is where I would look for some support if we do in fact drop. The 4hr 200 MA is the first hurdle we need to jump. If we can beat the 4hr 200 MA we have a real shot at reversing the bearish death cross I mentioned earlier. OF course only time will tell for sure. I hope you all have a great day. Make good choices!!! WTFDIK???
TLDR: Its all about the 4hr 200 MA. We need have been wrestling with the 200 MA and right now its the pivot point. Either we beat it or it rejects us and we have a real shot of testing 11100 again. Trade at your own risk folks! Volatility is what makes BTC trading so fun. But it can also burn you. Use a stop loss!!
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