(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 (& NEW ATH!!) and welcome back to my daily analysis of Bitcoin. Today I have the four hour time frame pulled up after a little rally back to just below 40K (now above 40k :). Things are looking good for the Bulls on this Monday morning and we have a real shot at breaking the resistance above us if the market decides to go that route. Only time will tell. Let's take a look at the charts this morning.
Yesterday we dropped below support which was at around 38500 and I was keeping a close eye on that. I was hoping that we would close the day above 38500 cuz that would give us another run 240k and possibly higher. We managed to hold on to the support but we will have to see how the Western Hemisphere reacts as it awakens. It sure seems like people are hung over from the superbowl making buys??? The market started off hot this morning!
The Super Bowl was last night and apparently it did not phase the market. The price soared to just below the ATH we set back in January. We currently have plenty of support below us and I believe that is the reason for the recent pump we have seen is the increasing confidence. Not to mention the fact that tether is printing usdt like it's the fed or something LOL.
After retaking 38500 yesterday it is now below us which means it is support and if it holds we have a real shot at heading up from here. We created a higher high over the weekend and that is bullish. We will just have to see if that evolves into more green candles. We are currently above the 50 Ma and the 200 M A and the cloud. Not to mention the fact that we reverse the death cross that I was speaking about last week so things are looking pretty good on the 4-Hour.
We hit that hire High over the weekend but we really need to break 42k to keep this party going. If we can break 42 kic 45k within Striking Distance no problem. But only time will tell if that is the case. You have bears taking profit and Bulls longing so we have a virtual duel over chart dominance. I'm definitely rooting for the Bulls but I know how this Market works and I am prepared for anything. Since I wrote this literally 10 mins ago we have seen a massive pump. 41k broken. Set a stop loss. 42k is the next hurdle! Go bulls! NEW ATH!!! Hold on to your butts!!!
We are well above the 30,000 support that we were testing a few weeks ago and I will take that as a win. Ethereum Futures open today so we may see an effect on the market but I am not 100% how that is going to play out. If you are long I would set a stop loss just in case. I hope you all have a fantastic day. Please make good choices. And always remember WTFDIK.