(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 my 4hr chart pulled up after a pretty boring day yesterday. What do you expect? Typically a weekend can bring consolidation. With the stifled price action over the weekend we may not see much of a gap Monday. We still have til todays close though. We are maintaining support for now but can the support hold? Lets chat about the current situation.
The first thing I want to mention is the fact we did bounce off the 4hr 50 MA. We are sitting above 11800 and looking good for now. The 4hr 50 MA has been a reliable indicator whether its support or resistance. At least for the entire month of August so far the 4hr 50 MA has played a factor in the price. Things look good from a support standpoint on the 4hr. We have my entire set up below us meaning there is plenty of support. That is always a good thing.
We lost the 4hr 50 MA recently. That doesnt necessarily mean that we will absolutely lose it again but if we do in fact lose it where are some possible landing points? Well the 4hr cloud is directly below the 4hr 50 MA. I think if we lost the 4hr 50 MA we would likely find support upon the cloud. But the cloud does get pretty thin over the next few candles. A drop to the cloud could also see us pierce right through it thanks to the thin nature of the cloud in the near future. If we fell to the cloud the range would be 11500 - 11600.
If we are looking above us the next real hurdle is this years previous high of 12150. If we can beat that the bulls can claim another victory. But that is easier said than done. The bollinger bands on the daily are starting to squeeze tightly again and we all know what that means. Volatility is on the horizon. We could easily break up thanks to all the bullishness in the market right now. But I would still refuse to trade without a stop loss. That would be like skydiving without a back up parachute.
All in all the weekend has been kind of boring. No big deal though. Lets see what the bulls can do this week. With all the support I mentioned earlier below us we have the market confidence for a pump. The real sign of a bull run would be breaking last years high of 14k. But perhaps I am being too ambitious? I would love to see a new ATH this year. With the breaking of the 2.5 year resistance and the halving months behind our backs anything can happen folks. But set that stop loss. Them bears are relentless when they arent hibernating. Anyways have a good day folks, make good choices!
Great Job. Nice statistics