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 after another indecisive day of bouncing around the lower 10k area of the chart. We did see 4 figure Bitcoin yesterday but it was only for a fleeting moment. The bears may be running out of steam at this point but we cant be certain until we see the next move on the chart. Lets take a look at the situation and see if we can gain any clarity on the direction this market is heading.
I see that we are still in the same sticky situation we found ourselves in yesterday. Lower 10k and kissing 4 figure BTC before ultimately recovering a bit to close the candle above 10k. That has really been the story over the past week or so. Flat movement sideways. Its almost like we are inside the cloud. Speaking of the cloud it is providing some solid resistance to any attempt to breach the bottom border. At this time the bottom border of the daily cloud is preventing us from eclipsing 10475. This is currently resistance.
In the next day or 2 the bottom border of the cloud rises to around 10600 and 3 days or so from now we see the bottom border rise a bit more to approximately 10700. If we continue this pattern of hugging the bottom border of that daily cloud we may just see the candles reach 10700 before the weeks end. Although only time will tell for sure. That daily cloud is showing me that it is solid resistance and after continuous attempts to break into the daily cloud and being rejected upon each attempt confidence could very well be leaking from an already deflated market. We have a lot of resistance above our heads as well and that is disheartening to the bulls.
I threw the closest gaps I could find onto this chart this a.m. Just below us we have a gap that is very small. I would say the range is 9600 - 9700 approximately. We have gotten close to filling this gap numerous times this week to no avail. Perhaps today is the day??? Even a well placed wick could fill the gap and put it in our rear view mirror. We also have a better gap (if you are a bull) just above our heads. 10475 - 10600 is the range for the gap above us. This would break into the daily cloud if we were to fill the gap today. But I honestly am not expecting that to come to fruition. I would expect us to fill that gap above us in the next 2-3 days as the bottom border of the daily cloud rises. Just a hunch though.
All of my predictions are based on logic and experience. I get things wrong plenty. I know many traders that are so full of themselves it hurts. When you see them get a call right they are all over social media tooting their own horns. I like being right as much as the next guy but bragging doesnt do you any favors. I try to remain humble. I am still learning every day and every time I learn something I try to pass it on to my followers. I have made it my mission to make my journey to becoming a reliable trader and my entire journey has been about as public as it can get. I appreciate all the love I get from my followers but I also appreciate the direction many of you provide when I make a wrong call or perhaps make a mistake during my analysis. I have learned a lot from all of you and for that I am eternally grateful. I am looking forward to doing this for many more years and hopefully by then I will be the journeyman you all deserve. I think if I could do this as my 9-5 I would be better than I am now. But as it stands I have to work every day then come home and study charts. No sweat but I am just thinking that if I could stop my 9-5 and focus on charts I would accumulate chart knowledge at a record pace. No pun intended. But here I am rambling once again. I just wanted to thank all of you for the continued support and gentle guidance I get from you all when I get something wrong. I learn from each mistake and as a result I become a better trader every time I make a mistake. I hope you all have a wonderful day and make good choices!!! WTFDIK???
TLDR: I have virtual appointment with SPCA to look at kittens today. I lost my cat on the 2nd and I am still not over it. Im thinking if I can get a kitten perhaps that will help with the aftermath. Anyways I may need some help naming the kitty so stay tuned... Perhaps we can do a give away or something to the name that wins... I need to talk to some people I know. Like I said stay tuned... Oh ya. Bitcoin is moving sideways.