Good morning everyone and welcome to my daily analysis of Bitcoin. Today I pulled up the weekly and zoomed out much farther than I typically do. I just wanted to check look at a few things so I changed the chart to logarithmic to see what I can see. Zooming out can give you just as much perspective as a zoomed in 4hr chart. There are reasons to be happy with what we see on the chart but I also see reasons to be bearish looking at the present situation. Lets see what the chart says...
Until we can break through this resistance that has been plaguing us for over 2 years. I think the push to 10400 the other day had the bulls excited that we may escape the big triangle we are stuck inside of. But alas... It was not meant to be at this time anyways. Those that managed to sell above 10k are the lucky ones as that dump really came on fast. Talk about a Bart pattern. That is Bitcoin for you. If you dont like the direction just wait 5 minutes.
We can see that the candles are still respecting the big picture. The resistance is still holding. The more time passes the more likely we will break up from this pattern. The resistance is causing a slow consolidation and an eventual break up from this is bound to happen. It likely wont be tomorrow but I am watching close. Especially with a fresh halving a few weeks behind us...
We can also see that even though we sank after we kissed 10400 we can still take comfort in the fact that we are still above the weekly cloud. We need to close this weekly candle above the weekly cloud. This may instill confidence in a currently shaky market. Sentiment is mixed from the messages I received over the past few days. But if we can manage to close a confirmation candle above the weekly cloud I believe it would be a bullish move for sure. The more time that passes the smaller the weekly cloud is getting and that is because of the way the cloud lags and the previous price action. So an escape from the weekly cloud is likely unless we sink below 8k anytime soon.
I rarely share zoomed out and Im pretty sure this is the first time I have shared a chart with the logarithmic setting on. But I simply did this to give us a little perspective. I think this would be a perfect opportunity to break up out of this pesky 2 year old + pattern that has imprisoned the candles so long. If we cannot break up from this now we will likely see some red candles very soon and remain inside the pattern indefinitely. There are no guarantees in crypto so watch your butts. You can get burned easily if you let emotions make your decisions so resort to logic, not panic. Cmon Bulls... Lets send these candles to the moon... Someone call Elon! WTFDIK???
TLDR: Dont feed the bears
Until we can break through this resistance that has been plaguing us for over 2 years. I think the push to 10400 the other day had the bulls excited that we may escape the big triangle we are stuck inside of. But alas... It was not meant to be at this time anyways. Those that managed to sell above 10k are the lucky ones as that dump really came on fast. Talk about a Bart pattern. That is Bitcoin for you. If you dont like the direction just wait 5 minutes.
We can see that the candles are still respecting the big picture. The resistance is still holding. The more time passes the more likely we will break up from this pattern. The resistance is causing a slow consolidation and an eventual break up from this is bound to happen. It likely wont be tomorrow but I am watching close. Especially with a fresh halving a few weeks behind us...
We can also see that even though we sank after we kissed 10400 we can still take comfort in the fact that we are still above the weekly cloud. We need to close this weekly candle above the weekly cloud. This may instill confidence in a currently shaky market. Sentiment is mixed from the messages I received over the past few days. But if we can manage to close a confirmation candle above the weekly cloud I believe it would be a bullish move for sure. The more time that passes the smaller the weekly cloud is getting and that is because of the way the cloud lags and the previous price action. So an escape from the weekly cloud is likely unless we sink below 8k anytime soon.
I rarely share zoomed out and Im pretty sure this is the first time I have shared a chart with the logarithmic setting on. But I simply did this to give us a little perspective. I think this would be a perfect opportunity to break up out of this pesky 2 year old + pattern that has imprisoned the candles so long. If we cannot break up from this now we will likely see some red candles very soon and remain inside the pattern indefinitely. There are no guarantees in crypto so watch your butts. You can get burned easily if you let emotions make your decisions so resort to logic, not panic. Cmon Bulls... Lets send these candles to the moon... Someone call Elon! WTFDIK???
TLDR: Dont feed the bears