Bitcoin 4hr analysis 12/17/2020
Good morning again ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Or should I say the King! Nearly broke 24k over night and that my friends is why I trade BTC. The pumps are exciting! 2020 has been a great year for all of us who were long. Especially since March 13 of this year. But with all this excitement Im getting a lot of questions about where we possibly go from here. Lets take a look at the chart.
We climbed thousands of dollars yesterday. Now my entire trading set up is down around 19k instead of being closer to the candles where they can be useful. One thing I can say is we are above the indicators on all major time frames. This is bullish. But we have been above those indicators for ages by now. The pump yesterday really came on strong right after we broke through 20k. We made a few pit stops along the way and these may be where future support and resistance could lie.
I call this area of the chart "No mans land" Or "Uncharted territory". The reason for this is we dont have a lot of data at these levels. We are literally carving out new support and resistance as I type this analysis. We must be patient until a trend shows its face. As for now we are watching history on the charts. Lots of happy people in the crypto community yesterday and today. 24k BTC can sure help make the holidays a bit brighter.
Speaking of the charts I pointed out during the live I did last night for my TA course that 20800 could be future support and resistance. We didnt break directly through this level on the way up and sort of took a time out here. I am taking any info I can find and trying to make something out of it. But the charts are giving me very little to work with at these levels. And you know what? I aint mad at all.
My best advice in this type of market is keep walking that stop loss up til your satisfied enough to exit the trade. As 2020 wraps up its really nice to see such a great development on the charts despite the awful pandemic. The community hasnt been this happy since the 2019 pump. Or the 2017 pump.
A few things I learned this year is the bulls are nothing to mess with... Also dont underestimate the halvings. I will be playing every halving from this point forward. It may take 6 months before the pump happens but look at the results this year. We went from 3800 -24k. 20k increase in less than a year. As an analyst I want to tell you where support and resistance lies. I switched to the 1hr time frame to see if I could gain more perspective. Looks like we have support/resistance around 20800 and 21800. On the way up we seemed to stall in these particular areas so I am keeping an eye on them if a drop shows its face. If you are in a trade make sure you set a stop loss. Lets not pretend we do not know what BTC is capable of. Im not saying we drop to 10k but I am saying plan for the worst and hope for the best. That means set a stop loss. I hope you all have a great day. Can we break 25k today? To be honest Id be satisfied holding 20k into 2021. Although my greed wants to see 35k BTC next candle. Have a great day everyone and make good choices folks. WTFDIK???
TLDR: Bulls are in charge. Set a stop loss. The bears have to be plotting revenge. Until that day comes enjoy 22700 dollar BTC! Its fun up here on the moon.
We climbed thousands of dollars yesterday. Now my entire trading set up is down around 19k instead of being closer to the candles where they can be useful. One thing I can say is we are above the indicators on all major time frames. This is bullish. But we have been above those indicators for ages by now. The pump yesterday really came on strong right after we broke through 20k. We made a few pit stops along the way and these may be where future support and resistance could lie.
I call this area of the chart "No mans land" Or "Uncharted territory". The reason for this is we dont have a lot of data at these levels. We are literally carving out new support and resistance as I type this analysis. We must be patient until a trend shows its face. As for now we are watching history on the charts. Lots of happy people in the crypto community yesterday and today. 24k BTC can sure help make the holidays a bit brighter.
Speaking of the charts I pointed out during the live I did last night for my TA course that 20800 could be future support and resistance. We didnt break directly through this level on the way up and sort of took a time out here. I am taking any info I can find and trying to make something out of it. But the charts are giving me very little to work with at these levels. And you know what? I aint mad at all.
My best advice in this type of market is keep walking that stop loss up til your satisfied enough to exit the trade. As 2020 wraps up its really nice to see such a great development on the charts despite the awful pandemic. The community hasnt been this happy since the 2019 pump. Or the 2017 pump.
A few things I learned this year is the bulls are nothing to mess with... Also dont underestimate the halvings. I will be playing every halving from this point forward. It may take 6 months before the pump happens but look at the results this year. We went from 3800 -24k. 20k increase in less than a year. As an analyst I want to tell you where support and resistance lies. I switched to the 1hr time frame to see if I could gain more perspective. Looks like we have support/resistance around 20800 and 21800. On the way up we seemed to stall in these particular areas so I am keeping an eye on them if a drop shows its face. If you are in a trade make sure you set a stop loss. Lets not pretend we do not know what BTC is capable of. Im not saying we drop to 10k but I am saying plan for the worst and hope for the best. That means set a stop loss. I hope you all have a great day. Can we break 25k today? To be honest Id be satisfied holding 20k into 2021. Although my greed wants to see 35k BTC next candle. Have a great day everyone and make good choices folks. WTFDIK???
TLDR: Bulls are in charge. Set a stop loss. The bears have to be plotting revenge. Until that day comes enjoy 22700 dollar BTC! Its fun up here on the moon.
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