Bitcoin 4hr analysis 12-16-2020
Good morning again ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I pulled up the 4hr time frame and there is plenty to cover today with all that is going on. The holidays are right around the corner and things could not look better for Bitcoin investors. We are in the process of knocking on 20k's door. But will the bulls answer this time when we knock? They say 3rd time is a charm so perhaps that will be the case with the 3rd attempt to shatter 20k. Things look bullish from my point of view. Pull up a chair and grab some coffee and I will explain myself.
3 words... Ascending right triangle. I drew it on the chart and it would be bullish even if we were rejected this morning. We are so close but that resistance is strong. When we do finally break it I am curious to see if fomo takes over. I have a feeling that will be the case. People love a winner and they also love chasing green candles. We are literally a stones throw away from 20k. It could happen this morning folks. I still have my stop loss set though. You just cannot be too careful.
We are clearly above the trading setup I stick with. Being above the cloud is bullish. So is being above the 50 MA and the 200 MA. So we are full bull on the major time frames. I would still exercise caution as RSI is still pretty high on the daily and the weekly. Ive seen green candles regardless of RSI placement. But its still worth keeping an eye on. I just want to see us break 20k before 2020 is over.
We still have a 1000 dollar gap below us. The bears want us to realize they are watching and waiting for the perfect time to trip that stop loss. That is the thing. I would love to see us break 20k and keep going. But would I be devastated if we dropped? Nope. A drop is just as much of an opportunity as a rise from my point of view. No matter what this market throws at us traders we should not be as focused on price as we are making profit. I mean after all, you can make just as much profit trading BTC at 4k as you can trading it at 15k.
As we sit here waiting on 20k to answer the door I think of the trek to 20k. We started back in March and now here in December we are near ATH. 9 months of growth has lead to the current situation. I know not many saw 20k in the cards back in March when we dropped to 3800. But here we are. The run in 2017 took 2 months to go from 4k to 20k. That is crazy bullish. Even stronger than this run we are seeing currently. Look at it like this. We went up 16k in 2 months back in 2017. We also lost those gains within weeks of obtaining them. Which leads me to assume the more violent the rise the more likely a dip will follow. I cant really prove my theory but we will see what happens. This climb to 20k this go round took 9 months vs 2 months. For just about the same amount of growth. Since the rise was more spread out over time perhaps the retrace wont be as violent. I may be overthinking it but I thought I would point it out.
20k folks. Can we beat it today? It sure looks like we are close to doing so. 100 USD away. So close. That resistance is strong though. Hopefully if we do break it we dont fall right back into the triangle. That can also happen. That would mean we break 20k only to fall back to former support directly after. At this point I am just along for the ride. With my stop loss set of course. I recommend you do the same. The bears are sneaky. I hope to report to you from the moon tomorrow but Mars would be even better. Lets hope the next analysis I perform is the first 20k analysis for me. Either way I hope you all have a great day and walk away with fist full of profit. Please make good choices folks. And remember WTFDIK????
TLDR: Knock knock knockin on 20k's door... Come on bulls!
3 words... Ascending right triangle. I drew it on the chart and it would be bullish even if we were rejected this morning. We are so close but that resistance is strong. When we do finally break it I am curious to see if fomo takes over. I have a feeling that will be the case. People love a winner and they also love chasing green candles. We are literally a stones throw away from 20k. It could happen this morning folks. I still have my stop loss set though. You just cannot be too careful.
We are clearly above the trading setup I stick with. Being above the cloud is bullish. So is being above the 50 MA and the 200 MA. So we are full bull on the major time frames. I would still exercise caution as RSI is still pretty high on the daily and the weekly. Ive seen green candles regardless of RSI placement. But its still worth keeping an eye on. I just want to see us break 20k before 2020 is over.
We still have a 1000 dollar gap below us. The bears want us to realize they are watching and waiting for the perfect time to trip that stop loss. That is the thing. I would love to see us break 20k and keep going. But would I be devastated if we dropped? Nope. A drop is just as much of an opportunity as a rise from my point of view. No matter what this market throws at us traders we should not be as focused on price as we are making profit. I mean after all, you can make just as much profit trading BTC at 4k as you can trading it at 15k.
As we sit here waiting on 20k to answer the door I think of the trek to 20k. We started back in March and now here in December we are near ATH. 9 months of growth has lead to the current situation. I know not many saw 20k in the cards back in March when we dropped to 3800. But here we are. The run in 2017 took 2 months to go from 4k to 20k. That is crazy bullish. Even stronger than this run we are seeing currently. Look at it like this. We went up 16k in 2 months back in 2017. We also lost those gains within weeks of obtaining them. Which leads me to assume the more violent the rise the more likely a dip will follow. I cant really prove my theory but we will see what happens. This climb to 20k this go round took 9 months vs 2 months. For just about the same amount of growth. Since the rise was more spread out over time perhaps the retrace wont be as violent. I may be overthinking it but I thought I would point it out.
20k folks. Can we beat it today? It sure looks like we are close to doing so. 100 USD away. So close. That resistance is strong though. Hopefully if we do break it we dont fall right back into the triangle. That can also happen. That would mean we break 20k only to fall back to former support directly after. At this point I am just along for the ride. With my stop loss set of course. I recommend you do the same. The bears are sneaky. I hope to report to you from the moon tomorrow but Mars would be even better. Lets hope the next analysis I perform is the first 20k analysis for me. Either way I hope you all have a great day and walk away with fist full of profit. Please make good choices folks. And remember WTFDIK????
TLDR: Knock knock knockin on 20k's door... Come on bulls!
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