Bitcoin 4hr analysis 1-8-2021
Good morning ladies and gentlemen and welcome to the daily Bitcoin bull show. The bulls wont relent and we are sitting pretty in no mans land. 40k was broken over night which means if you fomo'd in at 20k you have doubled your investment. Not too bad. As the bullish season continues even people that ignored BTC all these years are starting to message me. Friends I havent spoken to in ages. This shows that folks are starting to take BTC seriously. It only took a run where we went up 11x-12x in less than a year for this to happen. And there are still haters talking trash. Let em talk. Ill just laugh all the way to the bank. Anyways lets take a look at the charts this a.m.
I see we have a new ATH. Its becoming rather common that each and every time I wake up we have a new ATH. Perhaps I should start taking more naps every day. As we continue the climb I see a very sharp uptrend we seem to be respecting for the time being. But trends like the one on the chart tend to break down. Its just part of the cyclical nature of trading. Trends break eventually and if that were to happen I can see some possible landing spots just below the candles. These are places resistance showed up on the way up the chart. These levels may provide support on the way down.
Between 36700 and 38250 (approx) we have what looks like some support to me. Its not like we have tons of data to go off of so dont shoot me if I get it wrong. Im just thinking out loud here. If this level holds as support we may just keep this bull run going. There is another level below this around 35k that looks like it could be promising as support if we dip that far. Only time will tell if this becomes a reality. I say be prepared for anything. Set a stop loss and you should be fine.
I cant even keep up with the new ATH. I wrote it at the start of this analysis on the chart just as an addition to my analysis and it keeps climbing lol. I guess that is a good problem to have. As this Bitcoin bull run continues we are seeing instances of alts going off as well. The entire market is doing great to be honest. Bitcoin is knocking on a trillion dollar market cap. Should be close to a trillion if we reach 50k I imagine. Right now the market cap just for BTC is $766,858,444,734. Bigger than many big names. Berkshire Hathaway, Visa, Paypal... This isnt just some sideshow anymore. Bitcoin has become legitimate in the eyes of millions thanks to this run. All it took was an influx of hundreds of billions of dollars. Imagine that? With more possible stimulus money in the works Bitcoin may not cool off as fast as people think. The fomo is still alive and well with BTC and that may continue until the free money stops flowing.
Whether we rise to 100k or drop to 20k I am satisfied with the run so far. I never thought we would make it to 40k this quickly. The bulls showed me what they are made of and trading has been largely one sided the last few months with longs drowning out the shorts. If you are shorting the market you know something I dont. I am too scared to test the bulls. If we drop my stop loss will trip. Im out til I see signs of a reversal. The same plan I always use. The weekend is coming and if we see the same move from previous weekends we can expect a gap Monday. I made a video explaining how gaps work so check it out if you can. At 41k we dont have much in terms of historical data. This is literally no mans land and you need to trade with caution. You never know when the bears will take a dump on the market. I hope you all have a great day. Make good choices people! And always remember... WTFDIK???
TLDR: 41785 is the ATH at the time I am writing this. Just blink and we will be at 42k. WTG bulls!
I see we have a new ATH. Its becoming rather common that each and every time I wake up we have a new ATH. Perhaps I should start taking more naps every day. As we continue the climb I see a very sharp uptrend we seem to be respecting for the time being. But trends like the one on the chart tend to break down. Its just part of the cyclical nature of trading. Trends break eventually and if that were to happen I can see some possible landing spots just below the candles. These are places resistance showed up on the way up the chart. These levels may provide support on the way down.
Between 36700 and 38250 (approx) we have what looks like some support to me. Its not like we have tons of data to go off of so dont shoot me if I get it wrong. Im just thinking out loud here. If this level holds as support we may just keep this bull run going. There is another level below this around 35k that looks like it could be promising as support if we dip that far. Only time will tell if this becomes a reality. I say be prepared for anything. Set a stop loss and you should be fine.
I cant even keep up with the new ATH. I wrote it at the start of this analysis on the chart just as an addition to my analysis and it keeps climbing lol. I guess that is a good problem to have. As this Bitcoin bull run continues we are seeing instances of alts going off as well. The entire market is doing great to be honest. Bitcoin is knocking on a trillion dollar market cap. Should be close to a trillion if we reach 50k I imagine. Right now the market cap just for BTC is $766,858,444,734. Bigger than many big names. Berkshire Hathaway, Visa, Paypal... This isnt just some sideshow anymore. Bitcoin has become legitimate in the eyes of millions thanks to this run. All it took was an influx of hundreds of billions of dollars. Imagine that? With more possible stimulus money in the works Bitcoin may not cool off as fast as people think. The fomo is still alive and well with BTC and that may continue until the free money stops flowing.
Whether we rise to 100k or drop to 20k I am satisfied with the run so far. I never thought we would make it to 40k this quickly. The bulls showed me what they are made of and trading has been largely one sided the last few months with longs drowning out the shorts. If you are shorting the market you know something I dont. I am too scared to test the bulls. If we drop my stop loss will trip. Im out til I see signs of a reversal. The same plan I always use. The weekend is coming and if we see the same move from previous weekends we can expect a gap Monday. I made a video explaining how gaps work so check it out if you can. At 41k we dont have much in terms of historical data. This is literally no mans land and you need to trade with caution. You never know when the bears will take a dump on the market. I hope you all have a great day. Make good choices people! And always remember... WTFDIK???
TLDR: 41785 is the ATH at the time I am writing this. Just blink and we will be at 42k. WTG bulls!
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