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morning everyone and welcome to my daily analysis of Bitcoin. Today I even have the 4hr pulled up once more . i prefer the 4hr time-frame tons . it's not as used because the daily in my opinion but its good on behalf of me .
Right within the middle of the larger time frames but still a touch overlarge for quick trading. When people make multiple trades per day they stick with the time frames that are smaller just like the 1 hr 15 min and even the 1 second time-frame is out there if you pay enough.
Dont inquire from me why anyone would attempt to continue with 1 second candles but apparently people do use them with varying success. Anyways I typically only make a couple of trades per day max therefore I persist with the larger time frames. Although i need to admit sometimes I look as low because the 15 min time-frame just to ascertain if anything seems like its fixing for a much bigger move. this is often what all traders should do. check out all the time frames that are popular.
1 week, 1 day, 4hr, 1hr, 30 min, 15 min then on. it's just smart to explore the opposite time frames. The more you recognize .... Anyways lets take a glance at the chart.
The 8800 support I called yesterday is currently holding for now. The 4hr 200 MA along side the .236 fib (red line) and even the weekly 50 MA are all just about merged right within the 8600 - 8800 range and this is often likely why we are seeing some consolidation at now . The drop from the uptrend we were certain over 9 weeks is troubling for the bulls little question.
But the Aurox indicator is suggesting we go up a touch from here which could alright mean we'll test trend support again. But this point it'll be resistance unless we will climb back over. Remember that support flips to resistance and the other way around . If we cannot beat the trend support and climb back into the uptrend we'll likely see more red before we return up. I see some support around 8200 if we do drop so keep that in mind.
There really remains tons of support below us on multiple time frames. The daily cloud is under us along side the daily 50 MA and therefore the daily 200 MA. Its nice to understand all that support is below us in the event of a drop. Its like once you fall from a tree and you hit branches on the way down...
They slow you down!!
Not so fun if you're the one falling but if it's Bitcoin i prefer the support slowing our descent. Of course I even have also seen the candles completely disregard the support below also . Just get on guard and confirm you mitigate the danger with a stop loss.
there's alittle gap above us from 9080 - 9140 approximately so i might keep my eyes on this price range also . albeit i'm still thinking we go down we may even see a leg up just to fill in the gap before this goes down. These gaps usually fill rather quickly although there are ome that are around for over a year. i feel there are 4 or 5 active gaps that stretch back over 1 year. in order that shows that 9 times out of 10 these gaps fill in rather quickly. But not always.
If you are getting to use the gap strategy the simplest advice I can offer you is about a stop loss just just in case .
But that basically goes for any trade you enter. I hope you're all enjoying your Monday folks. But then again WTFDIK right?
TLDR: We may retest trend support (now resistance) Aurox indicator suggests another leg up but I dont expect tons from the confined area we are in. If we cant break back to that uptrend we will likely anger candles. there's alittle gap above us too between 9080 and 9140. Trade with caution folks. It could get ugly.
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