Bitcoin 4hr analysis 10/12/2020
Good morning ladies and gentlemen and welcome back to my daily look into the world we call Bitcoin … Today I have the 4hr time frame pulled up after a pretty impressive pump this weekend. We almost hit 11500 before retreating a bit. I see reasons for a small drop soon and I will explain why. We are still sitting above 11k and that is a win in my book. Lets take a look at what is happening on the charts.
Okay so Ive been saying it for weeks. 11100 is the line in the sand. Well we crossed that line this weekend and we are still on the good side of that line in the sand. We dont want to allow the bears to retake the 11100 as resistance. It definitely could happen though. 11100 looks like it will be tested this week and its reliability as support will be in question. Lets hope the bulls wont let us down.
Okay so there is a gab below us. 11100 – 11370 approximately. If we filled this gap we have a real chance of losing support of the 11100 (.382 fib). We could see blood in the streets if that were to happen. Only time will tell for sure. But retaking 11100 would sure be bittersweet just to lose it a few days later. Lets hope the bears are the ones letting us down.
11425 seems to be resistance above us. At least that would be the first hurdle I see. We couldnt quite eclipse this resistance over the weekend and this is where I am looking to find resistance as it has proven itself in the past as resistance.
Yesterdays weekly close looked great. But that gap below us is what is bugging me. We may very likely see a retreat back into the 10k region this week. The pump we experienced this weekend seems to be stalling and as a result we may fill that gap in sooner rather than later. No sweat. Thats what they make stop losses for after all. I hope you all have a great day. Make good choices! WTFDIK???
TLDR: Just read it