Bitcoin 4hr analysis 2-10-2021
Good morning again ladies and gentlemen and welcome back to my daily analysis of Bitcoin. Today I have before our time frame pulled up after a pretty nice bullish week so far. We have climbed to a new all-time high and the bull should be proud of that. We have found new support well above this years previous ATH (previous ATH was 42k in early January) But will it last? Let's take a look at the charts.
We are above the 4hr 50 MA and the 4hr 200 MA and the 4hr cloud still so everything looks bullish on the four hour according to my setup. 45k has become a somewhat reliable support over the course of this week. What I am noticing as we create higher highs and even All time highs (ATH) and breaking into unexplored areas on the chart we are establishing support and resistance at the same time. I have not really witnessed this much in crypto as we have been under the ATH for at least 95% of my tenure into crypto. I have always had data at my fingertips. But as we sit here on Mars new support/resistance is the norm. And what do I see? Support seemingly shows up right at the nice round numbers for the most part. From 30k - 45k I have seen evidence of this at work.
Knowing where support may show its face is something that has alluded traders for hundreds of years. Especially in the face of unexplored territory on the charts. As we travel along just above 45k I notice that the wicks showing up below many of the recent 4hr candles are quite deep. That doesn't guarantee anything but it is seen as bullish when the wicks are deep like that. It shows the bulls rallied and recovered from the attempted coup portrayed by the bears. I generally dont make trades based off of deep wicks but I will say I see deep wicks as a signal the bulls are still in this to win this.
I also notice we are seemingly creating a bull flag after the Elon pump. This recent Elon pump stuck unlike his previous pump that disappeared over the course of 24 hours. That is the difference between a pump and growth. People heard Elon tweeted BTC and the gains came and went faster than a red bull rush. But the recent pump was more organic. People heard Elon bought 1.5 BILLION dollars worth of Bitcoin. This not only caused a pump on the charts (not from Elon though, as he bought OTC and that does not effect the market) but the people that fomo'd after the news was announced are the ones that caused the pump. It also legitimized Bitcoin in the snap of a finger. Anyone that denied Bitcoin before must find if more difficult to deny Bitcoin now that one of the richest man in the history of the planet owns a nice share of Bitcoin. He is also going to accept BTC for Tesla cars... Bullish Bullish Bullish.
Speaking of bullish I am hearing a lot of big companies may offer BTC in the near future. No promises. But as time passes more and more companies and institutional buyers are throwing their hats into the Bitcoin ring. This alone gives the market a lot of confidence. Not to mention the other bullish signals I see. Such as the bull flag I mentioned earlier. Im hoping that the 45k support on the chart holds. The reason for this is I think we can smash the previous ATH of 48k (approximately) if 45k does in fact hold. The bull flag is directing the candles straight into the support (45k) and either the flag is going to break or the support will break. It could really go either way so my advice is to set a stop loss and expect the worst while hoping for the best.
I was wondering if Elon could end world hunger by tweeting Bitcoin after we all buy it up? Anything is possible right? As I sit here on Mars looking back at the no-coiners back on Earth I wonder what it will take for them to pull the trigger and buy some Bitcoin??? Do you think perhaps Bitcoin is a bit too difficult for your average reality television loving American??? I am not sure it is too difficult or if its just that people in general are too lazy... Its not like you can just go pick up some BTC and BAM you are rich. You have to understand very basic things like buying and selling. Or you will just see your profits disappear.
I think custody ownership like Paypal offers is the future whether we like it or not. Ill never buy through custody ownership but I will say that many traders dont give a %$^& about owning Bitcoin. Rather they only give a %$^& about profit. I care more about stacking sats. But that is what makes traders different... We all react to things on the chart but we also all have slightly differing strategies that can be tailored to anyone. I took many different traders ideals and strategies and threw out what I didnt like and kept what I did like. I am a product of the mentors before me. Like Ash Roulston, Ernie Villz, and Todd Blackburn. These 3 people had the biggest effect on me. 3 solid traders molded me into HeisenbergBTC. And I will always be grateful to these people.
Im sorry I cant seem to shut up this morning. I am bullish short term and long term. I mean look at the charts! I am watching to see if 45k will hold. If it does in fact hold we have a real shot of breaking ATH once again. Only time will tell for sure. The bears may have thought they had control when they took us down to 30k last month but the jokes on them. And you if you panic sold. No shame in that though. Every trader has done that. But knee jerk reactions are never a good thing. They include emotion. Emotion on the charts is the fastest way to destitution. Be patient. Simply being contrarian can help a lot of noob. A woman told me recently she bought at 42k in January. Sold at 30k and bought back at 38k. I told her that her she needed to stop freaking out and learn to use a stop loss. Also if you are freaking out at any move Bitcoin makes you are likely over invested. Your investment should NOT make you lose sleep. Investments are supposed to increase the happiness of each of our lives. So if you cant sleep or you cant stop looking at the charts you need to reassess things. Learn before you get burned. Stop losses help me sleep at night and I think if properly used they can do the same for you. Just cut the emotions out of the equation. That is the key.
All in all we have had an amazing week. I will be the first to say I was starting to think 42k was it but the bulls showed me that underestimating them is a bad idea. As we sit above 45k I reflect on this year we have had so far and it has been quite amazing. Tax season has not had the effect on Bitcoin some expected. Perhaps the effect isnt evident yet. But with billionaires buying 1.5 billion dollars worth of BTC its easy to see why the bullishness continues. As another stimulus payment is being debated and taxes are just around the corner people will have disposable income. With that in mind I believe it will become more and more likely people will dump that money into BTC. At least more so than they would have 1 year ago. If you are going to play the candles make sure you set a stop loss. I am bullish but the bears shouldnt be underestimated either. I hope you all have a wonderful day. Make good choices my friends! And always remember WTFDIK???
TLDR: Bulls are still in charge. I go live tonight in my course and I am looking forward to discussing the growth of BTC. 45k is support and we are in a bull flag. If the 45k support holds and the flag breaks we should break up and maybe even test 50k.
We are above the 4hr 50 MA and the 4hr 200 MA and the 4hr cloud still so everything looks bullish on the four hour according to my setup. 45k has become a somewhat reliable support over the course of this week. What I am noticing as we create higher highs and even All time highs (ATH) and breaking into unexplored areas on the chart we are establishing support and resistance at the same time. I have not really witnessed this much in crypto as we have been under the ATH for at least 95% of my tenure into crypto. I have always had data at my fingertips. But as we sit here on Mars new support/resistance is the norm. And what do I see? Support seemingly shows up right at the nice round numbers for the most part. From 30k - 45k I have seen evidence of this at work.
Knowing where support may show its face is something that has alluded traders for hundreds of years. Especially in the face of unexplored territory on the charts. As we travel along just above 45k I notice that the wicks showing up below many of the recent 4hr candles are quite deep. That doesn't guarantee anything but it is seen as bullish when the wicks are deep like that. It shows the bulls rallied and recovered from the attempted coup portrayed by the bears. I generally dont make trades based off of deep wicks but I will say I see deep wicks as a signal the bulls are still in this to win this.
I also notice we are seemingly creating a bull flag after the Elon pump. This recent Elon pump stuck unlike his previous pump that disappeared over the course of 24 hours. That is the difference between a pump and growth. People heard Elon tweeted BTC and the gains came and went faster than a red bull rush. But the recent pump was more organic. People heard Elon bought 1.5 BILLION dollars worth of Bitcoin. This not only caused a pump on the charts (not from Elon though, as he bought OTC and that does not effect the market) but the people that fomo'd after the news was announced are the ones that caused the pump. It also legitimized Bitcoin in the snap of a finger. Anyone that denied Bitcoin before must find if more difficult to deny Bitcoin now that one of the richest man in the history of the planet owns a nice share of Bitcoin. He is also going to accept BTC for Tesla cars... Bullish Bullish Bullish.
Speaking of bullish I am hearing a lot of big companies may offer BTC in the near future. No promises. But as time passes more and more companies and institutional buyers are throwing their hats into the Bitcoin ring. This alone gives the market a lot of confidence. Not to mention the other bullish signals I see. Such as the bull flag I mentioned earlier. Im hoping that the 45k support on the chart holds. The reason for this is I think we can smash the previous ATH of 48k (approximately) if 45k does in fact hold. The bull flag is directing the candles straight into the support (45k) and either the flag is going to break or the support will break. It could really go either way so my advice is to set a stop loss and expect the worst while hoping for the best.
I was wondering if Elon could end world hunger by tweeting Bitcoin after we all buy it up? Anything is possible right? As I sit here on Mars looking back at the no-coiners back on Earth I wonder what it will take for them to pull the trigger and buy some Bitcoin??? Do you think perhaps Bitcoin is a bit too difficult for your average reality television loving American??? I am not sure it is too difficult or if its just that people in general are too lazy... Its not like you can just go pick up some BTC and BAM you are rich. You have to understand very basic things like buying and selling. Or you will just see your profits disappear.
I think custody ownership like Paypal offers is the future whether we like it or not. Ill never buy through custody ownership but I will say that many traders dont give a %$^& about owning Bitcoin. Rather they only give a %$^& about profit. I care more about stacking sats. But that is what makes traders different... We all react to things on the chart but we also all have slightly differing strategies that can be tailored to anyone. I took many different traders ideals and strategies and threw out what I didnt like and kept what I did like. I am a product of the mentors before me. Like Ash Roulston, Ernie Villz, and Todd Blackburn. These 3 people had the biggest effect on me. 3 solid traders molded me into HeisenbergBTC. And I will always be grateful to these people.
Im sorry I cant seem to shut up this morning. I am bullish short term and long term. I mean look at the charts! I am watching to see if 45k will hold. If it does in fact hold we have a real shot of breaking ATH once again. Only time will tell for sure. The bears may have thought they had control when they took us down to 30k last month but the jokes on them. And you if you panic sold. No shame in that though. Every trader has done that. But knee jerk reactions are never a good thing. They include emotion. Emotion on the charts is the fastest way to destitution. Be patient. Simply being contrarian can help a lot of noob. A woman told me recently she bought at 42k in January. Sold at 30k and bought back at 38k. I told her that her she needed to stop freaking out and learn to use a stop loss. Also if you are freaking out at any move Bitcoin makes you are likely over invested. Your investment should NOT make you lose sleep. Investments are supposed to increase the happiness of each of our lives. So if you cant sleep or you cant stop looking at the charts you need to reassess things. Learn before you get burned. Stop losses help me sleep at night and I think if properly used they can do the same for you. Just cut the emotions out of the equation. That is the key.
All in all we have had an amazing week. I will be the first to say I was starting to think 42k was it but the bulls showed me that underestimating them is a bad idea. As we sit above 45k I reflect on this year we have had so far and it has been quite amazing. Tax season has not had the effect on Bitcoin some expected. Perhaps the effect isnt evident yet. But with billionaires buying 1.5 billion dollars worth of BTC its easy to see why the bullishness continues. As another stimulus payment is being debated and taxes are just around the corner people will have disposable income. With that in mind I believe it will become more and more likely people will dump that money into BTC. At least more so than they would have 1 year ago. If you are going to play the candles make sure you set a stop loss. I am bullish but the bears shouldnt be underestimated either. I hope you all have a wonderful day. Make good choices my friends! And always remember WTFDIK???
TLDR: Bulls are still in charge. I go live tonight in my course and I am looking forward to discussing the growth of BTC. 45k is support and we are in a bull flag. If the 45k support holds and the flag breaks we should break up and maybe even test 50k.
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