Bitcoin 1 day chart 8/1/2020

Bitcoin 1 day chart 8/1/2020

Good morning ladies and gentlemen and welcome back to my daily analysis of Bitcoin . Today I have the daily time frame pulled up after a great monthly close yesterday. You may have seen this posted already but this is the highest close to a monthly candle since the ATH back in 2017 of 20k. If you are not bullish at this time you are crazy. This week saw us break the 2.5 year descending resistance and we are finally starting to witness a pump. Another reason is the halving is well behind us and the pumps that occur post halving are not typically immediate. But we climbed over 2k in a matter of days and that was what I was expecting when we broke the 2.5 year resistance. Anyways lets take a look at the chart.

I first want to bring up the fact that we are literally a few hundred dollars from filling in the age old gap at 11800. I would really like to see that gap be filled and it certainly looks like that is possible thanks to all the bullish developments that have shown up over the past week or 2. We still have multiple gaps below us and that should be noted. Sometimes gaps can fill quickly (I would say 97% fill in very quick) but a few were left open. One around 3600 and one around 7600 and finally one more between 9600 – 9900. Im not saying we fill in these gaps anytime soon but we all need to know they are there.

With fomo charging full steam ahead it is hard to say where the pump ends. I hate to make predictions like this because if Im wrong I will likely never hear the end of it but I think its a very real possibility that we break our previous ATH this year. We all know its possible. The post halving pump along with breaking the 2.5 year resistance is significant and should not be ignored if you are trading. Barring a few other lucky investments BTC has time and time again proven that the volatility can be beneficial. I know I cleaned up during this pump.

While its nice to see all the bullish traders and investors lets all remember that the market it cyclical and because of that we still need to be ready for anything. The next hurdle that I can see on the chart is last years ATH of 14k . If we can beat this level 20k will be within reach. I dont want to get anyones hopes up but we all know BTC and BTC likes to surprise us. Its all speculation at this time. None of us has a crystal ball but I will say I havent been this bullish since I started creating charts and we flew from 5500 – 14k within a matter of weeks. I really want to see a new ATH but lets stay grounded and remember the basics. Set a stop loss and walk it up with the price. If you get stopped our bow out gracefully. Take the loss. Its better than walking the stop loss down and losing more profit.

All time frames look bullish to me. My trading setup is still catching up to the pump so the cloud and the 50 MA and 200 MA arent very helpful to me at this time. Luckily the support is sneaking up below the candles so if a dip were to show its face lets hope we can refuel on one of these levels of support. 10500 has shown some support. That was this years previous ATH so its no surprise to me. I would claim that since its the weekend we will likely consolidate. But with all the bullishness floating about anything can happen… Even on the weekend. We are in a clear bull market now that we beat the 2.5 year resistance so enjoy the gains. RIP short sellers. But WTFDIK???

TLDR: Set a stop loss and walk it up with the candles. We are full bull at this time. That doesnt mean the bears wont show up but right now fomo could drown em out. Only time will tell. Enjoy the weekend folks.

Published at Sat, 01 Aug 2020 14:06:06 +0000

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