Bitcoin 4hr chart P.M. 11/7/2019

7 Nov 2019

Good afternoon everyone. I am taking a look at the 4hr chart today and noticing we did slip right through that break in the cloud. It happens often when you see things like that and the candles are close it almost seems like a magnet. Now we are on the bottom of the cloud where we are currently finding some support (We are also pretty close to testing the 200 MA on the daily chart as well) So there is some support below us. Thing is this pesky 4hr 50 MA is acting as resistance at this point in time and it is likely to suppress the candles until we break out of this. We are currently trading at around 9200 which has been pretty strong support for days and we are in a tough spot being under the 4hr 50 MA but Ive seen a flash of some bullish sentiment in the chats and groups Im a part of. The bolinger bands are seriously tightening on this 4hr time frame and I imagine we will see some movement pretty soon. RSI dropped a bit today as the price also dropped a bit too. (The two are correlated ) That 200 MA below us could provide some support if we break down. 8500 - 8600 area. Daily volume today is at $22,650,098,889 which is still pretty good considering where we were a few weeks back. I have been continuously impressed with daily volumes over the past few days. Lets hope the bulls take it and run with it. (WTFDIK?)