From 2017 to 2020 it was acceptable long term analysis to view BTCUSD on the 4 hour time frame. Now that Bitcoin is over 40K it no longer makes sense to view it on the 4 hour time frame. If you are still trying to look at Bitcoin on any time frame under 4 hours you are trying to be a day trader. Bitcoin's so called volatile price movements are the result of the worlds first truly free market. When the price moves that's because the world is all buying and selling at the same time. The phrase on Twitter is "When in doubt, zoom out". That's how I started looking at the four hour chart. I kept trying to anticipate moves to up or downside using various indicators I'd learned from the stock market, but none of them made any sense. So one day I just naturally figured it out. The market never closes, so there had to be a way to account for far more price action. The only solution was to zoom out & look back for support lines that happened four or five months earlier. In 2020, Bitcoin's market cap grew to one trillion dollars by itself. I caught myself looking at the four hour chart not being able to make those same anticipations I'd learned three years before. I hesitated to look at the daily chart, but It made sense right away. There they were, easy to spot, gigantic daily support lines. Listening to BTC Pros & OGs for the past five years has taught me a lot. Crypto is the most expansive, ready to grow industry to date. El Salvador has made Bitcoin Legal Tender & Every few weeks a new nation announces it is considering Bitcoin adoption. While regulators claim to be clamping down, Banks & public companies are jumping into the space accepting cryptocurrency & legitimizing the industry. Still long term Bullish, Bitcoin might already be too big to fail as some have suggested with Ethereum. If institutions could back dollars or even CBDCs with Bitcoin there might be a way to compromise. Until then HODL & buy as much BTC as you can afford to lose, but at low prices such as 9/21-22, I hope you all bought the dip if even for only $5.
