BITCOIN BIG MOVE HAPPENING TODAY?! My Exact Price Targets! (Cryptocurrency Trading Analysis + News)

published on August 2, 2020

What's going on guys patrick here hope you guys are all having a fantastic day today we're going to be looking at the huge breakout that bitcoin could have any second now we'll also be looking at the upside and the downside potential and let you guys know what i think is

Most likely and where i would set my targets we're recovering all that as well as tons of other news that went on in the cryptocurrency phase so make sure you guys stay all the way until the

End now i wanted to update you guys you remember the trade i've been talking about for weeks i was in a long position ever since the 10th of july waiting for a bitcoin breakout and as

You guys can tell we had this huge breakout that came from that right obviously a very profitable trade myself the team were very very happy with that trade and since then

We actually entered a new trade which was up at this level which was a short right this was a short position we found the resistance here we were looking to enter a short during this range we were able to already

Secure our first target so if people move their stop losses then they're already in pure profit and if they didn't having that target already hit having that profit already secured

Is a big big win so that's currently the trade that we are in if you guys are interested you feel like you're missing out on opportunities you want to take advantage of the profitability of this market then make

Sure you check out the first link down below in the description for the cryptocurrency trade alert group i post every single one of the trades that myself and my team enter in this group so if

You're a complete beginner if you don't have time to technical analysis or you don't know how to do technical analysis you can copy our exact trace takes two or three minutes to set up and after that profits are taken automatically for

You so it becomes very very passive we have all coin trades we have leveraged trades and we have the number one community in the cryptocurrency space and as always for two weeks for 14 days you can

See every single one of our trades completely risk-free from the day you sign up to 14 or 14 days after that you can see every single trade that we have

Completely for free and if you sign up you don't like it no matter what no questions asked you can simply cancel then you will avoid getting charged after your 14 days but now let's get into the price analysis and

What exactly i'm looking at you can clearly see the pattern drawn and this to me is the current uh support resistance the wedge that we are currently in now this on the one hour time frame

You remember we had a previous wedge all the way on the you know all the way here that lasted a very very long time and then we broke to the upside from there now this usually looks like a continuation

Pattern this usually is a continuation pattern which means if we are going up to it right and then we enter and we find the supports resistant we trade in this wedge then more likely it is it is more likely that

We are going to break to the upside just continue the trend that we were in previously but there are a few things that i want to watch out for now it looks like we could be seeing that

Initial breakout right now if we do let's talk about the breakout for a second if we do um have that breakout to the upside one play is either catch the move prior which is a higher risk

Obviously where you're not you don't have any confirmation you're simply trading off of a feeling that you think it's going to go up and if you're experienced you know what you're doing that can be great

Or you can wait for the retest which bitcoin always loves to do of what what was the resistance and would now be support retest and then shoot back up so this area right here

Would be a perfect confirmation place for people to enter their positions in a long the price target i have set right here on the long position would be 11 700 if we do break to the upside so keep that

In mind this is if we break to the upside that would be the target that i have set but there are a few things that we need to watch out for that could signal a bearish move now i

Told you guys the probabilities of breaking to the upside on a pattern like this in a continuation pattern are pretty high more often than not this pattern if we just look at it this way

Would break to the upside but there's a few things that are factoring in here that we don't usually have that i want to share with you guys to make sure you are fully aware of everything going on so you can make

Your own decisions now actually the one hour time frame we find the support here it's similar to the ema ribbon it's a very strong support we've seen that bounce over and over again you can see why we have drawn this

Support over here multiple touches comes in with the ema ribbon as well acting as support very very straightforward now if we move to the four hour time frame something a little bit different right

The four hour time frame although the ema ribbon is coming back up which is something we love to see you know trading a little sideways finding a pattern while we wait for the ema ribbon to finally catch up

So that it can act as support and help on that continuation even though we have that the daily time frame is the one that looks a little bit scarier because we don't usually have these huge gaps between the ema ribbon

And the price for a very long time usually again either trade sideways like we saw in the four hour for it to catch up or it has a major correction in order to test the ema ribbon that

Would be coming up like this to test it as support like i showed here and bounce off from that so that's something that's one of the things i might another thing a lot of people are talking about is the

Percentages of longs and shorts currently on bitmex so as of right now there's an 843 percent longs and a 157 or if we go over here it's

Roughly around 85 percent longs and 15 shorts maybe 86 percent long 14 percent shorts but you get what i mean there's a lot of people that are betting on the price going up and for good reason there's a

Lot of bullish news that came out there's a lot of bullish sentiment coming into the market but if it's true the allegations that there have been against certain exchanges that they manipulate the price in order to go

Against the majority so they can win that would signal that hey maybe this would be one of those moves where they want to catch a show they want to make the price go down so they can liquidate people in a

Long and they can therefore take the money now i'm not going to confirm or deny i don't know if those allegations are true against every exchange that they trade against their traders but one

Thing for sure is that a lot of the times if most people think it's bitcoin's going to do one thing it does tend to like to do the other thing right we remember previously in

This pattern a lot of people actually thought i think the sentiment was pretty clear that it was going to be a more bullish move uh there were the previous resistances we were looking at

In case it broke below but a lot of people thought this was going to be a bullish move and it did turn out to be that way so it's not always the case that just because the sentiment is bullish

The price is going to go down but that is one thing to note so the gap we have from the um gap we have from the ema ribbon to the price on the daily time frame the amount of longs versus shorts that

There currently are and not to mention the fact that bitcoin the future the cme gap right the cme gap right here is still set and we know these like to get filled still set on the daily time frame

Especially the daily time frame it loves to get filled and it would close at around 96 100 so 9 60 ish dollars right maybe 7865 but that that's a gap that we currently

Don't have filled and we usually see phil sooner rather than later we've seen these moves come in where bitcoin has this huge move to the downside right and then it came back up and then closed the ema ribbon gap finally oh not

The ema ribbon gap the the gap the cme futures gap over here it finally came up to close it there was obviously a gap between when the uh the gap started which is the sixth of march and

When it closed which was the first of may so it doesn't happen necessarily always instant but more often than not it does feel so this is an area we definitely have to

Keep an eye out on for bitcoin to potentially come back and re-test and fill that gap so again there's a lot of reasons for why bitcoin's price could go up there's a lot of reasons why bitcoin price could

Go down a lot of you know a lot of sentiment come in a lot of people think it's going to explode to the upside to me right now i'm in a position which i share with you guys i told you guys

The position that i'm in i will be in that position until i feel like it's time to change that position and if i change that position i'll update everybody in the group and i'll update you guys on a future

Video if i do go ahead and play the breakout maybe whatever it is that's something we're going to be eyeing but be very careful with the price right now there's a lot of bullet sentiment

There's a lot of people excited and again like i said it's all it's for good reason but there are reasons that we could be seeing the price go down so please please please keep an

Eye out on the price if you're going to be trading especially short term make sure you're keeping an eye out on the breakout either to the upside or to the downside maybe even a fake out

And then break right we want to see that confirmation we want to see that confirmed break of if it fits to the upside or to the downside but this pattern is coming to an end very very soon

Probably by the end of today maybe it extends a little bit let's see where this does end up now gold for example this is another asset i've been asked uh i've been getting a lot of questions on gold versus silver

Gold want a quick update is already hitting a high versus what it had previously come in on the uh 22nd of august so a very long time ago um several years

Ago this was the high it made from there it came back down consolidated and then had its move and it's now breaking a new high silver on the other hand which is the one i'm a little more interested in

Because silver's high that came in obviously around the same time as gold peaked over here it still has a long way to go until it reaches its height so something i'm looking at on the

Precious metals side not something that i spend a lot of time or a lot of money focusing on a lot of my time currently is spent on trying to get into uh investing in some properties as

Well as the cryptocurrency investments that i have right now but always keep an eye on always keep an eye out a good opportunity is a good opportunity right if there's money to be made

Then it's something to consider but make sure you know what you are good you are going to get into just gotten that question a lot bitcoin market currently it's a little bit sideways 039 move in

The last 24 hours very very sideways being as bitcoin is in that pattern and it's getting to the end of that pattern which means we're expecting a breakout but the supports and resistances are very tight

Together so there's not a lot of room for bitcoin to move biggest gainer of the day let's just take a look yeah we have a few gators that are up obviously a few altcoins but more often than not right now with

Bitcoin trading sideways the gains are going to be relatively small two percent it's good in the stock market but for all coins we've seen them perform a lot better one percent one and a half percent move

In 24 hours is kind of sideways for all coins right now this is major news as well before we end off one million emails and 9 500 home addresses were hacked from ledger one of the biggest companies out

There in the crypto space everybody can get hacked so make sure you're staying safe make sure you're keeping your your your private keys to yourself make sure you're giving out you know the minimal

Information possible so that if something like this happens they don't go after they don't get um your information just because you put a bunch in there the middle information possible make sure you pick a good

Company and ledger i think they're gonna they're gonna they're gonna bounce back from this they're a huge company let's see what they actually do to bounce back

But again main focus of that stay safe guys now let me know what you guys want to see in future videos do you want to see more technical analysis trades breakdowns let me know what you guys want in the

Comments down below and leave a thumbs up if you did enjoy this video and as always make sure you're subscribed make sure you hit that notification bell so you can check back every time we

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