by birtanpublished on August 24, 2020

Oh morning you guys this is huge if Bitcoin is unable to do this in the next few days then we could be seeing a massive pullback in the short term as we speak Bitcoin is actually at the exact bottom of this golden pocket right around the 9650 level is it the absolute

Bottom if we get rejected off of this weekly Fibonacci retracement guys things could get absolutely chaotic you can see we've been struggling to stay afloat here and we've been struggling to get above ninety eight hundred dollars we'll

Take a look at that price in this video and as well on the 4-hour chart you can see three distinct times that we were forming slightly lower highs here we'll Bitcoin be able to continue omentum and push up or will we face a sharp

Rejection and what level would that rejection bring us down to since April first we've been trading above this 21-day simple moving average here on the daily chart we've been above it basically the entire time when we found

Support here every single time if we get a pullback could this act as a level of support we'll take a look at what the level this is and what are the chances that does happen as well guys good news we actually filled the CME gap already

That we've created over the weekend it was a pretty small gap but any gap is uh considered very dangerous you can see here on these for hourly candles that we've already filled at this gap I had this thrown here last night and you can

See when I woke up we had already filled it guys so that's good news so we don't have to worry about that however it's still likely that maybe we could be seeing one final rejection before this really gets started additionally is it

Possible that a long squeeze is in coming there are three reasons according to this article by Joseph young why bitcoins price may sharply correct in the short term ok maybe one final dump before we absolutely go into a very

Parabolic year but here are three really enticing pieces of evidence of why we could be seeing a very big long squeeze shortly here and as well the Bitcoin block generation speed Falls to 2017 lows what does this mean is this good or

Bad there's less incentive for certain miners to be on the network because of this reason having as expected but what are the long-term implications and could this end up being extremely bullish for the market but a

Tattoo II is my favorite movie let's do this oh well welcome back to another exciting episode of Monday 20/20 there are some very positive news but guys there are some news and some evidence on these

Charts that maybe we'll be seeing a pull back this week and guys you know we've been saying this for a while everybody has been saying this for a while one more substantial pullback might be necessary before we get this thing

Really kicked off for the second half of this year going into 2021 and maybe even bleeding over into 2022 now that is exciting so we'll take a look at that and we see some certain signs on these charts guys Bitcoin has been as expected

Finding heavy heavy resistance around the ten thousand dollar USD level it has not faced any significant rejection off of there in the past few weeks and it has been testing it relentlessly so we really have to delve into that and then

As well take a look at what's going on in some of these leverage exchanges on what they're showing because potentially we could be seeing a big squeeze coming in the near future Wow so thanks so much everyone for entering we just actually

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Hit 1300 likes in this video we'll be giving away this ledger tomorrow so guys make sure you smash it up and as well guys if you want my little boy genius strategies for trading and understanding these markets make sure to join t4 below

$40 off with coupon code juice at checkout shoot me an email at Tyler s crypto at protonmail com any questions and as well you can reach me there if you want to pay in Bitcoin or a few other crypto currencies guys we have a

Lot of different options Wow guys huge so this is critical we take a look on the daily chart here for coinbase you can see look at I mean this is actually pretty insane here we've tested this line many times over the past two years

Okay we can zoom back and show you but we've never tested it this long and we've never tested it this closely to the line this is absolutely insane these are daily candles let's look at for our candles look at this really since May

7th so 11 entire days where we spent at least 50% of those days absolutely just like touching and hugging on this line we can zoom back and show you something similar look at this we barely even got up to it here and we got

Rejected pretty quickly so you know pretty much come up boom down look at this not only did we just not get rejected here we stayed here got rejected came up again got rejected even less intensely came up

Again and even less rejection so far and potentially could we be heading up to test this yet again remember every day every four hour every every minute that goes by this line gets lower and lower it's descending so you know say

Something crazy would happen where we would still be testing this line a year from now this line would be thousands of dollars less okay that's that's obviously not gonna happen that would never happen but this line you know

Every minute that goes by it gets lower and lower and so far we've just been you know completely not even getting a strong rejection so there's one scenario that we actually don't get pushed off and we actually have a massive break out

Of this still and that's most most importantly the most bullish scenario but again there is a time frame on this we can't just test this line for the next two weeks and expect everything to be hunky-dory right we can't just sit

Here and keep testing this we can't do something like this okay you know get smaller and smaller rejections and then do that forever there's going to be a sharp move soon and we'll show you why we think it actually happened very very

Soon and if bitcoin is going to have a breakout to the upside we need to see it extremely soon and in fact a breakout so the downside has to happen basically the same amount of time from now they both need to happen extremely soon so we take

A look on this chart on the weekly this is really important here you can see we have the golden pocket still and as what's one thing you notice we talked about this in yesterday's video but now look at this we wikked up here back on

The week of the fourth so two weeks ago we whipped up here got rejected then we had this weekly closed just two days ago right here actually just yesterday right here you can see right at the very bottom this golden pocket this is the

Golden pocket right here between the 6 and 8 0.65 so we had it right at the bottom now right here we were actually spending a lot of time trading again right there now we're slightly above it as I'm

Recording this but who knows if this is gonna push up by the time this video gets uploaded again really bullish momentum overall on the weekly you can see on the MACD as well there's a lot of indicators on the weekly on these longer

Time frames showing a lot of extreme bullishness okay so if you go week by week most likely in my opinion we're gonna see something like that however in the short term you can't count out something like this

Okay so that's what we're gonna be talking about here if we cannot hold this level I think that's gonna be crucial and one final shakeout could even push us all the way down to the 8100 $8,200 level

But we'll talk about that a little more in the future specifically now you see as we see here zoomed in on the four-hour look at this all of these touches this is multiple for our candles multiple for our candles

Here as well and the same thing here all touching this basically same level right around the 9800 US dollar level that we've just been not been able to get above 9800 significantly and stay above it basically since since back in

February of 2020 we went on that very nice three four thousand dollar run over a very short amount of time now update on this chart you can see here still clearly above this line which is very important a pullback again could bring

Us all the way down to the 88 $8,800 has been crucial lately specifically over the past about month almost we've been trading and finding support there on this uptrend on this uptrend 8,800 has been crucial it's been like the lowest

Point of pretty strong support we've had strong support slightly above that around 92 but when we really are starting to face trouble 88 comes in and so far as saved us over the past month and 88 also is the point of control

Which is like the max amount of volume in this time period that we have specified which is the exact the exact date is about a month worth of volume so this is the point of control for the past month okay right around 88 so again

It shows such a strong level of support and trade volume where it really has been bouncing so far so again we can't keep testing this like we mentioned earlier we can't keep testing this and nothing will happen eventually if we

Keep testing this we're gonna get a massive breakout and if we keep failing to get above it guys we're gonna get a massive rejection and we'll show you here most likely what could be a very big level of rejection territory here

Would be on the daily chart in this 21 day moving average this light blue line right here as you can see if we zoom back ever since pretty much April first when we kind of broke out of this you know after what happened in March 12th

When we finally got above this back back above the 21 day we've been basically above it the entire time so for the past two months now we're significantly above it now we touched on 10k back on May 7th and we got rejected and we went down to

85 which is exactly where the 21 day moving average was is where he found support for three entire days before we found this second bounce now we got a rejection here we found support slightly above the 21 day actually

9100 testing it again if we face another rejection okay it's likely that will at least come down to this area but if this area doesn't hold guys we could be seeing that area pushed back to like the 8800 and worst case maybe even the 8100

$8,200 level so as you can see here we're gonna be looking at this we have this sloping line of resistance and we have this line right here which is the 21 day moving average right here so it'll most likely be something like that

But as you can see there's not a lot of room in this area and we're most likely gonna see a very violent big move out of there fairly soon whether it's up whether it's down nobody knows just yet but there is some

Indications and we can get into that right here so we have a long squeeze incoming potentially three reasons why bitcoins price could sharply correct and this would be in the short-term so in the last week bitcoins price rejected

$10,000 three times raising the probability of a long squeeze so for anybody that doesn't know a long squeeze is basically you know when there's a ton of longs in the markets and if they're liquidated they get squeezed out and

Basically what they can do is push the price down so three factors suggest bitcoins price may correct following its recent rally from 9,000 100 to 9900 the overwhelmingly large number of longs to shorts rising funding and a possible

Triple lower high formation so this is big right here across BitFenix bit max and by Nan's futures 7 over 77% of the traders are holding long positions on average so basically 3/4 of people across these major exchanges are

Expecting the price to rise in total on the three futures exchanges online there is 763 million dollars worth of longs whereas there's only 221 million dollars worth of shorts currently if the price of Bitcoin is going to go up without

Facing significant resistance a high number of long contracts can be considered very optimistic it suggests the majority of the market is expecting the price of Bitcoin to increase in the short term for example here

Joseph gives this example when Bitcoin rose from 8,500 at 10,000 okay a fifteen hundred dollar increase within four days four days the very beginning of this month the market was majority long the difference between now though and at the

Very beginning of this month is the current price trend is almost 80% of traders in the futures market are long while testing the same area ninety nine and ten thousand that have failed to overcome

Those levels in the past two weeks so there's an abnormally high percentage of these long contracts in the bitcoins futures market and the high funding rate are seen as potential catalysts of a steep pull back because it's at a very

Strong level of resistance it's not only strong just for the past few weeks this is a strong level of resistance for the past two and a half years for the entire bear market okay so a triple lower high a pattern composed of three low

Consecutive peaks increases the likelihood of that Bitcoin could experience a sharp correction now I do want actually point out here you can see on the daily chart so far it actually is lower highs okay this is our first high

Then we have the second high right here and so far the day the closes significant it's actually slightly below that so you can see one that's a bad arrow one two three and they're getting lower each time so that potentially

Might not be good but again that also could be a part of a different pattern that's forming just consolidation in general before breakouts is very common so that doesn't necessarily mean that it's going to go down so we need to

Watch out for that and as well you guys the Bitcoin block generation speed Falls to 2017 loads so basically what this means is that only ninety-five blocks were generated normally they're generated every 10 minutes only 95 were

Generated yesterday because of the reason having according to an analyst that we're going to talk about here the analyst here digital access many miners cannot generate a profit because their expenses are still the same and the

Income is cut in half because of the halving okay in the last ten years we've only had eight days with less than 100 blocks think about that yesterday we had less than 100 blocks and there's only been eight days in the past ten years

That there's been a day without a hundred blocks or more there's a quote here by him as well saying I don't think the next difficult adjustment will bring it back to ten minutes per block adjustment is done based on the entire

Period average basically what he's saying here is that if the price breaks above 10k and keeps going up then some of the miners might actually turn back on their equipment and hash rate would increase which would be good for Bitcoin

We'd want we ideally want higher hash rate but you know an incentive for them to do that is if the price of Bitcoin goes higher however it's not going higher in this again this is bullish because in the

Long term or at least it's hypothesize this will continuously push Bitcoin to higher and higher valuations because of this fundamental principle here in regards to Bitcoin being mined which again has a lot to do

To stop the flow and everything like that so it's just really important to keep a note of you guys absolutely massive let me know what you think in the comments below make sure you know if you smash the likes it can get above I

Think it was thirteen hundred lights will be doing this giveaway for the ledger tomorrow and guys as well if you wanna learn some of my strategies and just really useful ta I think and everything I basically think you need to

Know on a day-to-day basis for Bitcoin understanding everything how to use the charts and everything you need to check out t4 in the comments below that's also in the description if you enter the code juice at checkout you get $40 off

Absolutely massive these strategies are invaluable in my opinion and they're what I've been using for the past three and a half years so thanks so much for watching I'll see you guys in the next one peace

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