by birtanpublished on August 23, 2020

Oh well something smells fishy and it's not coming from me this time let's face it Bitcoin had a small but also pretty expected pullback to in this level that we've been talking about for literally weeks guys which also pretty much correlates exactly almost to the 8800 we

Haven't even dipped that far just yet and as well we have three other charts that line up with this exact pullback area that we'll talk about in this episode and as well you guys have been following along on the weekly chart this

Is my ultimate a bye zone if we actually get here this has been on the chart for about two weeks and this in my opinion could be the exact perfect pullback area and as well we'll take a look at this chart cuz this has some pretty good

Information as well we'll get into five key reasons why the Bitcoin price fell because it's not one single thing there are some liquidations and there are many other reasons why this likely happened a rejection from 10k being one of the most

Obvious as well and you guys CNBC published an article from a wealth manager saying no need to invest in Bitcoin or gold during this pandemic which means absolutely that's probably the best thing you should be doing hook

Her up my little smoochers let's see what's going on everyone welcome back from another episode of Bitcoin today guys we have a lot to get into and there is a decent drop that we're seeing is the drop concluded oh and we'll head

Right back to 10k most likely not so we'll get into this specifically in this episode there are some levels that we most likely will have to attain to the downside now because guys hasn't been talking about for like at the past

Literally two weeks we keep getting rejected at 10k so like we said in the last video if we keep getting rejected we're obviously not gonna just sit right under 10k forever so very interesting and again I don't think this news really

Has too much to do with the Bitcoin from an 11 year old wallet yesterday wow so we really do got a lot to get into but guys we did hit the goal of the video that I posted yesterday at 14 likes a 1400 likes actually smash through it so

We giving this away in this episode as well in congrats to fred i believe we'll mail his out and whoever wins this one either later today or tomorrow so i if do to enter is calm guys if you knew make sure to subscribe

Smash the comments leave a like while so without any further ado let's get into these charts why old so guys we can start off with the simplest chart here just of this this pattern that obviously broke to the downside after testing 10k

Forever it's like literally two weeks all the way back to actually yeah exactly two weeks May 7th and then we just broke down out of it so obviously 10k which you can see really well on this is pretty significant resistance

Clearly and the pullback is kind of to the the area we've been saying forever just this 6-year a line guys this is really important I'm not going to zoom out again we spent a lot of time testing here but actually we could go a little

Lower specifically like the 88 we didn't even get into yeah we went to like 89 30 earlier now as this dump over I'm not necessarily so sure I would like to see momentum actually swing to the downside

For probably the next day or two at least the next few days just to even some things out and also because we've we've literally spent the last two weeks kind of hugging this 10k just continuously bouncing and trying to get

Up there so again I think for right now to even some things out it wouldn't be bad to get a nice little pullback especially on the weekly chart though things are showing something different there showing bullish optimism there's a

Lot of a lot of good things on these longer timeframe charts so I think over the next few you know weeks and especially the next few months this is going to continue upwards I think we're gonna get some really nice strong

Momentum going upwards but if we're talking in the next few days then I would prefer if we just continued to maybe even continue to go a little bit lower than this you guys might disagree with us but even if we broke through

This line for you know maybe not significantly or for a long period of time but breaking through this wouldn't be so bad and I can show you on this chart as well we have this simple 50 and that's simple 200 where we just have

That cross the simple moving averages the 250 moving averages right here so this is that Golden Cross everyone's talking about which could be very strong support and as well this for me would be to come back for like the third time in

The past month to test this line once again this distending line of support right there that we've been in for over the past 365 days so to the downside I definitely would be happy if we got that pullback there and I think it would even

A lot of things out and I think it would just be better for the overall momentum going forward in the next you know a month or two I don't have a lot I wouldn't have a lot of confidence if we just bounced right here and then just

Continually I mean one scenario to is we just continuously test in this area and then have a massive break which I guess could have but ideally I think we would probably get a pullback in the short term and as

Well at this point the golden crosses and death crosses kind of do the opposite of what they're traditionally known for meaning golden crosses lately over the past year or so have provided a lot of dumps and death crosses have not

Actually dumped on death crosses like they might be expected to as well and this cross right now is right around like the $8,000 mark which is also exactly where the 21 weekly moving averages about $100 above that right

Around like 80 150 so this whole area which also lines up with this box that I've had drawn here for two weeks I think would be a really good pullback area so for example you know in a weekly chart it might look something like this

Guys maybe not that I think would be a little steeper than that actually maybe even it's just something like this or like this but overall the momentum I think over the next few months is 100% going to

Trend upwards and I don't think there's anything that will stop that unless our economy really does suffer like it should be suffering because guys new unemployment numbers came out today like they do every Thursday here in the US

Another like two to three million people unemployed there's currently almost like 40 million people unemployed guys it's absolutely nuts huge huge numbers I think that's like closed I mean that's a significant

Fraction of the entire eligible workforce in the US and yet the SNP I think was actually pumping today right the stock markets are still going up so it doesn't make any sense in the short term I could see that actually

Negatively impacting some things like gold and Bitcoin however I think gold and Bitcoin or long term gonna go up a ton and I think like the US dollar and some traditional investments are not gonna do well over the next year – I

Think a lot of people expect that it makes a lot of sense because why is the stock market going up right now when people are losing their jobs left and right small businesses are closing every single day why would the stock

Market be going up for one reason it's artificially propped up it's not actually really going up they're just printing money and making it look good when it's not actually good so that in my opinion is the only way we could see

A more drastic pullback granted I don't think it would be very long lasting for Bitcoin or gold but that's one way we could see that I think a lot of billionaires and people in general are looking for Bitcoin looking to Bitcoin

With a lot more interest now because of what's happening with the economy in general so that being said that also lines up kind of with this long area of support and resistance we have going back this actually goes back all the way

To summer of 2019 as well so this whole area like the 88 82 this entire thing right here guys so that's where we are right now we're actually at the top of the channel right now and the bottoms

Right around like the 8800 so for a short term pullback I would say 8800 is very good and for a more longer-term pullback even with like a wick down there over the next week even when I say longer-term I'm still only talking about

Maybe like 7 to 10 days from now 82 anywhere between like 79 to 82 hundred dollars is a long a slightly longer term pullback which on this chart is what would look like something like this so for people looking at this this would

Look pretty drastic but overall it's not really that big of a pullback in as well if that's the steepest pullback we get that's not bad at all again I personally don't expect anything like this to happen again with crypto

Remember what happened with this guy this was crypto this was gold this was literally everything everything did this and is well for the entire cryptocurrency market cap what that pullback would look like would be about

Roughly somewhere between 205 billion to 215 billion dollars of entire cryptocurrency market cap would make sense if we did get a pullback over the short term but for this entire triangle right here which goes all the way back

To the very end of 2017 the very peak of that bull around the point of control for the VP VR for the entire cryptocurrency market cap is actually right around 240 billion and we're about like almost ten billion dollars above

That right now even after the pullback that we've seen to around 90 to 90 $100 per Bitcoin so even on this chart I think this has a pretty good amount of support here but guys if we take a look here where do we start getting a lot

More support on the VP var and a lot of more traded volume is right around that 200 about 190 but 200 billion dollar range which again so if we came back to here you guys can see we see a decent amount of support and a lot of trade of

Volume around this area so even worst case scenario over the past over the next month I don't really think anything below very very high seven thousands like 78 79 hundred I don't think anything below that would really make a

Lot of sense and I don't think it's very likely but for the most part the simplest way to look at it guys we balanced at the six year trendline so this is a I mean expected and also cool to see because it is a very important

Level but again if we continue to go down in the next day or two because like we saw yesterday we had a pretty sharp drop a little bounce for a few for our candles and then another dump a pretty sharp drop another bounce we're most

Likely going to be trading for a few more for our candles here before we decide if we're going to consolidate and break into some sort of ascending triangle pattern and break back up and test 10k yet again like the

Sixth time in the past month or if we're actually gonna have to go down and revisit some of those levels that we have down here on the chart around the 82 very lowest like 78 79 hundred Wow and as well I want to cover Joseph

Young here on Queen Telegraph he goes over I'm just gonna highlight a few key points from this article some some reasons why this most likely dropped so obviously liquidations on bit max like we were saying over the past week a lot

Of people want to go long so what that means most likely you know what long squeezes are where a lot of people are going long so it gets squeezed a lot of people lose their positions they get liquidated and the price drops so says

Here in the last 18 hours 53 million dollars worth of longsword lick waited on bit max alone let alone all of the other leverage exchange platforms it indicates traders were largely expecting the price of Bitcoin to reclaim 10,000

And it didn't okay it fell below from the absence of a potosi pattern of the existence of several miners in early 2009 almost all data also points to showing that Satoshi was not the one and the person that sent that 11 year old

Bitcoin yesterday so whales using this maybes a narrative to also affect the price most likely could be the case but the reason this is significant the Bitcoin moving from 11 years ago isn't because it was 40 or 50 Bitcoin that

Doesn't matter it was a very small amount of Bitcoin but what's interesting about this by far the reason I find this interesting is because it's a person that was involved in Bitcoin from the very first month of bitcoins existence

So that very fact alone most likely it makes it incredibly likely that that person has a big influence in one way or the other and most likely has a much bigger amount of cryptocurrency as well somebody that

Got in that early could easily have thousands and thousands of Bitcoin because it was so cheap and it was so easy to get back that it was so easy to mine back then so again it doesn't really matter that it was like 40 or 50

Bitcoin that's not the important thing at the important thing is there is somebody who's still around today who's moving things around that was involved in the very first month of bitcoins creation over eleven years ago

So that's really interesting and who knows what the impacts could be I don't think it really matters if it's a toshi or not because it's somebody that was either an associate of them or somebody again it was just very early involved

Which again makes it pretty significant in my opinion there's also an uptick in miners selling according to by tree data the miners rolling inventory or the MRI is a hundred and two percent if the MRI crosses 80% it shows minors

Are selling Bitcoin they mine rather than holding on to it so clearly bitcoin is being sold by the miners there and as well outflow of tether exchanges could potentially have something to do with it what this could indicate is two things

The number of sellers in the market is on the rise and the number of Chinese buyers may be on the decline and then the fifth option he has here is that the options market is expanding so the options market is different than spot

And futures exchanges here bitcoins options market is expanding at a rapid rate with terabit reaching a billion dollars in open interest futures and spot prices are different from an options market in that the futures and

Spot are a lot easier for beginners and options contracts are usually done by more advanced traders more people with more experienced people to have a better conceptual understanding of of trading and markets in general and so options

Trading usually appeals to more professional and full-time traders options being one of the three big markets alongside spot and futures though the Bitcoin volatility and the diversity of investors within the market

Is increasing in the near future the options market is likely to have more impact on the price trend of Bitcoin Wow and CNBC actually published an article from a quote from a wealth manager saying there's no need to invest in

Bitcoin or gold during this pandemic guys so this is probably the big nough the biggest sign that you probably should be investing in Bitcoin gold again not financial advice but when these people come out and tell you that

You probably shouldn't be investing then that should be a very big red flag that oh man maybe maybe this is actually the best best time to be investing so it starts off here everyone's heard of stories of young people striking it rich

By investing in Bitcoin and there's a quote here by Peter Mallick the president and chief investment officer of wealth management firm creative planning he says this you have incredible companies that we know are

Not going anywhere selling for half-off first of all that's not true these companies are being bailed out by us and it's very likely that they could be going somewhere they could be dissolving they could be ending so I don't even

Agree with that first sentence there there's no need to go over into the speculative world he says investors should instead focus on buying stocks of traditionally stable companies that are trading low because of the shutdown so

Guys there's a lot of information just in those few sentences and I think most of you would agree that this is one of the silliest things you could say I think that traditional investments have really proven that they

Are not very trustworthy over the past few months and I really have no reason to believe that they will be around in ten years like this article might be saying who knows if they'll be here Wow so let's actually pick the winner for

This because we smash through the light goal for that last one okay so copy paste a URL you get YouTube comments four oh four hundred and twenty-five comments okay that's gonna be a hot one let's you the winner is EE a ledger

Question mark Wow make sure to contact me ee ei Wow very cool stuff thanks so much for entering the contest got a lot of these so guys we're gonna continue make sure to leave your comment below to keep

Entered for the giveaways Wow and as well guys we actually added two more videos to the course last night and as well everybody nt4 if you're watching this because I did get messages from you guys all the time if you're watching

Feel free to send me an email and we can just add more courses based on what information you want to be added to it and again guys thanks everyone so much for joining it's been very fun make sure to shoot me an email if you

Have any questions a great way to support the channel and yeah I will see you guys in the next webisode

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