by birtanpublished on August 16, 2020

Wow is this move the start of something much bigger on these charts Wow we've been calling for a pullback to the 88 to 89 hundred dollar area for the past few weeks however we haven't gotten that yet will we be seeing that within the next

Few days however if we zoom out on this chart is it possible that we could actually still be forming a massive inverse Head & Shoulders what that would mean would be significant downside still to come we'll show you the exact targets

What is most likely if we get a pullback to these areas however guys keep in mind this move is extremely premature it's still I mean for the most part still a pretty small move and we haven't actually broken anything substantial yet

Guys 92 was our first small area but more importantly that 88 to 89 hundred dollar level still hasn't been broken and as well this six year structural line is actually where we are still above we bounce slightly below it by

About $100 but we're actually still holding on this line now we can't expect much more downside unless we would break this level right here and as well you guys if we broke 8800 I definitely think we would be in store for about the low

Eight thousands between eight thousand one hundred and eighty two hundred US dollars however there is one other significant area on these charts we can talk about that doesn't involve the six thousand dollar level because that

Ultimately is one of the lowest levels we could go on these charts and still remain bullish obviously traditional stocks not doing well today printing some of the biggest losses this year as well in correlation between this and

Bitcoin is clear as of today however will this continue we'll get into that into this webisode and specifically joseph young's three crucial factors why bitcoin price plunges about $1,000 in the last day or so so let's get into the

What else Wow what's going on you guys welcome back to another extremely episode of Bitcoin volatility has been at all-time lows over the past few months very very sideways trading and this move

Which is not very substantial although on these charts and these setups it's a lot more predominant than it could have been if we were trading you all month or two ago so with that being said we have not broken some very key levels just yet

But we're gonna get into the charts and some details and show you exactly if we do break these levels which are really not that far off as I'm recording we haven't gotten them yet but they're not that far away if we would break those

Levels than I do think significant more downside and guys as I was talking about about a week ago I would be heavily accumulating if we actually do get this move we'll talk about specific price targets in these charts downside or

Upside both of them much more exciting than sideways trading in my opinion so guys we will be giving away the legend out X as we talked about in yesterday's webisode as long as we enter for these ledger nanos make sure to leave your

Comments smash the like hit the ding subscribes we can get into the webisode and as well guys I heard so much feedback in my last video when I asked about crypto comm I've heard a lot of great feedback very small criticism like

Maybe not as good customer support but overall the app the wallet and the experiences people have been having are extremely good so as well if you guys are looking for a new place to buy crypto currency I would definitely

Recommend from everything that I've heard crypto comm if you guys sign up with the link in my description or comments we both get 50 USD worth of em Co guys absolutely huge so make sure to take advantage we always want to look

For some alternatives to coin base which I know a lot of new people and just a lot of people in general start using it's just really important to have multiple options in multiple places to buy and sell crypto Wow so guys let's

Get into this analysis so Dow Jones traditional finance obviously Nasdaq hit all-time highs earlier this week absolutely ridiculous I've been saying I've been tweeting about it everyone has it doesn't really make sense why it's

Pumping so much so guys is this the first sign of an actual correction and a pullback and potentially a recession in the economy it's very early to tell just from one day of movement I think however guys I definitely think potentially this

To me fundamentally makes more sense in terms of technical analysis is one thing but fundamentally fundamentally I think that the economy should not be on the trajectory that it currently is based on everything that's happened over the past

Three months so with that being said is Bitcoin going to continue to stay correlated because it today however this also did come at some timing that was pretty I guess

Coincidental in terms of Bitcoin once again getting rejected right around 10k so if we zoom in here last night I was watching these charts we're having a little bit of a climb guys and we saw actually when I went to sleep these were

The candles that were printed so it looked as though again it was on an uptrend and it was ready to actually touch on this so when I woke up I clearly saw it did get rejected it's been a fair amount of time trying to

Break 10k guys but it's just not ready yet and so we saw that rejection now what it's going to take to actually break 10k I think it's gonna take a little bit more as of right now I'm gonna go over a likely scenario that I

Think it will take before Bitcoin breaks 10k but as we can see on this four hour is ascending triangle because this is clearly a very hard level it's literally exactly the $10,000 level where we can go over exactly how many times we have

Multiple for our candles here candles here on the 15th of May than the 18th of May we broke above it for a very brief period back on June 2nd over guys that was clearly met with some liquidations and immediately shot back that was our

Bart pattern of the week there and then again as the most recently as of this morning and last night failing right at 10k so 10k I mean everybody's aware of that it's a huge psychological level and

Technically on these charts 10k is just such an impossibly hard level as of right now to break if we go over to these weekly charts as well you can see this is 10k right about here which is right in the middle of this golden

Pocket of the last two and a half years for this webinar your trace menhir between the six one eight and the point six five so this area specifically the very bottom is like ninety seven and guys we have gotten rejected there one

Two three four five seven straight weeks in a row so this is huge this is a huge resistance it is not likely that we're going to break it this week with that being said there's an extremely interesting pattern shaping up here on

This chart now this looks kind of messy but if we zoom out here you guys can see that this inverse head-and-shoulders something we talked about about a month ago but people have also brought it up over the past few weeks and it is a

Scenario that we I think we have to watch out for so clearly one of the main things that we have forming this is the neckline being at 10k it's the perfect neckline so out of this pattern the most accurate part of this pattern is the

Fact that 10k has been completely horizontal resistance where we've just been failing specifically it's like ten point four or ten point five K but really a lot of it is right at around ten K and

Then slightly above that is where a lot of these wick up too but specifically this entire range right here could be considered like the neckline but it's extremely horizontal and it goes back it goes back eight months okay so this is

An 8 month potentially already forming in verse head and shoulders and by the time it completes it could be and it could end up being like ten months before the whole pattern completes now why is that good and why is that bad so

For one in terms of price action that would require that we come down in my opinion to the minimum to the mid 7000 range so 7,500 7600 at the lowest I think would be healthy in terms of this actually becoming a solidified in verse

Head and shoulders you can make money on the way up or down so it doesn't necessarily mean that if bitcoins price is going down you can't play that pattern obviously if this if this is confirmed which I think exactly what we

Need to break is around that eighty eight hundred dollar level if we break eighty eight hundred I think we're pretty much destined to go to at least eighty two hundred and if we break eighty two hundred then I definitely see

Us going into the mid 7,000 so those are really the two big areas if we break eight point eight K I think we're going to the very low eight thousands and if we break about eighty two hundred I think we're going to about seventy four

Seventy five hundred US dollars and that could be our local bottom that's what I'm looking for here so that's illustrated on the chart here but specifically the reason I have those levels ninety-two is this first orange

Line eighty eight is this second horizontal line that's been strong resistance and support over the past few months 82 is also strong we have the twenty one weekly moving average which I think is one of the strongest weekly

Moving averages right here and currently that's around like that eighty to eighty four hundred dollar level so again if we break 88 I think we're definitely gonna come down to test these areas here and if we break that you might be looking at

This chart and thinking alright well why do you think seventy four would be a good pullback area which would be about right here on the chart there's not too much in terms of horizontal resistance or support except for this inverse

Head-and-shoulders that broke out back in December of 2019 and guys in verse head and shoulders are extremely strong patterns so before we actually show you that I'll just show you that inverse head and shoulders that we were talking

About for a very long time before it ended up breaking out right here okay this is a very nice inverse head and shoulders went broke out rally us all the way up to that ten point five where we got rejected but it

It's a target objective it broke out completely and then failed so if we're actually gonna get an inverse head and shoulders on these time frames guys this would be massive the breakout target of this would actually be insane so I want

To get back and finish my thought there but this is actually let's take a look at this breakout target of this we're just gonna eyeball it roughly that would definitely be breaking us above these high set in the summer of 2019 which

Were around 14,000 so this inverse head and shoulder if that in fact is what it is would be the most bullish setup okay you can see the scale of the last inverse head and shoulders you can see how small that was and when I broke up

It was pretty substantial right had a pretty big bake up breakout target if we actually got that breakout on this pattern it would be a massive pattern but again you guys we would need to wait for confirmations it's still way too

Early to confirm this is the pattern we're in but if we do see downside over the next few weeks continued then that's exactly the pattern I'd be looking for and that's a very very bullish pattern so it would be short-term very bearish

But in the mid to even long term it would be extremely extremely bullish there with that being said as I'm filming this actually we're testing this yet again the six year trend it's actually seven years now seven year

Trend line here that I have drawn on BitFenix you can see that here we're testing that for support again which we tested it back in the summer two or three times and we tested it recently just back in February of this year once

Until we broke below it back when the catastrophe happened at the beginning of March and we're testing it again so if we break through that you guys I definitely think we're gonna be heading to 88 and if we break 8800 then that's

When all those other scenarios come into play and I wanted to finish this thought here on this weekly chart why am I saying 74 guys well because if we zoom out all the way here and get the entire bear market basically in perspective the

Highest levels on the VP VR are the 8200 which we talked about is a huge pullback area the 6300 $6,200 level which is also a key Fibonacci level the seven eight two seven eight to here but in between both of those the next significant level

Is actually right here around that seventy three seventy four hundred dollar level you guys can see it on a lot of different time frames but basically here are the two highest on the V P V R and then we have this 74 and

I really just have a feeling that this would be a level that would be putting in okay I don't necessarily think we're gonna go down to 6,000 6,000 would also be like the very very bottom of what this inverse head-and-shoulders

Could reach and still remain kind of valid but if we broke below 6000 then this would this would become a very you know I wouldn't like this inverse Head & Shoulders pattern at all Wow so as well three crucial factors why

Bitcoin price plunged from ten thousand 160 to nine thousand twenty eight hours by Joseph Young published on Forbes I just want to go over a few points that I have highlighted here first one here three key factors that contributed were

The liquidation of about eighty million dollars worth of longs correlation with the stock market and the strength of the ten point five K resistance which we covered so I plunged about a thousand dollars in the last day dropping eleven

Percent and it coincided with the almost six percent drop of the DJI the Dow Jones Industrial Average and that's very substantial for the DJI let's see here those three key factors we talked about equities dropped the price of Bitcoin

Followed and the stock market correction did not necessarily cause Bitcoin to decline rather uncertainty across all asset classes likely fueled this drop again we haven't actually broken any very important key levels just yet so

All those downside targets that I'm talking about are based on if we actually concretely break below eight point eight K which we haven't done just yet by the time I get this uploaded it might have actually done that other

Assets like gold even dropped one percent in one hour even though it's been doing pretty well here initial slump in price of pickle and led an immense amount of long contracts in the futures market to get liquidated on

Bit mix in a single hour over fifty million dollars of futures contracts were liquidate liquidated I personally would not be going long right now and I wouldn't have been going along for the last week I'm not sure why that many

Were liquid I'm not sure why people were longing here right now pretty risky play in fact this this last week has been a very very risky period in general and I definitely you know I've been saying I don't necessarily think it's too smart

To trade that futures market likely affected the price of Bitcoin more heavily because the spot market has seen such a decline in volume lately last thing I want to point out here is whether miners begin to sell more

Bitcoin than their daily revenues to cover operational costs and the sell-off in the futures market continue those two factors will decide the short-term price trend of Bitcoin so yeah absolutely here's let me know what you think below

Do you think we're gonna get these targets do you think we're at the beginning of forming the last shoulder of a potentially huge maybe ten month inverse head and shoulders by the time it's all said and done which could

Skyrocket Bitcoin to new all-time highs the last thing I want to say about that is that that for one thing does make a lot of sense to me because this is a very strong resistance level that we've seen for

Almost the past ten months right it's been very hard to get over and we need a very very strong pattern in my opinion to be able to break through that we've already seen that we have not been able to break through it lately okay we

Failed once back you know October November and then again in February and just now recently guys so I mean this looks very much so like that we don't have the strength to do it right now and this type of pattern is exactly in my

Opinion what is needed to actually get enough momentum to break to such a strong level and break finally above these levels because we have to keep in mind even if we break ten point five we still do have some overhead resistance

Okay it's not just off to the races as soon as we break ten point five there is some granted there's not a lot but there's still some overhead resistance all right guys so I've got two hundred and two retweets here let's do 202 and

Generates okay so number 36 is the winner let's see here one two three four five six seven eight I'm not going to edit this so everybody knows that I didn't edit it so I have to counted out nine 10 11 12 13 4 to 5 6 to

7 29 30 31 32 33 34 David Lawrence what was the number 36 David Lawrence right here and then and then John B ok Congrats John B you're the winner make sure to shoot me an email we can get you this ledger shipped out guys if you guys

Make sure you leave your comments lights turn on subscribe to win this ledger and as well guys sign up to crypto comm I definitely think it's a great option and if you use the link in the description in the comments we both get $50.00 of

USD of MC oh very awesome coin thanks so much for watching I'll see you in the next one peace

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