Bitcoin $BTC & Ethereum $ETH are about to DUMP?! (Technical Analysis)

published on August 2, 2020

Hey everyone how's it going it's fest for bitcoin for beginners in this video we're going to take a look at the charts in particular bitcoin and ethereum and after their explosive games yesterday i'm going to share with you what i think

Is in their immediate future so if that sounds like something that you'd be interested in stick around and find out more okay so let's get started with bitcoin

First of all we're going to take a look at the daily chart any of you that are on twitter and are following anybody you will know that a significant level for bitcoin was around 10 500 yesterday we blew through

That and we've we peaked at around 11 000 if we look back at 2019 you can see that there is this strong trend the bitcoin deviated from back in late

September 2019 and it struggled to regain range and it dropped several times for extended periods of time mid february though we did manage to reclaim the range briefly and

We traded at a high of around 10 500 which is why this is such a significant area for bitcoin then of course we crashed and we crashed hard to 3600 but since then we have been very

Steadily growing and we've managed to reclaim the range that we were trading in in 2019 what we need to do now is hold on to this as you can see we're currently at the mid-range of this historical rain

As we blew up yesterday to the 11 000 we touched on the mid-range and rejected what we need to see now is a nice steady growth above that a retest of that mid-range

And then continued growth towards 14 000 now i don't think this this is impossible in fact i think it's very likely that we do see within the next couple of months 14 000 the area that i have highlighted

On screen is an area of accumulation and distribution the reason i've carried that across to the green candle from yesterday is because that blue box actually sits really really nicely in between the

Wicks of the candles either side of that massive green candle what this means to me is that there is potential for a dip down into that blue area before we head back to 14 000 now if we take a look at the four-hour chart and look a

Little bit closer you'll see exactly what it is that i'm seeing now on the four-hour chart i've drawn another trading range and as you can see we've been trading sideways since may with the mid-range proving

Pivotal on numerous occasions now that we've broken out of this trading range and headed toward the mid-range of the historical range that i drew out i'm saying the word range so many times it

Is losing all meaning but what you will see is that the blue box that i highlighted on the daily is still there and it fits very very nicely between those two big wicks that align with the daily candle and that to

Me signifies that we could see a drop back down to 10 500 although briefly um and then continue to climb upwards and hopefully aiming for that 14 000 now if we switch over to the 15

Minute chart okay so i've drawn yet another trading range but you might notice that the mid-range of this one aligns very closely to the mid-range of the trading range on the daily chart and this blue this

Highlighted blue strip that i've put in there to me signifies an area of accumulation or distribution of market makers being able to sort of sell or load up their bags

Um before and after the dip now keep talking about this dip and i am not bearish on bitcoin at all whilst i think we may flash crash down or we may have a quick dip down into that blue box that

I've highlighted i do think that we are going to reclaim 11 000 12 000 and head towards 14 000 in the next couple of months okay so before going any further

Hopefully you've enjoyed the video so far if you have them please make sure that you smash that thumbs up button if you haven't then you know what to do if you haven't subscribed to the channel

Already you can do so by clicking the red button which is located extremely close to the thumbs up and the thumbs down button so make sure you do both of those

Are there any charts that you guys would like me to look at if there are make sure that you write the project in the comments section below and i will do my very best to get around to okay so starting with the daily trading

Chart i again have put on numerous ranges dating back to 2018 2019 and 2020 and i've done this because the highs lows and the mid ranges for all of these ranges are going to be

Significant when in terms of price action for areas of accumulation resistance and support and you can see this in the areas where price touches on the mid ranges or highs and lows in the

Small ranges two of which i've highlighted in blue but there are several others in there so with ethereum the case is very similar to as it is with bitcoin as you would

Expect because the two are so closely related in price action moving on to the four-hour chart you can see in better detail how the ranges act as support and resistance for price action

So now we've broken out of 2020's historical trading range that means that we are aiming for the highs of the 2019 trading range at around 360 370 now i do think that we are gonna take

This and if bitcoin can take 14 000 and continue higher than i would expect us to be aiming somewhere in 2018's trading range but in the near future i expect there to

Be a dip i expect us to retrace to somewhere around 260 dollars before we break out above the range again and head to the highs of 360 on the 15 minute chart hopefully you can see why i'm looking

At 260 is an area of resistance before we go now of course with all predictions i could get this absolutely wildly wrong i'm predicting a dip and and one more chance to buy

Bitcoin and ethereum before it takes off i could be completely wrong bitcoin could absolutely rock it to 14k over the next 42 72 hours and ethereum could follow it closely behind i think there's too many people

Calling for 2017 highs and new all-time highs i just don't think we're ready for that yet i think we're gonna get another opportunity before we rock it now i'd like to know if you guys think any differently do you

Think we're about to just rock it past 14k and hit 20 000 or do you think we're going all the way back down to 7k let me know your thoughts and opinions in the comments section below

But that's it for this video i hope you've enjoyed it if you have you know what to do if you haven't subscribed already then make sure you go and do that now i will see you in the next video i've

Been phased for bitcoin for beginners take care

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