BITCOIN Bulls Are BACK, RIGHT? WRONG!

by birtanpublished on September 16, 2020

You know what i want to get excited about this rally just as much as the next guy but it's really it's it's not as good as it looks uh the first site actually do you know what let's focus on the positives first obviously you know what's coming but let's focus

On the positives first because there are some we did end up getting a nice breakout higher here's what happened we tested this area of resistance bam right there at the beginning of the month on the 5th

Of september we're now halfway through september and 2020 is like 70 over so time's moving way too quickly but anyway we ended up testing this resistance area again a couple of days ago and then we

Saw a small retracement back down to the 10.3 level where we found support this is where the magic happened we came down to a prior area of resistance take a look at this we were getting rejected at this area

And then we found support of the area and that to me is beautiful right we were previously zooming in even further to see this with a little bit more clarity in fact let's just throw a box here to make it

Abundantly obvious we were previously struggling at this level right take a look at how many times we kind of struggled at this level the price was kept suppressed lower and then

Bam we found support off this level this is where the beauty is in the chart and actually i do want to be bearish and you're going to see why later on in this video but seeing things like this really convinces

Me that i shouldn't be trigger happy with the short positions that i want to enter it's telling me that i should be a little bit more careful because this

Very same instance of old resistance turning into new support happens again right here take a look at this on this very same blue line where we got rejected we've come down nearly to test it on

This occasion over here and maybe even over here as well the point is we are coming back down we are having meaningful drops in this market before we carry on higher we're not coming down exactly through

This line which is slightly problematic but i mean you can draw this line a couple different ways you know the wick over here ended up going as high as 10 636 and when we draw the line like

This actually we came down to test it perfectly it's actually in instances like this that drawing a box makes a little bit more sense because it it basically encompasses more

Possibilities and actually contrary to what you might think i think it's more accurate to use a box because these are not necessarily definite support areas but they are

Relative support areas right finding support anywhere within this fifty dollar range or whatever it is is good and uh and i wouldn't be upset if we didn't end up dropping twenty dollars lower for

Example and that's why dropping a box at drawing a box could be quite good uh that said though and these are really really good sites you know before i move on the reason these are good signs is because that the market is

Being given a chance pay attention the market is being given a chance to drop the price lower again this part is super important this is this is really what makes this trend look amazing to me

The market is being given a chance to make this trend go back down again right the bulls are being given a chance to to step to the side the bearers are being given a chance to take back control of that steering wheel

And we're seeing what the true price action is in the face of that right this is i i don't know this is your ex calling you back trying to get another chance but because you're an absolutely ruthless player

You're not even picking up her calls and and this is what this is you know it's coming back it's trying to give you the chance but you're not even having any of it and you're just taking bitcoin

All the way up and this to me is very very special if we take a look at how it's responding to the ichimoku cloud so so here's the thing it's in a resistance area at the moment uh you know this resistance area ends at

10.9 no surprise as we ended up getting rejected right at the top of this cloud the resistance ends at 10.9 but it picks up right again at 11.1 and so you've only got

A 200 vacuum basically where i wouldn't expect to find a lot of resistance um and and that to me means that there was resistance over here there's gonna be resistance over here uh as well in fact this resistance is going

To be a lot heavier than the resistance in here in my opinion and so i mean we're not in a beautiful area at that because of these signs i mean i i put out a post about this in

Vip and for flies gold yesterday saying that yes i saw bitcoin breaking up and it actually reached the entry level that i wanted i wanted to go long on bitcoin at 10 650 but part of the game is that i will

See good trading opportunities where you know bitcoin was at 10 650 i would have made a small profit i mean a good profit you know if i ended up going long last night but i didn't take it and the

Reason i didn't take it is because this to me didn't look like an amazing setup in my opinion um we can see that i mean we broke above this resistance area but we didn't trade

Higher quickly i mean the price really struggled yes we did end up coming down to test these support levels but let's be honest i mean this is quite a slow breakout this is more like a rising

Wedge and in traditional markets this would be a sign of momentum wearing off in fact bang right here what's the rsi telling us momentum is wearing off the market was very

Strong the market was very strong when it was rallying upwards and it was moving upward with some speed and with acceleration but it's lost all of that acceleration now it's lost all of that momentum and

We can see that in the form of our relative strength index where this is showing us that the strength of this market is declining while we're trading higher and that's a very concerning sign

Now you guys know already bitcoin you know it doesn't care about this this to bitcoin is is usually a very bullish sign but the bottom line is that what this is showing us is that previously the momentum of this

Trend was a lot stronger and now it's gotten weaker and it's gotten weaker at a point where we are still trading in resistance yes it's cool that we did end up breaking up by two three hundred dollars four or

Five hundred dollars up to its peak it's really really good but bottom line we're in resistance at the moment we're still in a resistance area and this trend is slowing down we do have that bearish divergence right

There where the price is trending higher and the rsi is showing us that this might be ready to come to an end and these are very concerning signs to me when bam

We've got this resistance at 11.1 k right overhead in fact on the daily chart this is exactly where we're going to start see resistance and we're going to start seeing resistance if this cloud becomes resistance as well

If this cloud becomes a red cloud if we take a look at the exponential moving average ribbon we're already finding some resistance at this price level so there's just a lot that tells me that if this trend is slowing down

Now and if we're starting to lose strength at this point then i'm actually quite concerned that it might not be able to sustain itself higher for too long especially considering that

Bitcoin hasn't seen the real test yet the real test in my opinion for bitcoin is going to be this 11.1 k level because i mean take a look at it i mean look at how much interaction we had with this price level

Let's trace this price level back as well this has been very close to crucial turning points in the market all the way going back to 2018 also in 2019 we have seen some

Interaction around this price level bam take a look at that some clean reversals you know some you know close to some rejection hits there is resistance all over this range and we're slowing down

And and that is concerning to me i mean take a look at the volume i know volume isn't the best indicator ever but you know when it's bearish in a trend like this that to me is concerning i mean

Really what this looks like is um it's like the trojan horse or something like that i mean on the surface it looks really good and something to celebrate but but if you take a look at what's going on under the hood it's actually a

Little bit more concerning than that and we can see this if we zoom out just a little bit more and also take a look at what's going on on the vpvr so i want to show that to you real quick we haven't seen the vp vr in recent

Videos for quite a while but it's time to bring it back it's very very useful in the market at the moment and i'm gonna i'm just gonna drop a line showing the us versus them line basically above

Resistance and below resistance um and and really what this line is showing to us is that we're starting to on this chart we're starting to lose momentum we we already know why we're starting to

Lose momentum i've just spent the last 10 minutes talking about that and we're starting to struggle when the core resistance hasn't even picked up yet so if we take a look at the vpvr for

Those of you who don't know what the vp vr is you need to watch my video on the vp vr which you can find by typing this into youtube and this video is actually part of my wider

Course on trading crypto trading any market um and vips get yearly members in the vip group get free access to our advanced academy where i cover concepts like this and many others there's 10 hours of

Content in there so if you want information about that you can find it by reaching out to me and just asking me for some information will get you in but with this vp vr um

Spike that we're seeing over here we can see that it's gradually building up right i mean this is a kind of gradual buildup of resistance that we're seeing on this chart and at the very same time

We're starting to lose strength so this is what we would expect to happen when resistance is getting stronger the market is getting weaker and it's you know basically getting more inclined

To drop lower uh because it's losing momentum and and we're seeing that but the point isn't and perhaps the scary point is that the bulk of this resistance is far away

And and if we're struggling to kind of get up to this level and then you know what's going to happen when we get there if we do i mean it could be a pretty pretty strong rejection and i

Think that going off what we've what we've seen going off how quickly we can just snap into a downtrend i mean this this down drive to be fair it was about as fast as we ended up rising high but

This was a very very quick drop it can all flip so quickly if we end up hitting this resistance level once again and you know what i i think it would be so poetic i think it would be

You know beautiful to stop out all of those short positions you know a lot of people are short in this market right now getting absolutely wrecked it would be beautiful if the market

Could rise higher stop those people out get those people liquidated it's called a liquidity hunt and then take the price lower potentially to fill that cme gap or anything like that i think this would

Be so likely in the market at the moment uh and and for that reason it's definitely something that i've got my eyes on uh you know something i don't want to miss out on speaking of actually things

That wouldn't be wise to miss out on snapex is a new exchange that's actually running a competition um with a 200 000 usd prize pools so you guys know i'm not

Big on this on this type of stuff but these people have actually had a successful launch in the asia market i've been talking to them for a very long time well over six months to me six months is a very long time

And um and they were looking to really establish themselves in the asian cryptocurrency trading space before entering the west and now they're in with a bank so they've got this competition that

They're launching um in order to basically expand into europe and america and stuff like that and looks like a really good opportunity to get involved on some of the hype and you know if you do trade well

You're in to win some pretty cool prizes they've got um teams that can win up to 71 percent of the prize pool so currently um the prize pool is at 15 000 pending more sign ups on individual

Traders this to me is what's interesting because you know i i think the concept of teams is uh a little bit uh how do i say i shouldn't say i i don't like the concept of teams but

This individual traders tournament this is what really interests me and you can win uh 19 of the prize pool there so that is very very special um and then this one is just kind of teams competing with

Each other if you do want to get involved on some of this hype the snapx exchange is a very it's got a very simple ui actually something that i think is very cool is that you can overlay two charts

Next to each other and then trade within this panel so over here we've got the bitcoin chart but i mean it could be cardano against the us dollar uh for example and you can literally

Carry out the very same analysis that i would do on my videos drawing things out and uh you know dropping lines to show you where support might be and the like and then when you've decided what you

Want to do it's very easy to go ahead and for example just going off this chart i don't know i would probably short it um and so i would i would do it within this trading panel

That's right on top of the charts and i mean there's a little bit more flexibility than just this you can actually have more than two charts you can have quite a few um if i go to the trade section up top

Here you can get four charts laid out in a layout like this for example so you could have bitcoin at the top and then three altcoins down below customization like this to me is what's very special

And then you've also got the full trading view suite of tools available to you as well so this to me is probably the biggest selling point that snap x has over other exchanges obviously it's got the rest as

Well you can trade up to 100 times leverage you've got a good amount of liquidity as well and the likes so if you do want to get into it i'm actually a team captain

Myself you'd be joining the fourth flight team and i know that's super cringy so i'm not going to say that again but if you do want to get in on some of that action potentially open yourself up

To the the opportunity to win um you know a part of a 200 000 price pool we do need to get these sign ups a little bit higher so if we can push 1000 signups the prize pool doubles uh

And then it nearly doubles again and so on so this uh really really looks like it could be a great opportunity to have a little bit of fun uh play around with a new exchange and um and you know get familiar with what

Else is going on in the space and probably the best part about this is it doesn't matter what your trading allocation is you know whether you're trading with ten dollars or a hundred dollars or

A hundred million dollars this exchange is going uh sorry this competition is going off percentage gains so it's not based off what you win in terms of bitcoin what what you gain in terms of

Bitcoin it's based off what percentage gain you have over the period of the competition so uh it to me that makes it much more fair uh it starts in i believe yeah just

Under two weeks 13 days left um and and that is is pretty much uh you know your sign up period if you if you want to get in on some of the action uh i'm excited to be working with

Them hopefully i'll be doing some more with them and i'll be reminding you about this as time goes on but if you do want to secure your space and get into this competition under the fourth lice team

We can show some of the other coin traders who uh who really runs the space uh i'm actually tempted to uh to really uh silence a lot of people um through this competition so to speak i i don't mean murder just just in case

There's one idiot who thinks that's what i'm talking about um so there is a link for you to sign up it's in the description go ahead and check it out but moving back to the chart over here

We do have that resistance overhead and it is building up so to me this is very very concerning uh but something that is something else that is concerning as well is is also look at me with the transitions today there's also

Ethereum because take a look at what's what ethereum is doing ethereum compared to bitcoin right now we actually have this overlaid with a chart that my analyst sent me but i'm gonna do it for you live

Um ethereum compared to bitcoin at the moment is actually trading downwards which is very strange this is the first time ethereum's doing this in quite a while um take a look at this so let's move the

Chart higher a little bit and we can see that they pretty much got decoupled after this point over here uh where bitcoin just kept on rallying higher and you know to be fair it's not a big rally

It's only up by a hundred dollars or two hundred dollars which at this price level is you know one to two percent but it still kept on rising higher while ethereum has been dropping ethereum has seen yeah i mean you know

It's it's seen more than a one to two percent drop let's take a look at it from high to low we've dropped by five point seven percent and you know i always tell you it's always harder to make that money

Back if you've lost it i mean in this case it takes a six percent return to break even on that loss and you know just just to carry on by the way because i want to make a point

Um if you were to lose let's say 20 of um of your trading part in order to get back up there and break even you've seen this live i didn't adulter this it takes you 26 so you can throw this

Into a calculator any amount if you lose about 21 you'll have to make back about 26 just to break even so losses are always very very difficult to recover from and that's just a trading

Um little bit of information that i want to share with you before i move on and it's it it you know ties in very neatly with the risk management that i exercise all the time and beautiful uh message from a vip

Member who was able to learn from that um and and then made an amazing first trade based off what he did learn in vip closed and absolutely beautiful actually i don't know if he closed this but he

Was in an absolutely beautiful 500 profit on ethereum that is pretty good money um with a 9 500 contract i mean that that's that's a pretty decent amount of money to make in

One trade uh mentioning that he is a slow learner but persistency finally paid out um and this was absolutely beautiful so messages like this not uncommon to see if you do want to

Jump into the vip group then you already know how to but moving back to ethereum we can't see ethereum dropping while bitcoin has been rallying higher and so far i mean ethereum was the one to be rallying when bitcoin was falling if

Anything uh but but you know more common it would just be that ethereum was rallying a lot harder than bitcoin and this isn't the case anymore ethereum is seeing a bit of a

Um a weak performance and and to be fair it's only over the past 24 hours so i'm not very concerned about this i mean this only started to happen um you know kind of 4 p.m yesterday and at the time of me

Recording it's nearly 7 p.m uh today which is the 15th of september so it's still there's still a lot of time for this to turn around but for now it it it looks a little bit

Concerning um and what i want to mention about this basically is if ethereum keeps dropping lower and it starts to penetrate some of these support levels um depending on what bitcoin is doing

I'm going to start being interested in going long on ethereum because i don't think that ethereum is going to stay comparatively weak against bitcoin for long i think that if

Ethereum is weaker than bitcoin at the moment it's not going to stay this way in the long run uh and ethereum is going to regain that strength and rally higher again and if that's the case

Obviously i want to get in on some of that action so we've covered quite a few important things in this video the first thing for me the main thing for me is that yes this rally does look good and there's a

Lot of reason to be hyped up about it but we're already showing signs of weakness in this trend and we haven't even seen the real challenge yet

So to me this has a decent way to go in order to be uh something that i can take very seriously i'm still staying bearish i i still you know short term sure we are in a bullish rally and i recognize

That but anything more than you know the four hour time frame maybe anything more than one hour time frame and to me this is pretty clear uh it it's just gonna be a bearish

Rejection of an old support level um and and i mean i'm seeing reasons for that already if this trend continues rising higher so there we go um actually before i finish this one thing that could change my mind

Is if we do come down to this level and we trade around this level for a little bit of time and then we go up again if we can do something a little bit lower to show us that the market has been given a very very

Real chance because the market did have chances to drop us lower before you saw that on the one hour time frame i want to see that over a couple of days if we can see this over a longer time frame

That the market has a chance to drop lower but it doesn't take it that will tell me that the bears are now inactive that the bears are asleep and when the bears are asleep the bulls are running around and making cool stuff

Happen so there you go that's today's video i hope you have enjoyed it you know what to do hit up the like subscribe tick the bell do all that good stuff it really helps with discoverability on

This channel so if you're enjoying it then let's spread the love and and don't worry about people being let in on your secret most people aren't smart enough to capitalize on

What's going on um so actually that's why i'm completely willing to share my secrets on these videos and uh and even in vip as well it's just that

Um most people will will not use it fully so um you know you hear a lot of of very very intense training uh strategies and analysis um strategies that i use in these videos

For example and um and i'm not afraid to share them because uh yeah i mean it's it's not easy to deploy those same skills you know deploying those skills is what you see

Happening in the vip group and that's why people who do join are able to pull such beautiful profits is because they can see how i deploy those skills on a daily basis

Very very powerful group to be in especially at this time in the market so this is the way to join if you do want just click on everything in the red box once again if you do want to get into that

Snap x competition jump in on some of this action one of the reasons that i'm very excited for this like i mentioned at the start of my um promotion for them was was that

They've succeeded in the asian markets and that is a big deal asian traders make up a big percentage of volume in this market and if they've done well in that space then i have no doubts that they're going to

Continue to do well in this space in in the in the english-speaking trading space um and that to me is that that's what excites me i love competition competition is good for all

Of us because it means we get a better product and these guys are on the block they're making a bang and they've got a beautiful competition if you do want to jump in on it

Throw some of your trades onto this exchange it doesn't even matter if you use a lot of money or if you don't use a lot of money because this competition is only about percentage gains it's not about bitcoin

Gains right there you go i'm out bye-bye

Related Videos

from daily forex this is chris taking a look at the uh bitcoin market here you can see that we have uh found the market to be bullish we have broken above the ...
from daily forax this is chris taking a look at the um us stock indices this is the s p 500 and you can see that the s p 500 has uh rallied quite a bit did pul...
Hi this is vlad from effects empire euro dollar failed to settle above the resistance at 1.1870 and is trying to get below the support at 1.1830 if this attempt...
from daily forex this is chris taking a look at the uh crude oil marking cwti has gapped a little bit lower and then basically did nothing so uh at this point ...
from fx empire this is chris taking a look at the euro dollar and you can see that we are reaching above 118 as new york gets on board and perhaps trying to ma...
from daily forex this is chris taking a look at the euro and the pound you can see the euro has fallen a bit during the trading session here on friday as there...
Hi this is vlad from effects empire silver is currently trying to settle above the nearest resistance level at 23.30 if this attempt is successful silver will g...
from daily forex this is chris taking a look at the gold and silver markets you can see gold has smashed into this little short-term downtrend line that i have...
from fx empire this is chris taking a look at the british pound japanese gen pair you can see we shot straight up in the air and uh slammed into 136 but at thi...
from daily forex this is chris taking a look at the west texas intermediate crude oil market and as you can see we have a little bit of stability here it looks...
from daily 4x this is chris i'm taking a look at the indices and the e-mini contracts in america this is the s p 500 you can see that we have fallen a bit ...
from daily forex this is chris taking a look at the us dollar japanese yen and the aussie dollar the dollar yen as you can see continues to kind of chop around...
from fx empire this is chris taking a look at the dollar yen weekly chart you can see that we are dancing around 105 at this point if we rally 106 is an area i...
from daily forex this is chris taking a look at the wti crude oil market you can see that we have rallied a bit during the trading session here on wednesday yo...
from fx empire this is chris taking a look at the euro dollar weekly chart you can see that we have a slice through 117 on the weekly time frame now it looks l...
from daily forex this is chris taking a look at the um euro and the pound and you can see that the euro did rally a bit during the training session a lot of th...
good morning this is bob mason from fx empire and welcome to the daily crypto tech review we'll be looking at bitcoin ethereum litecoin and ripples xrp the ...
from daily forex this is chris taking a look at the s p 500 you can see we've rallied quite nicely during the trading session um but uh really at this poin...
from daily 4x this is chris taking a look at the dollar yen and the aussie dollar pairs you can see the dollar yen has broken down a bit during the uh trading ...
from fx empire this is chris taking a look at the s p 500 you can see that we are reaching towards 3200 an area that has previously been resistance and now is ...