by birtanpublished on September 15, 2020

No way what happened the last time then it printed both a hammer candle as well as a candle right on this blue line hint it's not this we're gonna take a look back and what happened after that may shock you as well as Bitcoin approaches are about $6,600 target will it be

Rejected what levels we have to look for here guys we're just kind of trading sideways as of the last few for our candles as you can see here consolidating a lot will there be a move in this short-term and as well this is

Again the last day of the month what can we expect for April will it be as devastating as March was will in fact there be more roses and some happiness or will it be a lot like my high school experience of a lot of crying and

Massive pain gather around buckaroos it's time to dive right into this wow what is going on my ladies and munchers welcome back to this exciting update the very last episode of March 2020 guys it has been a

Brutal three months oK we've been through it and we've grown a lot we've learned a lot will this new month continue this trend or will in fact will we see some roses and will we see some sunshine guys so much that we really

Have to get into we will be picking a winner for this ledger in this video and guys if you want to win this ledger like us leave a comment below make sure to leave a like subscribe turn on the dings and without any

Further ado let's get into some of these updates well guys first things Gerst welcome back to this four-hour chart we have here guys we have some new updated lines but for the most part everything remains the same we do see some

Continued resistance it looks like kind of from this wedge that we've had drawn here since before this gigantic fall that really began about the second week of February here but you can see this plays some sort of resistance right here

But really the key things we want to look at are this as we talked about as we broke out of this line which everyone is calling a bear flag we didn't really see much of a drop at all it's very very very insignificant and in fact it does

Seem to be some sort of a different sending support line here where we did bounce off we have a touch here at the very beginning there on the 4:00 hour where we dropped down and we had another touch here we did plummet through it

Here but that was a very very short term double bottom in my opinion on the smaller time frames here because after we did have that little double bottom there we kind of did just continue upwards now

The question on everyone's minds is this trend going continue is this in fact actually an ascending triangle which we've been actually talking about for the longest time a few weeks now this has been our call a lot of people in

Saying this has not been correct but a lot of people have been thinking and wondering Wow what if this is in fact an ascending triangle so guys here is an ascending triangle a little short of them usually

It's actually a continuation pattern in an uptrend but we're actually in a downtrend clearly and it can also be a reversal pattern in a downtrend which which we did see if we actually zoom back out you guys can see this this was

A reversal pattern here and we could be for maybe something similar like we saw back in the summer of 2019 right before the having like we talked about now if we did four minutes another ascending triangle it's actually really important

Really cool as well it would most likely be smaller than this one shorter time frame because it did come after a much different pattern this consolidation pattern has been much different basically the down trends been a little

Bit shorter it's only been a few weeks compared to months and months and months and either way I don't think it would be exactly same anyway but yeah ascending triangles basically have the horizontal at the top and then the rising line here

You can see something similar here this is a continuation pattern and this is more of an example of being in a reversal pattern where it's coming down and then it forms and breaks up like we've actually seen on Bitcoin charts so

It's very important there so we could be entering a bullish reversal pattern in the form of an ascending triangle so we have two touches at the top here you can see the first one here here we have some touches at the bottom all culminating

There and we could have just had a touch there guys so we're not saying this is guaranteed where it is as you guys know we definitely think there is some downside that could be hit about that 54:55 most likely and what we talked

About a lot yesterday was the double bottom potentially forming like we saw with this ascending triangle we did see a double bottom pattern here you see it once here came back here and then here and then broke up so here are the two

Bottoms at the bottom of this pattern here so again it could be very likely that we come back to touch that 200 there for support first before getting any sort of significant break upwards but very importantly if we switch to the

Monthly chart guys we're getting the monthly close today actually only about a few hours away at the time of me recording this video we're gonna be getting the monthly close for the month of March opening up a new candle for the

Month of April which will be right here so when was the last time that we had a significant hammer candle which this is clearly what this is here with a very low Wyck moles last time we had something

Like that on the monthly because if you're looking through all these charts for the most part you don't see many wicks you see a lot of very big bodies that encompass most of this price action even on these down trends for the most

Part they're mostly pretty big body candles you can see the candles the body makes up most of the candle not the wick you did see a bigger wick here as we start a reversal back at the end of 2017 as we hit 20,000 and continue downwards

Which again is a signal for a reversal which we did get so guys this is also a signal for a longer-term reversal though as well so that's actually really good sign now we do see this on the monthly chart if we zoom all the way back to

August of 2015 the last time that we had a significant hammer candle at the bottom of a downtrend and on this line okay these are the two most identical patterns on this chart here you see this one here in this one here okay hammer

Candles both on this very long line which is historical support right there very important after we had that candle what that did was mark at the bottom we had an indecision candle the month after that where it kind of just barely moved

Actually on this one and then we continued an uptrend that's when we started the bull market then of 2015 really going into 2017 so a two-year two-year bull market there that was started after this indicated a bottom so

What this does is indicate a bottom because you guys see it gets pushed down but you see it gets significantly pushed back up there's less than half of the candle less than half of all this movement is in the candle here you can

See here and then majority of it is a wick here and you see that's the same thing we're seeing so far we're going to get a close if there's no significant price action over the next few hours this is what the candle will look like

Exactly on the monthly so that could actually indicate a very good longer-term reversal there now guys say we were exactly where we were but this candle was instead of the body being only like the top 30 or 40 percent of

The entire candle let's say that the entire thing was really the body and not the wick I think that would be a worse situation now again we do think it's very likely that we still come down to this 55 54 and even $5,000 level over

The next few weeks even days that's definitely a huge possibility there but overall when we're looking on this monthly chart which remember each candle is a month so that's a ton of data and a ton of significance on the chart

Came much bigger than weekly this is a monthly candle and remember guys the last time that we really marked a good reversal was basically with a big hammer candle very significant very big you can see back here this is actually very

Significant for the time they're definitely in my opinion the two most identical hammer candles on the chart and they both coincidentally happen to also be on this line so I think that's very important now could it be marking a

Reversal for the rest of 2020 maybe not necessarily the next month or two but I definitely think going into the last half of 2020 100% I think by the like the last four months of 2020 I think price action by then will be much

Different I think it'll be much more positive and I think we'll definitely I personally think that we could easily pass all-time highs by the last few months of 2020 historically it's very necessary because it's always done that

Guys now there's some talk that potentially Bitcoin doesn't go in four year cycles which is very interesting we might make a video on that as well actually but the idea that Bitcoin doesn't actually go in these four year

Cycles in terms of the price movement obviously there's the having's every four years but in terms of actual cycles there are some people saying that maybe they actually don't obey the price movement doesn't obey the the having's

As concretely as a lot of people assume they do so that's very interesting as well but as you can see in the last two having's the price did go up significantly after those having's so again I think that's very soon let me

Know what you think about that's okay because we barely take it look at the monthly we want to take a look at it because of this potential closing that we're gonna see within the next few hours and because it is the last day of

The month as far as this chart we're trading sideways I do think we're gonna see a move either down to 6,000 or up to test 6600 again soon I think this is actually probably gonna be the most likely thing over the next few days day

Or two maybe another hundred or two dollars to really test this and if we can actually test that then maybe we could move above that but again we really have to wait and be patient we're probably gonna be heading up for a move

Over the next day or two to see if we can test this and to see if we can break it if not definitely count on revisiting some of these lower targets that we've been talking about over the next few days so let's open up the video a copy

The link plug that baby in there get YouTube comments 220 a unique comments and let's see who the winner is Congrats to the world of Izzy up up very cool very nice comment guys very cool stuff and as well I forgot to mention

That's what I want to put this in here the eight thousand dollar mark right here as you guys can see that's by far we've been talking about that for I mean the 21 on the weekly the moving average is there but these lines right here that

We have very important up around this area breaking those I think at this point are much more significant than $10,000 currently I think $8,000 is gonna be similar to what $10,000 was about a month and a half ago about two

Months ago so I really think $8,000 has proved itself to be probably the hardest to get above so over the next week or so if we go up to that seven or eight thousand I don't think it's gonna be a piece of cake to break I think eight

Thousand is gonna be really difficult 7,000 is significant but I think eight thousand for sure is going to be the hardest and then as well guys we do have this as we talked about this ascending line which I think is really important

And I think breaking 8,000 and 9,000 will be much more critical than many people expect 10,000 obviously is gonna be important but I think once we get to 10,000 again I think we're gonna be off to the races by that I think right now

To break and get actually really bullish I think we actually need to get above 8,000 that's really the big area so I think 8,000 is gonna be a pretty significant area to get above make sure if you guys want to enter for this one

And make sure we become in below and I'll see you in the next one oh and also contact me on Twitter so I can get you that ledger

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