by birtanpublished on September 9, 2020

Oh yes – oh how sick your boo yeah Wow as mentioned in yesterday's update we did break out of this pattern guys but if we look on this weekly chart that takes us all the way back with three years worth of volume data you can see this huge in fact the second largest

Area going back three entire years on the chart that we're coming up on if Bitcoin can bounce anywhere then it could bounce there while we talk about why that level is so significant and if so what would the price action over the

Next day or two be as well like we talked about in yesterday's update Bitcoin did get rejected the 50-day moving average right here but we haven't actually come down all the way to the twenty one yet and we have some other

Targets we want to take a look at Bitcoin clearly is getting a pullback today but will is continue and if so where could it find support and what length of time could need to go by before we find the support and guys

Bitcoin is currently breaking out of this pattern that's been in for almost an entire month but we still have our one redline that we've been mentioning for a few weeks and why that's so significant let's take a look at that

And finally a perfect storm is brewing for the Bitcoin price there's actually a few fundamental reasons why this is insanely bullish and specifically a certain timeframe that it could get bullish but there is the possibility

That the next month or so could see some selling pressure before things get absolutely explosive one thing's for sure the end of 2020 is going to be insane Wow like my mother always used to say stop chewing on that let's do this

What's going on my little chung guy leung guy welcome back to another extremely exciting episode guys awesome stuff in this video we're gonna be picking a winner for this ledger but good news we got more ledgers we got

More of them if you're new like hit the dings hit the subscribe and let's do this Wow and I do just want to give a quick update all the channels they were mentioning in yesterday's video actually

Got their channels back so seems like it could have been a mistake they also kind of had videos that were on more risky topics I didn't really have to do with crypto so maybe there is some confusion there but with

Further ado let's do this okay so I want to start out on this chart we've been talking about this one for a while this bins scary accurate and in fact it's actually coming down to this level this red line that we've been mentioning okay

Guys you know this has been very key with determining support and resistance on these upward sloping trend lines for the past few weeks but we've we've broken that as of the last five for our candles or for or for our candles you

Can see we're coming down so what targets we have to look for the bottom of this is right around 66 but we think if we're gonna continue getting a pullback we could go slightly lower and the first thing I want to point out to

You here is this this is the V PVR but I have it pulled back so it incorporates data for the past three years going all the way back to January of 2017 so actually a little bit more than three years and if there's one thing you

Notice on this chart this right here is a massive level of volume this is obviously the biggest right here you can see that around like the 3000 but this one okay this is huge we actually just got rejected basically right off here

Right around the 75 okay which is a pretty big level now you can see on the V PVR this is I'm gonna trace it for you in case you in case it you know you're on a phone or something you can't see it you can see this is where we got

Rejected a pretty substantial amount now this right here is a huge amount of traded volume and I think that's going to probably hold up is a pretty good level if we continue going down I think this is a very solid level where I don't

Think we're just gonna smash right through guys so if we're gonna get a pullback this is what I think makes the most sense for right now this could change in the next 24 hours as different price action plays out so update you

Tomorrow obviously but specifically right now this looks really good okay if you curious if you're thinking wow what what could happen over the next day I think this makes a lot of sense so this is right around the 64 hundred dollar

Level currently as I'm filming this and this might change about time he gets up it's the price is at 68 72 okay so we're about three four hundred dollars above that level right now so that's one thing now if we actually switch to this chart

This is this shows us the exact same thing 64 right here is also if we would bounce off the top of this descending channel that goes back nine months so that level also perfectly lines up with that price target right here okay so

Again another reason why I think 64 is so important and you can see the vpv are actually going back you the past three months you can see this level is pretty important you have it right here the point of control on this

Chart is actually around 66 which is exactly where the 21 day moving average is right here this blue line so we smashed through the 50-day moving average right here or sorry we didn't smash through it we smashed we smashed

And bounced bounced off of it so we went up to it tested for like four days and then got smashed below it okay now we're kind of getting sandwiched maybe like a hot dog or some kind of other sandwich in between these two lines right here

Okay so we have this one here and this one at 21 and 250 so right now we didn't even go all the way down to this just yet but we did get a little bit of a bounce now guys again I personally think if we're gonna see more downside over

The next day or two 64 is a really good level where we can maintain optimism okay obviously we get pull backs all the time we went up for a significant amount of days over the past few months over the past month

So getting a nice pullback like we see all the time makes sense and 64 would be a very healthy continuation here okay we actually talked about revisiting the top of this channel basically as we're breaking through it back here on April

3rd and 4th it's just pretty common to revisit a pattern once you break out of it so if we actually switch to our triangle the ascending triangle which is probably out of all four or sorry out of all three of these patterns this is

Probably the chart I like the least but if we look at this ascending pattern you see clearly we found that resistance right here which goes all the way back to this this really long pattern here broadening wedge that we broke out of

And completely plummeted down to like 3000 or 4000 about a month ago that's where we found the resistance there okay but more importantly we got sandwich like we're talking about yesterday and we got a little bit of a push down now

We did get a little bounce right kind of in the Triangle and currently we're back right now about 68 70 on this chart right so that doesn't look too bad there's not too much that I can gather from this chart specifically by itself

But again you do have the V PVR same thing here those struts all mimic that on those timeframes but um yeah overall I think with this chart here I think this would be a really good level to see some continued downside and then a

Bounce over the next you know over the next five or so days in same thing here now guys were going into the weekend so last weekend was perfect last weekend we had very little price action on the weekend and as soon as the week opened

Up we saw second which is awesome because then we can kind of avoid those pesky gaps and we can get that out of our minds will that happen this weekend I'm not so sure a lot of the times there is price action

On weekends but it'll be interesting to see if Bitcoin does anything substantial over the weekend again last weekend really nothing happened we literally traded sideways for like two straight days so I'm hoping again

That happens this time guys a very interesting article that I want to get into but actually before we do the article we can give away this bad boy so let me pull up the video ok copy ok we can paste the URL I'm trying a new

Browser now sometimes doesn't work in this one ok so get YouTube comments ok and then yeah 319 and then we can start this bad boy Jason Parker King crypto 60 awesome dude and and thanks so much guys because you left your Twitter handle

There I don't even need to wait for you to contact me I can just shoot you a message on Twitter the reason I asked you to do that without the @ symbol is because I think the @ symbol automatically marks it as spam

Automatically YouTube will mark that as spam so I'm not even sure if that's true but just to be safe that's why I asked that but very cool Jason I will hit you up after this video and guys as well if you mañana for these letters make sure

To leave that smash that comment below let's actually give me this article's is really exciting guys a perfect storm for Bitcoin is brewing this was published by Kyle Torpy on Forbes this is huge so some points I have highlighted the

Excitement around the price of Bitcoin may only increase over the next 34 days as the third having event in bitcoins history approaches for those who don't know I mean you guys already probably know that so I'll skip that part as

Outline the halving has a side effect of putting newly created Bitcoin into stronger hands due to the fact that inefficient minders with small margins will be pushed off the network once the block rewards subsidy is cut in half so

This is why it gets bullish capitulation is a good thing ok it's removing inefficient miners they no longer get rewards and their rewards get allocated to the efficient miners the guys that have deployed correctly that have low

Electricity costs and those that are strong hands so if Bitcoin is in strong hands they don't have to sell as much Bitcoin basically they don't have to sell it to maintain their mining operation or their lifestyles or

Whatever it is their margins are good and then off to sell as much of it so sell pressure is less in general on the network it's going to be extremely healthy says but he also says here that there it

Could be some short-term pain as this happens because the inefficient miners will remove themselves from the network and they'll be incentivized to operate at a loss okay and that creates some sell pressure because they're there

They're selling it they're basically mining it to sell it okay it says here the Bitcoin they're mining is going to get sold basically to support what they're doing it could take two to three months for inefficient miners to get

Blown off the network okay if it stays at the current price level so that's huge so basically this is kind of like the beginning of a like a few month transition because the having's here where the miners are going to be

Affected guys that will drastically affect price we love ta but fundamental reasons of why bitcoins price will change is also very interesting and the one thing that I forgot to add during the initial video is this guys this is

Kind of we're actually finding potentially some short-term support right now which is this red line which I somehow forgot in the initial analysis of the video here so obviously this is our main area if we're going to get a

Pullback where we think there could be a strong bounce but this is a very important level as well guys we fell through here and is right around the 60 950 and currently we're actually finding support right there so that could be a

Very significant thing again guys this is a line that goes back the past like 9 or 10 months so pretty important I think this is the least important of these three lines but again I still think it is important of the three red lines so

Guys thanks so much for watching I'll see you the next one

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