Bitcoin‘s KEY PATH to 14K by NEXT WEEK!

by birtanpublished on September 11, 2020

Some moves up in the right direction it is nice to see that we did end up bouncing off this support level but to what extent has it worked uh you know from the low to high we're going to be doing a little bit of blind analysis in this

Video it is my first time looking at the charts for a couple days from the low to the high we've only risen up by 5.5 percent and that's good that's okay it's better than nothing

But um you know we've not even broken the crucial resistance level around the 10.5 k level we know that this is a strong resistance level because we tested it as supports on the way back down

And then we confirmed it as resistance we haven't even been able to rise that high yet we made two maybe three attempts one attempt over here bam it failed second attempt bam it failed i'm not entirely convinced we

Are seeing an uptake in the red volume as well so to me it looks like i mean the bulls are trying which is absolutely great but it looks like they don't have enough steam

And in a situation like that where i'm not really seeing that the bulls have enough strength to be sending the market higher i'm gonna have to start favoring the downside and you know another reason for

That is obviously we do still have that cme gap a little bit lower about 9 600 so really a lot of these signs to me are pointing towards a further drop lower that is simply because this downtrend

Right now i mean we did have a very nice uptrend but the nature of bitcoin especially with its downtrends is that it reverses everything that's beautiful and blossoming in the market it reverses that

And crushes it within days you know something that literally has taken us i mean you know from from kind of low to high let's take a look bam from right there up to the high 50 days to rise by 41

And in this case it was only what three days to drop by 18 so obviously the drop is only half of the rise that i showed you but uh it did reverse most of um of what we

Gained in the market and it does it very quickly and that to me means that when the bears are in they're in with a very strong force and um you know with the the long-term trend i've i've stated

Continuously is bullish but the very very long-term trend the trend that started since 20k still intact it's still intact so if that's the case um and and we know from how bitcoin has acted in the past that

These downtrends can be very very harsh right i'm taking a look at this downtrend right here this one over here this one over here we know that when the downtrend starts it just obliterates the

Market again i need to see some really really really strong signs of redemption and i need to see them at sensible levels um i don't even think this is a sensible level for the market to recover

Ireland and the only reason that this could end up being the bottom for the market in my opinion is that it's unexpected and to me that's not good enough yes it should be unexpected that is the nature

Of a market like this but i think there should also be some logical backing behind it and there's not much the only logical explanation for top for bottoming out over here is

This ten thousand dollar psychological support and maybe a fibonacci level let's take a look uh no i mean yeah maybe a fibonacci level it's

I mean we've already dropped well below this fibonacci level by quite a few percentage points take a look at this we've dropped by four percent so um for all intents and purposes we

Have broken down but um at the same time we've kind of found stability around this range so if you want to call it 618 support i suppose you could and kind of stretch that definition

Actually though if we do draw it from the true low to the true high this is a full six one eight retracement as of two days ago so we did set a low about 9 700

9800 dollars two days ago and with this fibonacci it does start to make a lot more sense um you know i think all it would take really is a week for me to sensibly think that yeah the market might be

Ready to kind of rally a little bit higher so one of the key things would be to see if the 9.6k level can hold if we end up dropping there uh and it would be a very very nice

Prerequisite to rise up to fourteen thousand dollars now i wanna reiterate what i always say about these gaps i don't like the fact i'm saying in speech marks that these gaps need to be filled i don't like the fact that they

Are regularly filled um i think it's stupid i think it's meaningless just like you i think most of you don't like it as well but let's be realistic let's be realistic where is the money coming from

In this market these days it's coming from the bigger players who are playing around in the futures game right that is the money that controls this market they said they would tame this

Market and they did that's just how the rich work they do it you know they have enough money and money is power to channel these things into their own hands which is exactly what they've done and so

The market kind of needs to comply with what they like and um and in this case it happens to be filling these gaps it's happened so much to the point where i think it's sensible to work on the basis that

It might happen again that's why i keep on saying this gap needs to fill um it's not really a technical reason it's more so a practical reason and i think that is very very

Important to keep in mind and the best case scenario for bitcoin you know we do still have this daily ichimoku cloud giving bitcoin support it's still right here we're still right in the middle of it which is

The reason i'm not worried uh the reason i'm not worried is we do have this diagonal support we do have this green box and we have this massive ichimoku cloud of support for bitcoin we already found support from this cloud in

The past and i think that because of that we have a decent chance that bitcoin can continue to make use of it within this market and that is very very important

I think that in a best case scenario bitcoin could kind of bounce off this cloud at some point maybe when it just takes one little wick lower and then rises much much higher i think that's super super

Likely in fact that to me is my best case scenario doesn't necessarily mean the market will give it to me that's very rare uh but entirely possible and uh

And really i wouldn't you know this is the first time we fully traded in the cloud so i wouldn't want this to fail as a long-term sign for the trend and you know potentially one of the pieces of bad

News is that because we've traded in here for so long this support is now closing up so um this is a this is a bad situation and it could turn a lot worse that's kind of um but

But there's still a lot of hope you know this is why i'm not worried as long as we hold this diagonal support we hold this green box we hold this red line of the ichimoku cloud as long as we don't fall below

This relative area i'm happy with the market i think it's fine i think it's okay um it just needs to hold and as long as that happens i think it's completely fine um definitely slightly concerning

That the cloud is closing up quickly but hopefully that shouldn't be a problem here's the thing though if the cloud does fail um you know i think we are looking at dropping quite substantially

Um if the cloud does fail that means we're dropping below 9.3 k and below 9.3 let's take a naked chart so this is going to be a little bit easier to show you

Let's use this chart over here and let's just drop a couple horizontal lines 9.3 is right here let's call this the final frontier the final support below this we have some support but it's weak the

Next main support we have i'm going to do this with a green line is down here at 7 800 and these other support levels and this one will be the red line so this is kind of the final real support

For bitcoin and then these two yellow lines are the only areas i can see for support for bitcoin because we've had some prior consolidation and some market reversals around these points and that is generally what makes a good

Support or resistance level uh and so that's why i've printed it for you here but these are a lot weaker than the 9600 level which is a little bit higher around over here these are weaker

These yellow lines are weaker than what we have closer to us and so if a strong level fails then i would assume that it's going to drop down to a weaker level which uh i would assume that it's going to

Also fail a weaker level and then kind of drop down to the next strom level and and that will only open up around the 7k range so it could be 7.4 it could be 7.5 i mean kind of anywhere around these

Ranges could make sense but the point is i think we are looking uh at a quite steep quite a steep drop if that does happen uh i think you know in order for bitcoin to rise higher

There's not a whole lot that it does need to do it does need to break that resistance at 10.5 k let's switch it back over to the coinbase chart where i have some of my lines it just needs to break this line it's

Already got the support on the daily there is a one hour resistance cloud which bitcoin has already broken out of and it does have resistance on the four hour chart unfortunately this resistance does line

Up with the blue resistance line over here so and we're dumping as we speak so we're actually kind of confirming what i said here where this pump was quite weak um you know so

This is bad this is where we've now got a confluence of bearish indicators i don't like that i think that's quite a scary sign over there um but if we can you know if we do manage to overcome

The four-hour ichimoku cloud then we have other resistance levels at 11.1 k this is the only strong resistance level that i see for bitcoin i don't think that this level will be strong although we do have the ichimoku

Cloud there as well so it's definitely getting stronger with time um let me repeat that this resistance level to me is getting stronger with time so the sooner we hit it the better

If we do but i don't think it's going to be the real problem i think the real problem will be the 11 000 range and actually we can see that with the momentum indicators bam right there

We are going to start to encounter some bearish momentum on the way back up so that could be quite concerning we have to overcome the 11k range um and then after that i mean after 11.1 k i think if we're able

11.1 is a strong resistance area so it's the same thing i said on the way back down um if we go back up and we break a strong area then i think these weaker areas like you know 11.8 or 11.5 or whatever i think

These kind of weaker areas are not going to be a problem so um if we break 11.1 easy right up to 14k i think it's going to be very very easy so there we are that's kind of that's a

Very very quick analysis i don't have a lot of time today for this video so i'm very sorry but um i think that it is definitely looking pretty sweet in the market at the moment um one of the key things i wanted to

Mention in this video that i've been feeling quite strongly lately is that the market has a lot of fresh blood in it um a lot of idiots put simply the market has a lot of idiots and in a moment

In circumstances like this you know i kind of hate to say it because it's predator mentality and stuff like that but this really is a situation where uh when new blood enters enters the market it's very easy for traders like

Myself the sharks as i'm calling myself now and self-proclaimed shark no one's really confirmed this but i'm gonna label myself this for the sake of argument it becomes very easy for people like myself

To make very very big profits and you've seen how that happened because i shorted ethereum right here and i closed a absolutely beautiful 180 profit and then the very next day i also closed the 20 profit so

Um that was a beautiful little series of trades i'm already looking at what's next i decided not to short ethereum again and that turned out to be a very good decision and that's part of the magic really you know it's about

Knowing when not to trade as well in order to protect your money um but in a circumstance like this where i am seeing kind of fresh blood uh in the market and really getting screwed quite hard because you know a

Lot of people um you know lost a lot of money on this drop a lot of people in fact quite a few people who um weren't in vip ended up losing money on this drop you know a lot of vip

Members profited from it but others who weren't ended up losing money and obviously it's very very sad to see you know a couple of them who decided you know enough is enough they want to jump into the bigger

Leagues now swim with the sharks pretty much um they did end up joining uh vip so shout out to everyone who did that hopefully you're going to see some better results over the next few months

Uh but i think in a in a situation like this where there is a lot of fresh blood uh it's good to be swimming with the shots sharks pretty much and um uh and and the the pigs get slaughtered

So uh there you go i remember uh it's a it's a quote it's a saying i don't know if crypto kirby made it he probably didn't but as you know he you might know i haven't spoken about him for a while he is uh

A good friend and a very very good analyst um and one of the things he said from time to time is um the bulls make money the bears make money and the pigs get slaughtered

So uh you know you you can make money on the way up you can make money on the way down but if you don't know which way to choose and when to choose it you'll just get slaughtered and and

That's what happened on this drop that's what happened on this rise you know it's no coincidence that i profited from this drop and completely avoided this loss that's um that's really what it what having a

Pulse on the market means to me and i'll continue to show vip members how i do that all right hope you have enjoyed this video you know exactly what to do like subscribe below all that good stuff and

I'm out bye

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