by birtanpublished on August 28, 2020

the juice is loose we have some breaking data if we get this close exactly where it is right now today today is the weekly close but if it closes here this could be huge for the market we have seen this before this exact situation

With an exact indicator that we're gonna point out in this video guys this is huge nobody is talking about this in fact we just discovered this minutes before recording this webisode and as well

Bitcoin fell and is currently finding support on this line that we have been talking about for weeks here's a clip from yesterday's video to the downside as well I think that the 89 to $9,000 area actually about 8,700 to 8900 so a

$200 window would be a really good pullback area where we could get a nice retracement and then continue to the upside the wick is pretty long because of the liquidations which we'll get into in this episode but specifically if we

Fail to find support here we'll talk about where the next target to the downside is but if we hold support here even the moon may not be a high enough target and is well we'll go over the main reasons why we dumped almost two

Thousand dollars last night very quickly so much detail so much to get into let's get everyone welcome back to an extremely important video last night was absolutely wild I'm glad you guys were a part of it but now we really have to go

Over in detail why that happened because there are some few fundamental reasons and did we just have the dump that everybody was anticipating is it already over or is there more to come it was a pretty significant jump it was a big

Move but we really need to get into detail guys because there is much more price action on the horizon things are only getting heated up with less than two days until the having less than 48 hours guys things are getting a while

And we have a lot to talk about so guys before you get in the video make sure to leave the smashes if you want enter for this giveaway of this ledger hit the comments hit the subscribes the dings the notifications and tell your mother

You love her because it is Mother's Day mad respect to all the mommies outside wow so guys we currently are finding support this is our fourth for our candle where we've been hovering above or slightly on this

Six-year trendline so this is really huge if we're gonna maintain a short-term uptrend this is what we'd have to hold but if the selling pressure does increase there are some targets to the downside which we can talk about but

Guys let's start off with this because this is what everyone really came here for this is absolutely wild so currently we have seven weekly candles and our eighth weekly candle is now red it was not the entire week it was green up

Until last night's dump now we're forming something very interesting here we've been talking about this MACD cross for a while now and we've actually seen this pattern before now I want to throw caution out there this is a more of a

Macro pattern this is not something that could dictate the price tomorrow or two days from now this is more of like a weekly indicator that'll indicate a lot you know week by week so a little bit longer of a moving indicator here but

It's very important nonetheless so we're gonna get the weekly clothes today okay this candle is going to be cemented in history forever today now this is what's interesting here the last time we had seven green weekly candles was back

Here before a massive rally now look exactly what happened here as well on the eighth candle we had a red spinning top candle and now if we get this close exactly you know only a few hours left if we actually get this close you know

With the price action where it is or even slightly above what it currently is at so roughly let's say if it closes right around like the 9,000 or even anywhere between the 80 709 thousand dollar range this will be what's known

As a spinning top candle where the wicks are about the same length and the middle is the body and it's a very small body so what that indicates is indecision in the market now interestingly enough there are a few things that we have to

Take a look at here if you take a look back here to the summer of 2019 we had seven Green weekly candles followed by a huge one similar to this one and then our eighth was a red spinning top candle which we followed by a few more weeks of

Indecision and then massive pump pitch continued so this is what we're seeing so far what are the chances that maybe this is the same situation here there needs to be more confirmations for this to be completely similar so definitely

Be aware of that but in addition to that you know say this does close say we get a few more weeks of consolidation you know true sideways trading that could be a massive blast off some but I want to point your attention

As well currently as we've been talking about for about a week now we've had this MACD cross where the blue goes over this orange line here okay now similarly I circled it on this chart as well as soon as we had that same indication here

It started a massive rally here where we went from let's see here it started you know it crossed right around like three or four K and went all the way up to 14 K and obviously this was a very bearish candle where you see the massive long

Wick to the upside and then a very small body at the bottom and obviously that indicated a downtrend right there now we're seeing not only do we have seven green weekly candles and the eighth being a red spinning top exactly what

We're seeing here seven green weekly candles with a red potentially we won't know until a few hours from now if it closes like this a red spinning top candle and the exact same indications on the MACD here which is a cross right

Here right at the beginning which could lead up to a massive rally over the coming weeks now again this is not something that'll make the price pump within the next few days okay this is a little more long-term of an

Indicator a little more long-term of a pattern but it could be what we have in store for this Bitcoin market guys this is absolutely huge now obviously this potentially if it does happen because this just became reality last night with

This pattern repeating so nobody else knows about this because this just happened okay nobody's had the time to really see this so this is huge could this be what we're going to get okay now we've had a little bit of a dump again

Like we like everyone's been talking about for weeks there's usually a dump is this the actual dump and could we start to actually see some more organic price action or or maybe even predictable price action with how the

Markets forming and what I mean by that on the weekly everything is predicting based on a lot of indicators that the market is really ramping up okay we're above so many key moving averages we did have a rejection here at the 10k level

Which is important to note it's not a very it's not the most bullish sign we got a rejection here at this two-and-a-half year resistance line as well which is on this chart a two and a half-year fibonacci resistance the

Golden pocket between a point six five and the point six eight that's where we got rejected so overall in the short term that's not a very bullish sign I mean obviously that's not a bullish sign in the short term but on these

Longer-term timeframes this could end up being a massive massively bullish indicator ideally what we would want to see is not massive dump egde from here but just more consolidation so if we just had

More time to consolidate in the price pretty much traded sideways for a few weeks that could be insanely bullish for this market now that being said we do want to hold along this line guys again there's only a few more hours before we

Get our clothes for the week and we have this weekly candle cemented in history if it closes exactly where it is right now then I think that's incredibly bullish but depending on where it closes is crucial again like I said as long as

You remain above like 87 88 hundred US dollars for the clothes and we don't go much above like 90 100 dollars within the next few hours and that could be insanely insanely awesome and I think it is important to note as well that we did

Bounce off of key levels that 200-day moving average which is also confident with the 21 week moving average so we got to bounce at a pretty expected area but let's actually get into more detail about why Bitcoin dumped okay three

Reasons guys absolutely I recommend Joseph young he's the one who posted this article on coin Telegraph his articles are always the top-notch articles that I find here now let's get learning so Bitcoin price dropped almost

$2,000 from 10,000 to almost 8,000 dollars liquidating 200 million dollars worth of longs now here are the three factors that triggered the fall so so bitcoins price drop for that two thousand dollars in a very short amount

Of time which is about 10% in a single hour it obliterated the futures market with two hundred million dollars worth of long is getting liquidated so the three key reasons are pretty obvious here strong multi-year resistance which

Is that two and a half year trendline that we talked about whales moving too short the market on bit max and extreme volatility into the halving okay as well started to sell at 9900 okay we obviously were not breaching that

Resistance which triggered this so we were unable to break it and guys what that led to is almost I mean it's pretty expected really a cascade of long contract liquidations primarily on bit mix and also says finance futures here

In one hour more than 200 million worth of longs getting liquidated they started to fiercely short Bitcoin across major crypto exchanges here interest in the four big derivative exchanges finance futures pit mix terabit and okx plunged

The term open interest refers to the total amount of long and short contracts open at a giving time in other words many traders especially whales betting against Bitcoin at a critical reversal point of a long-term trend triggered a

Sharp drop in a short-term period so let's sum it up with this basically if we zoom out here you can see this massive long term trend of a potential symmetrical triangle you see it consolidating here getting rejected

Right here is what forced the market into basically going ahead and shorting this position here I mean if there's going to be a short in the market this is one of the most expected places for it to be so again what happened last

Night is really not that unexpected at all when many new investors enter the market in anticipation of a major event it opens the market up for a steep sell-off for instance after the 2016 block reward having the Bitcoin price

Dropped by more than 30% is traders reacted with a sell the news response so it's different this time because the market is fundamentally different there's just so much more going on with trading exchanges longing short in

Bitcoin which didn't exist back in 2016 so fundamentally it's different but basically I mean the end result was the same we've seen a massive dump and it wasn't even that big of a dump really but overall I mean this is this is

Pretty incredible really the next big move the next trajectory of the market in the short term I think depends on holding this line but guys we really don't focus too much on day to day on this channel

It's more about like a longer-term trends here and overall this will be pointed out about the weekly chart the MACD cross similarities the 7/7 straight green and 8th read weekly spinning top candle could be absolutely massive for

Bitcoin so guys awesome let me know what you think make sure if you haven't already check out the links in the description if you're interested in getting tea for we can learn a ton about tea a guys all of the tips and tricks to

Wet your whistle guys check out the comments below and if you made it this far guys you are eligible for this $40 off coupon code and is well we're now accepting Bitcoin as well huge so guys thanks so much for watching

Drop your comment below for this ledger and make sure to tell your mommy you love her today it's Mother's Day

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