by birtanpublished on August 15, 2020

why was bitcoins $20,000 all-time-high actually fake as this crypto analyst is claiming we will discuss this in the video and with bitcoin findings support at the bottom of this potential

Ascending triangle what are the chances we're actually forming yet another pattern within at this larger ascending triangle and if we are what does that mean for bitcoins price there is clearly support at the bottom and as we've

Gotten rejected off of this key line and this key green line is much much much bigger than this ascending triangle and much more important than this few weak pattern and as we discussed in yesterday's video Bitcoin did find

Support over the last 24 hours at this blue line going back seven years guys so this is crucial what does this mean that actually did find support here and again if this holds yet another higher low on the charts what can this mean for

Bitcoins price are we bullish or are we bearish and as well bitcoins $10,000 level is huge we've been getting rejected off of it for weeks on end now we're gonna get into details about retail investors versus the whales

Versus the professional traders guys there's a lot of jam-packed information in this bin Zynga article Wow and if that gets you juicy make sure to stay tuned Wow what's going on at home welcome back to another extremely

Webisode of bitcoin we have a lot to delve into today and specifically some really good information about why bitcoin is failing so much at the $10,000 level that doesn't necessarily have to do with the TA there's a lot of

TA showing that but we kind of cover that every day so we're gonna show you some fundamental reasons why this has been happening and as well we have a crypto analyst that we actually covered last week many people were actually

Talking about this he was comparing a chart of the 2013 bull run and basically he was stating that it's possible that we could see a $75,000 Bitcoin very shortly and guys we talked about that said that that didn't seem very likely

However now this same individual is actually talking about how a twenty thousand dollar all-time high was faked very interesting stuff so we have to see what he says here in this article can't wait to get into that

So guys Wow lots to get into and specifically it's some very interesting ta as well so guys if you're new to the channel make sure to hit that subscribe to turn on their dings leave a comment so you can enter put its ledger at Nano

And guys without any further ado let's jump in to the Google well so as always we can start off here on the technical analysis so this blue line guys if you've been watching for a while you guys know exactly what this blue line is

And yet again we've gotten that balance there we've had two slight bounces below it dipping below it over the past month back in the beginning of May and then towards the end of May now currently where we saw the bounce yesterday with

The seeming correlation with the stock market everything Bitcoin did seem to find a bounce at a very very key level we talked about the inverse head and shoulders on the larger timeframes

That's only likely in my opinion if we break 8800 which we didn't guys 8800 is basically all the way down here we would have to break this green line that I have on here before that would happen and we didn't get that we're actually

Getting the bounce still right at this seven-year now trend line which is very interesting I think that's a perfect place to get it and it's also exactly where the middle of this ascending line is on this chart guys these lines have

Been insanely accurate just simple parallel lines but I mean for the most part they indicate very strongly where support and resistance is and we're still within that but more importantly it lines up perfectly with this level

Which which I think gives a little bit of extra strength you see this blue line converges with this blue line and we see a lot of support right there so that's one interesting thing I think it's worth taking a note of and now on this chart

This is sending triangle is probably the most unanimous chart in crypto right now a lot of people agree on it it makes a lot of sense I think I mean it's it's the only clear pattern if we take a look at a lot of the basic patterns going on

On the charts this by far is the one that seemingly seems to indicate what bitcoin is abiding by in terms of its price action right now so besides the fact that we have this to this Green Line slicing through it is the last two

And a half year resistance guys you can see that we can go back pretty far there all the way back to the beginning of 2018 end of 2017 so this green line slicing through that right here we were above this for the past few days had our

First break at the beginning of May but then specifically ever since like June 3rd we were trading almost entirely above this line now with yesterday's dump we did actually go below it for the first time in in quite a while

Significantly now again we also found support exactly where this trend line is ok so this is our third major touch over the last month back at the beginning of May then like towards the last two weeks of May and then again just recently the

You know almost pretty much the middle of June now why this is really interesting as well as because we bounced there however now where we found our first level of resistance really no surprise is kind of this green two and a

Half year resistance again I mean clearly that's going to flip as resistance if we break it for support so we were barely hanging on for support for a little bit here was not very significant at all because we were still

Within this ascending triangle but when we break down we had that we had that little bounce and so far we're seeing a rejection right here right around let's see this is right around 9600 it's a little below 9600 so again guys this is

I mean this gets lower every day it's a descending line but righter up right about now it's about 95 70 is where the top of this resistance is so we saw Bitcoin fail there and currently we're trading within this pattern so what does

This mean you usually want to have two to three touches on each side and we only have one on each so again this is very early if we come back down here and find support around 90 to 70 or 90 to 80 and bounce back up and find a resistance

Around 95 50 ish then that could indicate of just verified this pattern completely if we end up setting a lower low on this smaller time frame here and actually break below 90 to 60 and then ultimately below 9,000 and if we would

Go down to 8800 then specifically what we spend a lot of time talking about yesterday becomes much more in play so what that would look like on this chart as if we broke right here okay this is around 88 so again we still have a

Significant amount to go and this potential symmetrical triangle we were watching over the last few weeks that had a seeming break but really didn't do anything we kind of broke back into it now and kind of bounced right here if

This ends up breaking out completely and if we break this longer horizontal support around 8800 I definitely could see us going significantly lower guys and as well that's basically also where the

Point of control is on the V PVR you can see this red line right here for the past year this is the last 365 days this is one of the most it is the most substantial traded volume on this chart this is the point of control right here

So again right around 87 88 and again if we break that I definitely think we'll probably be going down to about 8,000 anywhere between 8,000 and 81 50 or 80 200 which is also where the 200-day moving averages okay very important

There so the 200-day is also right in that area there so that being said if we did though if we do complete this pattern symmetrical triangles don't necessarily break one way or the other so it'll be interesting to see if we can

Actually break again this two-and-a-half year resistance cuz 10k right here has been incredibly hard to break but more importantly guys the two point five the two point five year resistance that this Green Line represents has been it's been

Even harder this has been getting rejected for the past two and a half years ten thousands only been getting rejected for the past few months as we've actually broken above ten thousand you know back in February but it was

Short-lived but we've actually broken ten thousand a decent amount of times over the past two and a half years however this trend line this green trend line we have not been breaking substantially or for very long for the

Past two and a half years now here are Jack Martin posted on coin telegraphed crypto analysts claiming bitcoins 20k all-time high was fake so I just have a few highlighted points here crypto currency analyst suggesting the price

Manipulation behind bitcoins current and previous all-time high of twenty thousand was actually fake so what does he mean by that Peterson is not promoting some half-baked conspiracy theory that Bikila

An all-time high never happened he's just saying that it was caused by manipulation which guy's also I don't think anyone can really argue with that I think I think it would be fair to say that basically all price action in

Bitcoin and in stock pretty much everything has something to do with manipulation of some sort there's usually some whale or some entity that does try to push the prices of assets to their you know their preferred or their

Desired targets in order to make more money I don't really think that's that far-fetched I think there's manipulation in everything but Timothy Peterson the Cain Island adviser actually is quoted as

Saying only if supportive fundamentals addresses hash rates and transaction accounts should verify that and other prices are not sustainable a price differing substantially from the fundamentals was most likely caused by

Fraudulent price manipulation Peterson defended recent comments about his twenty five thousand to five thousand dollar prediction within the next few weeks he wasn't really he says here it's not really a prediction but simply a

Hypothetical question of will history repeat itself and he also his final prediction here is that Bitcoin will hit 1 million within the next seven years okay by 2027 and then guys here this been Zynga article published by Luis

Aureliano bitcoins ten thousand dollar psychological level retail investors versus whales and professional traders so I just have one or two things highlighted here basically talking about Bitcoin psychological resistance at ten

K more importantly though Bitcoin whales and professional traders seem to be shorting 10,000 pretty strongly however retail investors seem to be under allocating funds above 10,000 the counterbalancing effect of the market

Dynamics of buy and sell sides above 10k appear to be one of the main reasons it's stuck in this range and the short-term fate of Bitcoin seems to be dependent on the two camps whoever is able to observe exert the strongest

Market making pressure and that will force whichever side is successful to win if the sell side pressure continues to rise Fudd might kick in and oppress a Bitcoin might retest previous lows it says here as well if enough of retail

Investors get into Bitcoin and managed to push the price above ten point four K it could spell doom for Wales and professional traders who have a margin exposure thereby forcing them to start covering their trades and could trigger

A short squeeze in the cryptocurrency that could end up being a self-fulfilling prophecy and guys we are getting ready to head into the weekend again I don't think a lot of people really like weekend trading it's kind of

Irrelevant price can go crazy and then immediately go back to where it left off on Friday guys the CMI gaps I have to say I'm a pretty firm believer that they usually close again not all the time but they

Usually have a pretty big impact on the price and guys as well if you're interested in getting crypto from another source check out our link to crypto comp into the comments and in the description below and as well we still

Are doing our final sale on version 3 of t4 check it out in the comments you can do a free preview in the description as well no thunder you guys make sure to drop your comment for the ledger if you made it this far

In this video make sure to smash the like let's see if we can hit 1200 likes in this video guys thanks so much wash off face

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