by birtanpublished on August 23, 2020

Hey guys what's going on jeb here and in today's video we have some very important technical analysis that we need to be doing on bitcoin because as you guys may know from the last couple of videos i have been talking about a consolidation

Pattern that bitcoin finds itself in and i've also been talking about the potential for bitcoin to have a breakout of second solidation pattern and in fact if you take a look at this pattern you might find

That bitcoin is getting very very close to the apex of it in fact in less than 24 hours from when i'm recording this we should be expecting a big breakout on bitcoin and in this video we're going to be

Discussing which direction that breakout might be coming we're also going to be talking about how to trade that bitcoin breakout and where you want to put your trades in guys bitcoin's been trading sideways for a little over a

Week now and i think that is fast approaching to its conclusion and in today's video we are going to talk about that conclusion and talk about how it is going

To end and what the next chapter in bitcoin's progression back to all-time high will look like guys i think you're going to have a lot of fun in today's video i think we're going to go through some amazing content

I think you're going to get a lot of good value out of today's video so as always if you do consider hitting that like and subscribe button before we you know just dive on into it i do want to mention one thing

And that'd be the cryptocurrency technical analysis academy guys c2a is on sale right now and as you can see or right over there the bull run 2020 coupon code will get you 40 off at checkout if you go down into the

Description down below hit the link down there you're going to see the link to c2a and if you follow that link you can actually watch a couple of our videos here for free as previews for what the academy is

Like namely how to set up and use trading view and how to spot a winning indicator in pattern two great videos you can watch those for free down below guys it's very very important that you

Invest in your education especially in a time like this where bitcoin is rallying going on a bull market i just got one of my friends to invest five thousand dollars into bitcoin very happy about that really looking

Forward to seeing how they do with that guys if you want to learn about technical analysis if you want to learn how to be profitable in these markets you have to make sure you're investing in the right

Area c2a is a great place to do that but for now though guys without much further ado let's go ahead and dive right on into it guys big movements are coming to bitcoin

Today and i'm really excited to jump on to it so let's just go ahead and jump on to said sharp guys as you can see bitcoin is in some kind of diamond pattern right now and we are coming very very close to our conclusion over here

And as you can see it kind of looks like bitcoin's breaking to the downside but we're gonna get to that in a minute but the simple fact of the matter is is that bitcoin is very very far into this consolidation pattern and as those of

You who have gone through the academy will know normally about 70 of the way through a consolidation pattern you're going to actually have the breakout which means if the consolidation pattern is eight

Days long you'd expect to have the breakout between five and six days in which means that we really should have expected to have the breakout a couple days ago that means a couple of things number one

It actually in my opinion is a bearish factor for bitcoin because it means that if bitcoin were so bullish and you would have expected us to break out already why haven't we it's an important question one that we don't necessarily

Have a straight up bullish answer to as i said in yesterday's video there is a chance that bitcoin pulls back to 10.5 but let's keep going because one thing that i want to instill in you guys in these videos and make

Sure you understand specifically in this video is that sometimes you have to be careful with your technical analysis because it can be incorrect if you're not able to adjust it notice this uptrend of support right

Here notice how it looks like we've already broken bearish below it and to be honest with you i've got a feeling that we are going to break bearish now but even if we don't just going by what we have right now you

Can see that we have a couple of bottoms that don't line up with this level of support namely these two down here and this one down here why are these above this level of

Support and these are below it well what we should really do in this situation guys is redefine our support level to more accurately match the market and oh as you can see bitcoin

Has now actually fit to a proper trend line and if we drag these two trend lines out what we're gonna see is that they cross in the next 48 hours or so so yeah that means

That number one pay attention to your trend lines because sometimes the trend line may have been accurate three days ago but that doesn't mean it's still accurate you need to completely redraw it like we

Just did that's something you need to keep in mind with your ta is that ta that's already existing can be wrong and number two as far as what's actually going on on bitcoin understand

We're very far into a consolidation pattern and also by the way since we've redrawn this this no longer really looks like a diamond pattern it more just looks like a consolidation pattern which that's important because

Sometimes diamond patterns have a tendency to break to the downside but if it's just a consolidation pattern that's normally going to be a continuation pattern which signals a bullish breakout anyway

Bitcoin is sitting down here on the support right now so there is a decent chance that bitcoin could break out in the next couple of hours from when i'm recording this that might be a little bit before

This video actually goes out however something you need to keep in mind is that of course bitcoin looks like that because it's testing the support right now when bitcoin was up here 12 or 13 hours ago

We would have easily said yeah it looks like bitcoin's about to break bullish because look at how much we're testing against the resistance easy easy argument to make but isn't always accurate what is more accurate

Is not just looking at where the market is right now but let's look at what the market's done in the last several days what has the market been doing around the resistance and then on the opposite side of that was bitcoin been doing

Around the support we've had very small amounts of trading around the support but if you look at the actual resistance bitcoin has been trading around this resistance level quite a lot

Which even though we talked about some bearish forces earlier this is actually a very bullish thing remember what we talk about in c2a whenever bitcoin is trading against a level of support or resistance the more

It trades against one of them the more likely it is to break it if you test the level of resistance 17 times on the 18th time there's a pretty high likelihood that you're gonna break it right so as far as what the hourly chart

Is saying to us guys it's a bit of a mixed bag but i still believe that it's relatively bullish for bitcoin even though we're sitting down here around the support level that being said bitcoin does have a

Possibility of breaking to the downside which is why we're gonna go over how to trade this market in a little bit before doing that though i want to make an important point someone pointed this out in the comments

Section yesterday and you might notice 10 000 euro which is obviously going to be a very big psychological level equals about 11 780 united states dollars right now which means if we're to look at btc over

Eur over on coinbase you can see oh guess what guess where bitcoin is testing resistance 10 000 euro in the same light that we were talking about a little while ago

About not getting blinded by the technical indicators that are already on your chart and making sure that you're able to adjust them us americans and everyone that uses the

United states dollar as the comparative for bitcoin we have to be kind of careful and not forget that hey there are other charts and a lot of people look at btc over euro

The european union has like 600 million people living in it that's a lot of people that's a lot of economic power and it should not be ignored as for that reason that i make this reference that bitcoin is testing 10 000 euro

And if bitcoin is to break above 10 000 euro or above around 12 000 us dollars then that is a very good thing because 10 000 on either comparative is going to be a very big psychological level of resistance what this means

Is that if bitcoin is able to break bullish out of the consolidation pattern that we've been watching for the last several days it's gonna be a very good thing not just because we're breaking resistance levels

In the zone that we talked about in several videos now we're also gonna be breaking 10 000 euro and that's going to send the europeans into a frenzy because they're all gonna want more bitcoin

As do we all as for the slightly longer term charts guys if you look at the four hourly chart what you're going to find is the bitcoin is currently bearish on it but this is actually not necessarily a

Bad thing because if bitcoin does remain bearish and manages to turn around and go bullish that could be a little bit of a kick that we need to break to the upside we'd likely have a bullish cross right around

The time that we broke up north if we decide to and because of that that could help push us even farther one thing to keep in mind also is the volume has been declining over the last seven days or so and that is indicative of a

Consolidation pattern obviously that indicates a healthy consolidation pattern it means that there's not really any funny monkey business going on that we didn't know about before this trend becomes very very clear on the daily

Chart as you can see one thing that's very clear on the daily chart also is this bearish cross right here guys and this is why i'm saying that there is a decent chance that bitcoin actually breaks to the downside

In this consolidation pattern there are a lot of things that are kind of bitcoin had a big run and it's traded sideways for a little bit and the bears are getting a little bit stronger because we've cooled off a little bit

The bulls are getting a little bit more conservative because we haven't rallied it in the last several several days or so and that doesn't mean that the uptrend is over that doesn't mean that the bull

Market is over anything it just means that you know bitcoin is going through healthy consolidation and that's not a bad thing if we do break to the downside that's okay because we're still in a bull

Market either way and it's going to take a lot for us to knock us out of that so it's not really a concern anyway so that all kind of brings me to the point how do you actually trade this

Market bitcoin is obviously very far into this hourly chart consolidation pattern and we're about to have a break out of it so i want to run you down how exactly you trade this

Now before i get into it i'm not a financial advisor this is not financial advice don't sue me i'm not your mother i've said all this in pretty in plenty of videos now um but i am going to show you how to

Actually set up these trades and i'll show you that you can choose bullish or bearish i want you to make that decision ultimately not me because if you trade based off of what i say then

I'm doing your thinking for you and you're not learning and also you're not in ownership of your own trade so if they go right you don't know why it happened if they go wrong

Well now you just hate me and you still don't know why they happen so make sure you're doing your own thinking for yourself and not getting burned but this is how you would want to set up these trades

I've i've talked about this in many videos but i like talking about it every time a consolidation pattern comes up what you want to do in these situations is you want to have an entry price just above or just below the level of

Resistance not necessarily as far away or as close as i drew here this is just an example so you want to have an entry price somewhere around here or somewhere around here for a short position or for a long position if you were going in

That direction from there you can put your exit price maybe up here on the long above 12 100 maybe one just a little bit below that since that's going to be a major level of resistance

And then for a short price you might wanna exit just above eleven thousand dollars because that's probably where bitcoin is going to get some support and then of course what you wanna do is you wanna have a stop loss because you know

We're responsible traders and you're going to want to have that stop-loss somewhere around here it really depends the stop-loss should be on the other side of the trend line that was broken let me

Say that again the stop-loss should be on the other side of the trend line that was broken but not by much it's really an art not a science deciding where to put stop losses because you want to make sure

That you're not risking too much and exiting a trade in the exact worst time because that can happen with a stop loss you need to use a little bit wisdom and that's going to come from experience

And gut feeling and intuition which is something we talk about in c2a but pretty simply guys it doesn't matter which direction bitcoin breaks out because either way you can set up a trade just like i showed you it doesn't

Have to be that complicated it's really very simple actually you simply wait until the breakout and by breakout i mean you have a big candlestick normally it's gonna be a big candlestick

That candlestick is moving very quickly there's a lot of volume and the bollinger bands are expanding because there's a lot of volatility that is how you classify a breakout not just bitcoin

Trending slowly up above a level of resistance that's not a breakout that's just a float in the same way that we saw a fluke earlier today where it looked like bitcoin was breaking bearish out of our

Trend line but in fact it wasn't because we had our trend line drawn wrong so make sure that you have your trend lines drawn correctly before you start entering a trade because bitcoin did not break out in this video

And if you hadn't been following the trend line we had at the beginning of this video and you didn't go through the process i showed you making sure your trend lines are correct you might have entered a trade like a

Short position and been screwed so that's kind of there's a lot of nuance that goes into ta but i want you to make sure that you guys understand the basics anyway guys i hope

You did get some good value out of this video i'm really excited about where the channel is going i'm really excited about where bitcoin is going and i'm really excited to be on this journey with you guys

Before we go i do want to mention one thing though that'd be the cryptocurrency technical analysis academy guys c2a is on sale right now and you can use the bull run 2020 coupon code to get 40

Off at checkout guys ct2a is the one-stop shop to learn everything you need to know to lay a strong foundation here in cryptocurrency market so that you can trade them profitably

And not be wasting your time and money which is a very easy thing to do in crypto if you're not careful i would highly encourage you guys highly encourage you to invest in your education there are

Currently 2 173 members in the cryptocurrency technical analysis academy and our growing family in c2a can attest to the fact that c2a is worth every single penny you can talk to them in the comments section

You can talk to them in our free discord server you can talk to them anywhere you want and get their god's honest testimony where i can't see it so that you can actually trust what i'm

Saying here that c2a is worth every penny and by the way if it wasn't worth every penny there wouldn't be a 14-day money-back refund guarantee that you can email us and get all your money back

I wouldn't have that if i didn't trust the product and by the way with all of the people who have gone through c2a we have a less than one percent refund rate which i'm pretty proud of so guys if you want to actually

Take the next step and start moving towards understanding these markets which is so important because so many people try and fly by the seat of their pants and they're like oh yeah i know what i'm

Doing even though they've never really been all that profitable you don't want to be that guy so make sure you're investing in your education guys c2a is a great resource and if you want to get access to it the link's in

The description down below now's a fantastic time since bitcoin is in the beginning of a bull market but guys that is going to wrap it up for today's video before i go though i do just first want to thank each

And every single last one of you for watching as always and i will see you guys next video peace

I got a real good feeling

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