**BULLISH SIGNAL** Bitcoin Hasn’t Done this since BEFORE the 2017 BULL RUN

published on August 2, 2020

What's up guys my name is Keith Waring and in today's video we're gonna look at some of the bullish and bearish arguments on what's occurring with the charts for Bitcoin all of the information that I am going to talk about in today's video is also on my

Article that was published on coin telegraph yesterday so if you're new to the channel don't forget to drop me a like and all that jazz and let's jump straight into it so the first thing we're going to take a quick look at are

The patterns that are emerging now this is something that I noticed the other day and I think it's pretty pretty bullish news so we've had this huge dump obviously at the beginning of march on the middle of march now if you just

Check how much the dump actually was if we just move over here select the price range may go from kind of the tip of this candle down here we can see that that was a 50% dump what happened afterwards is the price of Bitcoin began

To trend upwards and then we started seeing this kind of em pattern here so we've got the at the top of the EM there and to the bottom and then up again now what makes this very interesting is that after this M we seem to have a W forming

As well so here's the first part of the W so this first part the second part there third part here and we're waiting for the fourth part it's going down there the fourth part being a Big W up here now why am i drawing that

Particular pattern and well if we go over to the BLX chart the brave new coin which shows you the historical data of Bitcoin then we just find it on here what I'm going to do is I'm going to go back quite a while yeah to January 2017

And what we can see is actually an incredibly similar pattern so here we have a multi-year resistance of 11,000 oh sorry eleven hundred and eighty now this if I just draw a a horizontal lines it would just go here

Holes a line and just I'm just going to tap here from what we can see here if we go back was that this was the second time that Bitcoin had attacked this particular level and this in turn gave us resistance in this huge bowl here now

Right now a similar kind of level for us is ten thousand five hundred so like modern day terms modern price terms of Bitcoin the you know eleven thousand eight hundred ten thousand five hundred is the new eleven thousand eight hundred

Or 1100 sorry so to speak now what we've seen here is we've got a really similar pattern of the big dump in this case it was only 37% it then trended upwards exactly the same as we've seen in this particular pattern

Let me just get my little arrows so it turned it upwards as we can see and exactly the same thing happened we had the M form and then off the the right side of the M we saw aw appear not quite a double bottom as you can see you know

But still the other part of the W continued to go up and that was a two thousand percent move all the way up to twenty thousand so this is what we are looking at at the moment in the current price range of Bitcoin it's almost as if

It's exactly the same pattern exactly the same pattern playing out so we're just waiting to find that bottom and for it to go up now one thing that is hindering it at the moment if you look over at the tenth chart heatmaps as we

Can see here this yellow line denotes a lot of cell walls and solders this is a cell wall and if you look over on the left hand side at the Delta you can see actually how many bitcoins being soldiers like a 300 Bitcoin cell wall at

The moment and you can see here it's tapped it and it has rejected it and this was all mentioned in yesterday's article as you can see here so it's playing out as intended but what is the next level down from here well in order

To determine that let's take a quick look at another chart which I've already drawn on the dearth there you go now we can see here that we had an ascending channel that was heading up from the bottom there we go there we have the

Local was 3720 and it broke down here around about the 11th of June so as it broke down what's happened is we've now formed a new descending channel okay this isn't drawn particularly well but what we can

See is that the if we just zoom in we can see that this particular channel seems to be quite valid and the fibonacci retracement levels are pretty much identical to that of the upper part of the channel the upper part of the

Channel being close to the six one eight to run about 9600 so that says at 9600 his resistance over the next couple of days and it shows the midpoint of the channel at nine thousand one hundred and twenty-four and the bottom which is also

The three two three six and the bottom of the channel is eight thousand six hundred and thirty-eight now what's interesting about these levels is obviously the six one eight is matched the three two six is matched but there's

Nothing for the the 50% the three eight two and the eight nine seven level sorry let's see the eight six 36 level but if we look over again on the tenth a chance we can actually see that the 50% level which was around about 9,200 there's a

Lot of buys and there's another buy wall here and nine 150 another one here at nine nine five and if we just go all the way down could check it out the last kind of chance saloon right now so I run about eight thousand nine hundred now

This has changed since yesterday ever so slightly it was eight thousand eight hundred yesterday oh they're still there 8808 thousand seven hundred and ninety-four which is quite interesting because obviously it matches up with the

Bottom of the channel here so right now for the week ahead for Bitcoin what I expect to happen is it either to play out in a bullish fashion if it breaks pass to buy walls to expect resistance around about nine thousand six hundred

From there the next levels will be kind of nine thousand eight hundred ten thousand and then on to the multi-year resistance of ten thousand five hundred once we break ten thousand five hundred that is the level that I would be

Looking at flipping incredibly bullish for Bitcoin however we have had a massive uptrend we are currently in a downtrend I do foresee that this lower end of the channel will be potentially

Tested this week so keep an eye out for current levels around about eight thousand seven hundred eight thousand eight hundred this week lastly just want to quickly give a shout-out to my community for profit sniper and our auto

Trader that we've built over the last eight months cat this is a rip-roaring tool you get four point one BTC over at profit sniper calm not just an indicator you get a series of indicators that allows you to fully automate

Set-and-forget trading and you can see here nine hundred and fifty two percent gains since the beginning of May truth be told that shop has been quite difficult but what we've done is we've applied an extra filter which when the

Bollinger Band squeeze which you can tell from the LTF squeeze ending and starting this basically means that when the Bollinger Bands get tightened to bot pause a temporarily because it's unpredictable and choppy and then

Resumes to maintain profitability if you want to check that out head over to profit sniper comm and I'll be back with another video soon peace

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