by birtanpublished on September 27, 2020

People buying so much toilet paper you don't need to wipe your butt that much okay your butt will stay clean if it gets really dirty just get in the shower okay it's not that important it is times like this that I am thankful I learned from a young age that corn dogs do not

Need to be cooked to be eaten guys will fit coin continue to plummet lower obviously the economy is at a very crucial point still one good sign is that around the world there seems to be a lot of resurgence and recovery and

Although this entire thing could play out over a few months I don't necessarily think that the economy has to drag on or continue dropping that entire time as well clearly we see this on the weekly for the Dow Jones

Industrial but with Bitcoin we actually see something very interesting so we're gonna be taking a look at this on the charts today after Bitcoin balanced at that three thousand for three thousand nine hundred four thousand dollar level

There's some key areas why that potentially bounced there obviously there's an immense amount of support and resistance and as of right now Bitcoin isn't technically following the stock market clear as day okay there is clear

Correlation but I think over time it's going to separate I think we might already be seeing a little bit of it now guys is it possible that Bitcoin continues to drop over the next few weeks

Absolutely okay we're gonna take a look at some targets and take a look at some charts here as well but overall I do want to talk about kind of the positivity coming out and really how nations around the world have been

Reacting I think a lot of people agree we might be heading towards a recession however it's maybe not as doom and gloom as everyone thinks on this Bitcoin weekly chart you can see after smashing right past the 200 week moving average

We got an immediate bounce here at the 300 week moving average now this is kind of unprecedented this is very drastic everyone is aware of that how serious it is however balancing straight from the 300 all the way basically back up to the

200 guys that's a very good sign in the short term now what does that mean will we get another rally of a thousand points or so with Bitcoin over the next few days or we continue are we gonna continue to head downwards as well

Bitcoin did after bouncing off that 300 shot right back up to this area which is also the 0.786 on the fibonacci retracement coming from the highs of the last bowl around 20,000 okay measuring down to basically the highs of the bull

Run in 2013 okay so all the way down to those highs of about a thousand US dollars now I see a lot of people talking about a thousand College we're gonna be talking about that as well is that even ever a

Possibility and currently bitcoin did about a day or two ago break out of this pattern just as we actually talked about it got very volatile actually shot back up and as we mentioned it was a fake out and what actually went all the way

Straight down it's very common with these wild swings to get like a fake out on the initial break actually finding resistance right at six thousand going all the way back down to about forty four hundred and so far seeming to get a

Little bit of a bounce and you see consolidation you can see there is somewhat of an uptrend right now so we're gonna be talking about that as well so guys make sure to wash your hands sit on your cheeks grab some juice

You dirty freaks let's do this Wow what's going on everyone welcome back to another update okay very serious stuff going on it makes it a little bit harder to do Bitcoin analysis because there's so many factors going on in the world

Okay so many important things but I actually do have a lot I want to talk about that towards the end of the video okay we're gonna primarily in the beginning of the video talk more about technical analysis and then we're gonna

Spend a few minutes kind of just talking about overall what this is looking like from a macroeconomic standpoint from a lot of different standpoints that are kind of bigger than Bitcoin as of right now and we want to talk about that okay

So as usual if you do want to win his love your all you have to do is leave a comment below guys make sure to leave a like subscribe turn on the dings guys who can start out here actually on this pattern I find

This interesting so we're kind of still within this range now of this descending channel that we actually started back in the summer of 2019 here we are only about two and a half months away from summer of 2020 okay and we still

Basically find ourselves in this channel now I don't think that we're gonna be in this very long and there's some reasons for that I don't necessarily think we're gonna do something like this for very long but I do think we potentially could

Get a move up to very max sixty five hundred before really if we're gonna look for apatite upside target I think sixty five hundred is the perfect and biggest upside target right now now I'm not saying that we're going to go up to

Sixty five hundred at all because right now obviously with the uncertainty in the markets there seems to be pressure to really want to continue to some more downside what's interesting with Bitcoin right now though is that you do see some

Very strong hammer candles so far in the weekly this is a weekly candle so far you saw a pretty nice retracement back actually almost that 200 weekly last week but clearly right now we're in between the 200

Week moving average right here and the 300 week moving average right there now that's again guys without without being too obvious I mean that's not a great sign being below the 200 week obviously that's a place we don't want to be and

Again it is 100 percent due to everything going on in the world right now it would be silly to say all of this is is just about Bitcoin and I don't even think anyone's even questioning that at this point everyone's aware of

That but when we when we zoom back out we take a look at these Fibonacci levels it is actually pretty interesting that we see ourselves right at the seven eight one six I'm actually curious finding interesting that Bitcoin is

Holding where it currently is okay I honestly could could have seen Bitcoin even dropping more when we when we went all the way down to like really touching into that $3,900 level at that point honestly it was pretty much anyone's

Guess we could have gone down to the 2000 1000 okay and it still possibly go back down to 3,000 and we go back down 2000 but I'm actually kind of shocked that we're still at the $5,000 level considering guys considering I don't

Know if everyone's been following this but what's been going on in traditional markets has been absolutely huge basically every day is a new record of how many points we close below historic lows okay we're closing crazier and

Crazier we're actually we're currently actually much below that pretty significant dip of the end of 2018 going into 2019 when Bitcoin also maybe coincidentally or not coincidentally also bottomed around that 3000 $4000

Level back at the end of 2018 beginning of 2019 okay remember that that's when Bitcoin was also down you can actually do that in this level here same exact time period was with also the stock so again correlation there again okay

Pretty obvious but now we see this Dow Jones all the way down here about I think like 30 percent from the all-time highs of just literally a month ago only a month ago we're at all-time highs now were 30% down and one thing you noticed

Between these two charts you can see this is significantly lower than what we got in 2018-2019 okay so the traditional markets are significantly more down than they were just about a year and a half ago now a Bitcoin you don't actually see

That it's actually still above it hasn't gone below the low just yet okay they're gonna it's still very possible that it could but it has not done that yet so there is some correlation but again I think over time as well there would be

More trust in Bitcoin as there is no trust in the Federal Reserve there is absolutely no trust in Fiat people are actually panicking they might not be able to get money out of the bank and that is actually a real possibility

So again when you can't even guarantee that howhow are you supposed to trust that kind of that kind of institution that kind of regulation that kind of financial system right how can you trust that so very interesting to see there I

Think it's important taking note of and for right now too I want to talk about this so we're talking about this and the last update of this breaking out and actually within an hour of it of us posting this we got a break up to about

That 6,000 finding some hard resistance right there and you see the next hourly candle straight back down okay one hourly candle straight up one hourly candle straight back down actually for a few hours tested kind of right in the

Center of this and then slowly hour after hour kind of just fell back down but again very interestingly finding support right around that 4,500 a little bit higher than the other low again so while the overall markets do not look

Good at all bitcoin is actually even though it's getting pummeled along with silver and gold and literally everything else bitcoin is still kind of putting in slightly more bullish patterns then some

Of these other things now this does not mean at all that bitcoin will not go down to $2,000 guys that is absolutely a possibility in the next few weeks we do not know what's gonna happen there's so much uncertainty and I'd be lying if I

Told you you know yeah you know the 4000 is this I mean we're not gonna go lower than this I wouldn't be able to say that but we can obviously say is there's some clear strength in Bitcoin that is not necessarily being replicated in other

Markets currently it looks as though Bitcoin is struggling again to break above that five four five five level 5400 5500 level you can see it's been testing this for hours here as of yesterday the sixteenth then also going

All the way back to March 13th it was really just this was a key area here too so this level is just seemingly very important for Bitcoin it really wants to continue its seeming it seems like it wants to actually bounce a little bit

Higher right now which I find very interesting um and this this is not only for Bitcoin you see this in a lot of alt coins as well there's some slight rebounding in the market and I find this interesting as well if we do get a pump

Up to here guys this is actually very likely that we could consolidate within this pattern and again this could actually push us all the way out to this summer of 2020 so another three months and we can actually see a very nice

Resurgence and a move up in that time period now again in that time period even see something like this as well maybe continue we could again this is more of a bullish scenario that we trade with in this level and breakup or even a

Short term frame if we're talking about bullish scenarios but guys keep in mind it's also very possible that we could break these lows we have to keep that in mind because that's when things would get drastic if we broke 3000 dollar

Level if we went below 3000 dollars then again things would be crazy but you do see as of right now even something as simple as the VP VR you can see this massive amount of volume right here okay that did provide some short-term support

And it and again it did not drop significantly below levels comparative to for example Dow Jones the SNP okay they took harder hits and there's some other companies such as a you know like obviously the airplane cruise ship

Industry they're getting hammered obviously you guys we take a zoom out again this is still remaining a fairly strong level of support and most importantly here I find this very interesting

Have we gone down to the 300 weekly moving average before this charts actually too small so this is our longest chart so if it's going to give us data it would be on this one and we don't have as much data 300 weekly

Moving average to really show that here we barely have we began the 200 weekly back at like April of 2014 this one began in March of 2016 and it looks as though honestly if this will be extended a little further out we might have

Actually gone down to this back in the last pullback here the last pullback after the bull market of 2013 going from a thousand all the way down to like two hundred even like a hundred and fifty dollars okay so again not crazy unheard

Of and this is actually extremely robust considering what's actually going on during this time we weren't having an economic crisis like we potentially are now so the fact that we're in the middle of a complete global turmoil and bitcoin

Is still not necessarily a diverging too much it's actually pretty impressive I might say so guys with all of that being said I do want to add just as well because there's so much uncertainty everything going on I just want to say

This as well things are bad starting to get a little bad here on the west side of the world but on the eastern side there's so much optimism and a lot of a lot of recoveries in regarding in regards to

The current epidemic that we're seeing and again we could see this thing end over the next two months or so maybe even before that I think a lot of the panic is priced in right at the beginning and I think that adds a lot of

Stress and a lot of fear and I think over time people are going to just get accustomed to it and I think the markets could easily rebound specifically Bitcoin and things like that however I'm not sure if the traditional you know

Stocks I think there needs to be a fundamental change there okay I don't think the system currently that we have is going to work and again that's why I'm very much so on the side of Bitcoin and looking for these other assets guys

Obviously that's why that's why we talk about it that's why we're so interested in it is because we see it as a real solution a real secondary option and alternative to that right because again that could that could that could not

Play I mean eventually all systems fail and I think it's it's time you know that I mean we've been talking about this for a while a lot of people have it's very likely that the economy the Federal Reserve everything that goes into that

Maybe that system is done okay alternatives potentially are the way to go so I just want to say that as well I do want to say one of the worst things to do right now is just be incredibly fearful okay maybe maybe at the very

Beginning like we saw a week ago that's understandable but guys at this point we still need to we need to be a little more rational not panic we see it happening a lot of places people buying so much toilet paper you don't need to

Wipe your butt that much okay your butt will stay clean if it gets really dirty just get in the shower okay it's not that important to get toilet paper so no worries there everyone should be good with that and we'll see

Where this thing goes as of right now bitcoin is looking stronger than other markets so that's awesome to see so guys thanks so much for watching and I'll see you in the next one

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