by birtanpublished on September 21, 2020

As the old saying goes if you don't use it you'll lose it and if you squeeze too hard Wow let's get the script out Wow is Bitcoin on the verge of a major break to the upside as you can see consulting in this pattern or in fact are we setting up for something on the daily chart even

More treacherous can we expect Bitcoin to get rejected off of this blue 21-day moving average that we have not been above since back in the middle of February 20 2004 a month ago it's been over a month that we've been above this

Moving averages the first time they're really coming in contact with it since March 6th of 2020 will Bitcoin gets a break to the downside and if so what are our targets there but more importantly to the upside what three targets do we

Have and specifically which one is most likely the hardest to get above as well with the seeming potential short-term reversal on the horizon for the broader economy because of this proposed stimulus package that has just reached a

Conclusion over the last few hours will we see the economy get a short-term bounce will it be a sharp V like some people are talking about or in fact will this not be a V and end up being a letter that instead of going back up

It's a letter that goes down let's get much Wow welcome back to another extremely important episode for Bitcoin today we have some stuff to talk about because guys on these charts were consolidating a lot and we're getting

Close in my opinion to a big move but the question come on everybody's domes as will it be a move to the downside or move to the upside so that's what we're gonna be spending in this episode talking about ta all the way all day so

Much good stuff to talk about but guys before we get into that I do want to mention okay we have this proposed stimulus package here in the US for these markets six trillion dollars okay huge a week ago we weren't even talking

About a fraction of that so this is huge now will this positively impact the markets or in fact we just getting started is the economy on a downward spiral and if so how could that play into Bitcoin could Bitcoin reach $1,000

If the broader economy Falls for months and years potentially we don't think so but we do have some things we want to talk about in regards to bitcoins correlation and response to what is going on guys because it's been

Absolutely crazy to be living through this so guys only a few more days until the end of the month if you want to enter for this ledger all you have to do is leave a comment below hit that like button let's see if we can

Hit 800 likes hit that subscribe and ging the Bell so guys so far we do have some sort of recovery here on the Dow Jones we have as well as US oil actually not moving up too much but on the Dow Jones you can see the market is reacting

A little bit positively to this news now wolves continue potentially I think we could even potentially all the way go up to 23 23 thousand sorry that's quite a big number there but overall I think this I think the economy is in some

Trouble ok I think a lot of people are aware of this and I think many people are just holding on for dear life Bitcoin has been performing extremely well over the past two weeks and now we find ourselves

In this very interesting pattern here so here on the four-hour chart you can see this we have this clear uptrend here on the four-hour you can see it here we already have multiple touches over three different time period touches here one

Two and then three and then as far as the top we have the Fibonacci set here about the 7000 the 7000 is basically the roof of this the ceiling so this is kind of really what's it been holding the Bitcoin price down breaking above that

We could see a move but guys we're really consolidating in here interestingly enough if we do see a downside move this area right around the $6,200 area could provide a fair amount of support right here for a few reasons

Isn't important from nachi level point to 36 it is this this trendline we'd be revisiting the bottom of this trendline for the fourth time over the past two weeks if we add or visit this $6,200 level we go to the daily and the 6200 as

Well is exactly where this next descending line is as we're currently potentially being rejected off the very top of this descending channel that we've been in now after re-entering it we've been in this since the summer of

2019 almost ten entire months now we've been in this channel and we're currently facing some sort of rejection we can actually zoom in here and we can get back to the 4-hour chart you can see here we're getting a clear you know

Potentially short-term rejection this could easily break up to these other key levels but that's right now you do see over the past two daily candles this has been a very heavy friction zone which also is the very important 21 day moving

Average this blue line here on the daily chart now we haven't actually been above this concretely since February 15th okay about a month and a half ago almost at this point we ninety seven hundred US dollars after he

Broke and after we failed to get above it then on the 25th of February exactly thirty days ago today things went pretty haywire when found some support on the 200-day moving average yet again failed to get above the 21 day moving average

And then after we failed that again things got pretty dirty pretty fast all the way down to 76 bounced around for a few days there and then guys as you guys know everything went to baloney right there now when we get back to this round

The daily but I want to finish up here on the 4-hour chart we are coming to a culmination a climax you could say on this chart there's not much more room to be traded in here if we break this trendline to the downside if we break

This trendline if we come down here and we break this there is some decent downside that we could go to here now the question is are we going to find support and create a higher low here as we've been continuously doing for the

Past two weeks or on the more macro trend are we actually going to break this and create a lower low okay could we even do something like that could we even go down to for $3,000 again so we'll talk about that a little bit that

Would be the most dangerous of news that would probably play out over weeks and months not not exactly um you know any time in the next few days here but as far as it break up we could see ourselves go up to that 77 even

Potentially at the very height 8000 US dollar mark now there's a reason I talked about those specific levels when we zoom out on the daily this is the four hours this is pretty important here if this would be a pattern consolidating

We're gonna break out that's that's important but more importantly on the daily we have this the 7200 and the 77 are just extremely important for numerous reasons here okay the 77 is literally basically on the line where we

Plummeted four thousand dollars in a single day this is a very important line I think this will be the heaviest level of resistance on the upside I think at this point moving forward this level of 77 between seventy seven hundred and

Eight thousand is actually more important than ten thousand at this point okay because as time goes on the resistance here is descending right now it's around twenty or ten thousand two hundred ten thousand one hundred and

Fifty roughly and as time goes on it gets lower and lower actually as of right now if we actually broke up to this today it would be roughly ten thousand one hundred and sixty yeah let's say we pushed out another two

Weeks it actually gets to about ten thousand so this of resistance is descending there guys we talk about this all the time this is like the main overhead resistance for the past two years there everything is

Just consolidating and getting smaller and smaller just squeezing into a little pattern there again very close very importantly coming up to this having okay less than 60 days very importantly we're getting all this consolidation and

All this pressure building up but that's 77 to 8,000 range again guys I just think it's gonna be so crude if we get above that then things get insanely bullish but we don't get bullish until we get above that remember we would

Break above this this key line we get above so much resistance here in the V PVR you can see the V PVR where it has this line here again basically the same area just so important right here and again I think there's gonna be a lot of

Resistance on the upside so for the downside again I still think from what we said a few days ago 54 would be a very good low target if we're gonna maintain the structure if we're gonna put me putting in lower lows and go

Below something like this then I wouldn't even know what to say at this point because that would be below 3,800 so we're not even gonna consider that scenario just yet again that would be pretty much slicing the price in half as

Of right now so we don't think that's very likely in the short term I mean still our momentum is building upwards so we're gonna look more on the upside here but really this level of 72 our first line here in 77 are just very key

And again another important thing we do have this death cross actually forming right now this is the 50-day moving average crossing below the 200 and usually that's a pretty bad sign but we had the Golden Cross back on February

17th about a month and a half ago and after we had that cross basically the only thing that happened was price went down usually that's a pretty long term bullish sign so the fact that we're getting a longer-term bearish sign right

Here again I don't really think it's that important the fact that this did nothing but first to push the price down maybe this will push the price up even though it's kind of counterintuitive death cross usually pushes the price

Down a golden usually pushes the price up but since we got only the price going down at the Golden Cross maybe we'll get the price going up here at the death cross really anyone's guess there because things things are kind of

Seeming a little wacky right now but even more importantly than getting above these I do think in the short term is this 77 I think it's so key right now there's so much historical volume right there and most importantly right now we

Want to see it bounce above the 21 day moving average which is very key here as you can see in the weekly we're not really anywhere near that the 21 we moving averages all the way up around that $8,000 level again yet another

Reason why I think that's just gonna be so hard to get above that's on the weekly and again that translates to roughly this area right here on the daily chart so again I think this is where a lot of resistance will be in

Terms of a downside target we're gonna say right here about the 54 an upside target if we get a breakout on this hourly pattern then definitely I think this area will be a level where if we break out too will find significant

Resistance and we might not be able to get above in the short-term if we do get above that in the short-term then again yeah this entire zone if we break above this entire zone the 77 to 8,000 and we get a concrete level of support there

Then again I do think maybe we could actually be shooting up to test at 10,000 again that could happen very quickly but if we want to get to new all-time highs I think that's definitely what's got to happen

Wow so that's gonna do it for this episode guys make sure to stay patient okay we're at the very top is descending channel and on the smaller time frame we're at the top of this pattern here we only have you know multiple for our

Candles to play out potentially before we break out of this so there probably is going to be a big move soon maybe move a come below which move you think it's going to take big bounce up or we're gonna get rejected again a lot

Will be based on this and right now we're getting a lot of momentum the upside so maybe we'll get a break up

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