HAPPENING RIGHT NOW!! BITCOIN BREAKOUT OR FAKEOUT?! WHAT THIS COULD MEAN

by birtanpublished on October 1, 2020

Wow eeny meeny miny moe if you touch my
Bitcoin I will touch your toes and maybe
I will do something else to them as well
Oh guys is Bitcoin currently actually
breaking out of this falling wedge as of
the past few hours if it is what is the
target we have a lot to look at in
regard to that as well Bitcoin holding a
key area okay so even if we would get a
break out of this this falling wedge
there is some other things we have to
look at there is some big overhead
resistance ahead of us and we really
have to delve into that on these charts
here Bitcoin seemingly getting a bounce
right at the bottom of this line guys we
have a lot to consider there's a lot of
things going on in a lot of these
markets so we cannot get to the line
cited by some of these moves but are
some of these forming on these
timeframes it's still incredibly early
on and as well how is traditional
finance going to react in just a few
hours so much to get into well let's do
this Wow guys thank you so much for
doing here today I guess I'm not the
only one that woke up a little excited
today we have so much to get into in
this video as usual wow so much going on
beginning of the week we'll stock
markets continue the trend that they
have been following as of last week the
last five days day after day after day
and we'd be kidding if it didn't impact
the rest of the market so goes so much
again – as well congrats on the winners
for the ledgers guys we are still doing
them we still have plenty left to give
away so all you have to do if you're
interested in these other Ledger's guys
is leave a comment below if you make
sure you like subscribe push
notifications ding the bell and we can
get in to this data guys so we want to
start off here on this potential falling
wedge ok this began forming basically
right around February 26 so about a week
ago right here as we fell into this
pattern you can see we touched here and
here ok a few touches and then we had a
few touches here this is on the hourly
chart but as well if we switch to the
4-hour you can see this is still quite
valid on the 4-hour I like the 1-hour
because we see many closes here that we
want to like continue and keep in track
here here we have many touches right
here many touches on the top and now
this time we were kind of trading in the
middle usually it is two touches on the
bottom and two touches on the top and
usually on that third third touch on
either direction meaning so roughly like
the fifth touch on either of the two is
where we usually see it move so okay we
actually come out kind of break out of
that but don't spend a lot of time there
down here and then after
falling through this boom it looks like
there is somewhat of an uptrend
beginning here we did break above some
of these shorter term moving average
here on the hourly chart so I really
have to take a look at that now this
could actually break us into a move some
very important level Co this could
actually get us roughly to the $9,000
level maybe even slightly above that if
this breakout is in fact a breakout here
but there's a lot of things you have to
keep in mind and that's on this bigger
chart here again I think when we do get
a reversal if we are gonna get a
reversal this week it will be very
powerful but we have to wait to see if
we're actually going to get one and I
don't think just yet it's confirmed at
all basically again I'll say that again
I don't think that it's 100% confirmed
just yet okay I think there's some other
things we need to consider if we're
actually going to get a short-term
breakout a short-term bounce on these
charts here so something I want to show
you here we talked about that 86 being
very high volume here and we can
actually zoom out and get all this data
accumulated in here you can see as of
the last roughly eight months we can see
where the strong resistance and support
was right now we're at a very strong
support zone the next one obviously is
around that $9,200 level we don't have a
lot of past in this area here so it is
possible that this would be the next
significant resistance and as well guys
it's very key because that would be
coming up right on this 50-day moving
average this blue line here so that
coincides perfectly with this area so
the 9200 is the absolute key I think if
we get a breakout if we would get a
breakout again we're not saying we are
just yet it's way too early to tell but
if we would 9200 would be very very
strong resistance that would be the
level to break if we would break back to
92 maybe break below to break above it
and then come back to test 92 that's the
most key thing right now 92 is the big
target and everyone's eyes okay so 92 is
so important we're about $400 below that
right now for a short-term move up
$9,200 I'll repeat again 92 is the key
area that we would need to get above now
after so much down downside momentum you
guys can see basically since February
24th fourth it's been straight down and
we need to put in a green candle at some
point even if this entire downtrend does
continue to take us down to lower levels
to 8,000 so maybe even wicking down to
our target here but down to roughly 82
you
if we were heading down to 82 over the
next few days it would make sense that
we get some sort of a bounce in the
meantime now here's something to think
about really important to think about if
we will get a bounce in the short term
the key area that we would need to break
okay is that 92 so if we would break
that then we could start thinking oh
maybe this is not just a short-term
bounce maybe the trend is actually
reversing but until then okay until then
we have to wait okay looking on this
chart you can see that here as well 92
is right here and this would break us
back basically into an uptrend this
would be incredibly healthy but but we
really have a decent amount to go before
you would get above that definitely the
50 moving average is the thing we need
to watch on that chart and then
switching to here guys you see as we
come down to the bottom of this line
which actually meets as well perfectly
with the 21 week moving average such a
strong indicator and such an important
indicator as well right here that's
we're getting the bounce as well that's
confluent exactly with the bottom of
this trendline here so if we would get a
bounce here I definitely think we should
it would be necessary if we're gonna be
in a healthy uptrend that we need to get
a bounce right here at this 21 week
moving average which is absolutely vital
and as well the bottom of these three
support lines moving upwards okay so
again if this pattern wants to remain
healthy at all we would want to see a
bounce here very soon it's absolutely
necessary to keep this thing intact and
keep this thing healthy okay switching
to this chart you can also see here on
the daily again at the very top of this
box this is the key area we need to look
at right here we have the 50 coming up
here and that would actually start to
look like a very nice cup and handle
breakout beginning if we would actually
break out to here guys remember we
talked about this okay this is actually
happening here boom this would actually
start to look very nice now it only be
confirmed with this actually if we broke
here if we broke like ten thousand three
hundred ten thousand four hundred where
this also descending line of resistances
okay we can zoom out you can see where
that goes back okay and actually goes
back even further than that you can see
where this descending line of resistance
is that would be huge that would be
absolute that would be the breakout okay
if we would get that that would be
absolutely breakout target but we're
still very far away from that again this
could be a fake out right now but if
this is the beginning of a move up those
are some key areas you need to look at
but again we need to take it one step at
a time
and one step at a time would mean we
would have to even just break this area
first so for a bullish scenario this is
what it would look like boom probably
something like this
actually maybe something like this boom
that's what a breakout would look like
and that would be a perfect cup and
handle and if this if if we would even
get this far up into it if we would get
right here to the 10.3 guys you know
that would be absolute breakout breakout
central and we would go probably most
likely a few thousand dollars above that
okay we would that would be the absolute
breakout that'd be huge but again we're
still pretty far away from that this
move is extremely early but we need to
look at that as a possibility there as
well I want to take a look at like when
you actually see like when did break
above the 200-day moving average here
currently it's about I want to say two
or three dollars above that so that
looks good if that's indicating what the
entire momentum wants to do then that's
a pretty good sign there again we've
seen so much downside so even in the
short term even if this is a bearish
trend or we're reversing into a negative
trend we still would want to see a
bounce here anyway just because markets
even in the downtrend will still pump up
temporarily before getting pushed down
more okay so something definitely look
out there and then I'm really
interesting to see we're at the time of
me recording this we're just about an
hour or so away from this the markets
opening here and I really want to see
which direction these guys trade
throughout the day because again I will
I do think it has an impact on
everyone's sentiment I do think it has
an impact on which way the market is
going to go as well so it's absolutely
important that we pay attention to all
of that there guys and then if I just
take a zoom out I want to show you guys
this one more time I actually haven't
talked about it in this video here but
again we take a zoom out to let's take
it back to about April of 2019 it's got
a little bit more actually
let's do of all of 2018 so let's include
basically the highs here and I want to
show you where the most resistance and
everything is guys looking on this chart
zooming back look at this okay all the
way out here insane support and
resistance right around this $8,000
levels so in the short term if we did
end up continue to going down if we went
down another $800 because guys as I'm
filming this price is actually pumping
so we're actually pumping during the
video but if we talked about the upside
if we're gonna pull back eight thousand
eight thousand two hundred is insanely
strong support look at this you can see
this is what it looks like there's so
much past support and resistance right
here and then look at that I really
would hope we would never come back to
65 again but there's absolutely immense
amount there and then the second-biggest
in general is right around this area of
3,000 the very highest is actually right
around that 6k here
this is huge and the reason that is
because we spent the entire year of 2018
bottoming there before breaking out of
the descending triangle okay that's huge
but again right here 8,000 is such a key
level and if we hold the 8,000 then this
uptrend 100% remains intact
okay that's 100% healthy and that is
100% bullish as well so yeah let's take
a look one more time for the video then
yeah you can see quite a little pump
coming out of this this channel here
very exciting stuff and wow I did just
want to add this little update to the
end of the video here because we are
currently seeing for the first time some
some overhead resistance actually put
our let's put it to the let's put it to
them one minute so you guys can actually
see this real time it's like should do
the 5 minute because a woman is way too
convoluted so you can see we're actually
first finding our first little
resistance here we found it earlier just
a few hours ago right here okay and it
broke straight up so again this is a
very key area if we switch to the 1 hour
you can see why that is as we're
approaching the very top of this okay
right here's gonna be some some very
small maybe like an hour to resistance
if we're gonna be able to break this and
then this would be the last and if we
break break right about here okay right
right around the eighty nine hundred and
I expect this move to complete okay
now watching on the on these charts this
probably won't matter is the day plays
out as you guys are watching this video
later on in the day this is important
right now as we're filming it but you
know a few hour from now this will most
likely not even be anything that will be
concerned about but it does look like
this breakout wants to continue now this
is a substantial substantial pattern
here it's a few days long so I do expect
this breakout to continue I personally
think that if this breakout is valid I
definitely think $9,000 is within the
realm of possibility definitely and then
with that ninety-two becomes huge and we
can see if we can actually push that
towards the end of the day if this
moment I maintain strong and I just want
to clarify as well if the stock markets
open and they get absolutely destroyed
then I don't necessarily think that
crypto will do well today
but guys yeah thanks so much for
watching and I'll see you in the next
one

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