Huge Bitcoin Crash Ahead + XRP Ready for Lift off 🚀

published on August 1, 2020

What is going on YouTube and my name's Keith Waring and in today's video I'm going to be looking at the bearish outlook for Bitcoin and also why I have all of a sudden flipped to an X R P ball in the short term if you're new to my video don't forget to drop me a like if

You like this content subscribe to the channel if you're not yet a subscriber and also let me know in the comments below which asset you think will outperform Bitcoin in 2020 so with that out of the

Way let's move on to my article that I had published on to clean telegraph on Wednesday the first of July entitled XRP price can outperform Bitcoin in the short term and here's why I've linked this article in the description below

But what I'm going to do is I'm just going to take you through at this particular article my ta and also the fib levels for Bitcoin and where I'm seeing Bitcoin heading in the short term from both a bullish and bearish outlook

But also the news or what I say the news the moves that are kind of being set up for XRP so before we go any further let's just point out one quick fact that actually if you take a look over at coin market cap the everything it is read

Pretty much apart from it a little bit of green on XRP so it is happening gaiz and that's what we're going to talk about today so first and foremost let's just take a look at the chart for Bitcoin I've had a couple of people

Other traders I've been discussing this with and this is what I've arrived at so the first thing we're gonna look at is the long term check trendline on the weekly so I'm going to take the tip of the December 2017 peak and I'm just

Going to extend this trendline – that's about right actually there so you can see we've got one tap here – three taps okay so this is our long-term resistance line here now on the downside there are two outlooks so I'm going to take you

Through both of them first of all we've got from this point here I'm going to tap the bottom here I'm going to cut through that wick just here I'm cutting through this week for a reason that's because we've got one two three four

Five taps six taps and this kind of looks like a nice valid Channel now as you can see this particular kind of bullish pennant plays out all the time in short-term trading lower timeframe trading on the higher time

Frames you know don't ignore them it doesn't matter what time frame you're looking at all TA follows a similar structure so what we can see here is the basis of this particular analysis shows us that we are really close we are

Literally about 10% away from the top ok you can see that here roughly about 10% from the current price and if we take this trend or this price line down from where we're at at the moment to the bottom we are looking as much as a 48%

Drop in the value of Bitcoin down to around about four thousand five hundred US dollars now if you think that that is pie in the sky stuff don't forget that I was the guy on coin Telegraph that was calling for for cave Bitcoin weeks in

Advance of the Black Swan event that happened on March 12th so don't think that this is just me being an aggressive bear I'm not one of those aggressive bears that wants to short this Ponzi down to the ground

I hold Bitcoin I want Bitcoin to perform and typically when you're looking at your price levels and technical analysis you just have to be aware of what are the potential breakout points and this is what we're going to talk about today

So the first thing that I'm gonna point out here is I'm just going to remove these just to clean up the chart a little bit so I'll be looking for a breakout above this trendline before I flip bullish again until this upper

Trend line has been broken I won't be considering it now typically how things play out with with these kind of bullish pennants is they can range to the bottom so I'm not saying what happened immediately so at the bottom here was

Only 5,000 and then it could tap the top and it could also go back down again to the bottom here all of this could actually take place between now and September 21 ok totals or August 2021 and obviously a breakout or breakdown

Can happen at any point in the timeline it could happen here it could happen here you know it really could happen at any stage and that's what we're going to be looking at and that's what we're going to be waiting for so anything if

Anything I'm just hole hoping that this lower trendline will hold but more importantly is this the correct trendline now one thing that you may notice here is this little red candle amongst the big bull run of 2017

So what I'm going to do is we're going to draw a different shallow trendline okay I'm just going to move this up a little bit and some of you Super Bowls will prefer this and what I'll do is if we just tap that bottom here and

Actually we move this up here what we can see is we can see this other potential pattern playing out where we've had support here support here lots of support a big break down here support again a little bit of resistance and

Again it has served as support so this will give us actually a much narrower kind of area on the on the pennant and actually the downside here is a lot less as you can see only 25% hey that's not bad I prefer those odds but those are

The two kind of levels I'll be looking at so really anything that breaks down below six thousand six hundred and eighty would say okay we're not in this one we're in the we're in the the previous support channel that our group

That I drew however we can see here this one actually has been validated more so than the ones at the bottom to doom and gloom scenario so that's where I'm looking out on that side of things but if we drill down to take the daily and

Let me just clear those charts for one second and I'll just take the fib lines here let me just click reset and just show you something here so what I'm gonna do is going to draw a Fibonacci retracement from the tip of the March

Dump and the tip of the the kind of multi-year resistance of 10,000 near enough 10,500 and what we can see actually here is that the six one eight which is your typical target is around about the same as the support level that

We just saw on the second support line that's by drew so what I'm looking for now and what I'm seriously considering as a likely play out for Bitcoin is actually on the bearish side of things you know a fall down to around about

6500 that kind of zone within the next couple of weeks I don't think it will happen immediately I think this is something that will happen in time and we'll know that it's happening then that we lose two to three six or 8880

That is our support zone at the moment as you can see it's held held held but hey you know it's only a matter of time until that either fails and then we're going to be looking at the next three levels three eight to the fifty percent

And three six one eight that's typically how Fibonacci Trading plays out and this fit lines up with a lower trend line that we drew on the second version of the charts and that's my target for Bitcoin from the bearish point of view

Not very good I know I've been a super ball but I also show both the bullish and bearish scenarios right now however I'm not seeing anything bullish on the charts because of this long pronounced shot but if we take a look over at XRP

Here we do have something very interesting now if we just zoom out on XRP and like look you know I get it you know XRP so centralized coin people don't like it but look I like money man you know and I to follow the money and

We follow the trace and what we can see here we just zoom out we can see an uptick in volume on XRP is happening at the moment which is quite interesting but if we totally zoom out we can just see that you know just draw this low

This big trend line here hold on a second we draw this trend line all the way from the tip and just look at that okay bang okay so that is literally that's the trend line from I don't it's not let me zoom out because trading

Views doing one of those things that I hate to doing there we go if we can see here this just takes it from the previous recent high of around about 34 cents we've got that point there it's tapped it here it's tapped it

There so now what we're gonna do is I'm just gonna zoom in a little bit more and we're going to focus on this particular level so if you look at this particular level what we can see is that we are attacking this long-term resistance line

Okay it's a little off from just drawing it on a on the fly there so what I'll do is I'll just zoom in a little bit let me just clear this and redraw it just so you can see it and it much clearer away in fact actually I'll just click reset

Chart so it's a bit bigger and I'll take it from here because it's kind of the same thing but just zoomed in so there we have our kind of trendline in fact that was the wrong position to draw it from there we go oh I don't know I

it I've it but yeah so this is kind of where it's hitting in fact that was it there sorry my bad my bad I in hey tradingview sometimes it's just

Hard to draw things from a long-term view so this is our upper trend line we tapped it just now look at that bang and then rejected straight away now wanting to show you now is really really interesting because actually at the

Moment if we have a breakout above this trendline which literally it just tapped it okay we just have to tap it again and then just yeah I think we're gonna see this kind of level so let's just draw a horizontal line here just to give you an

Idea looking at around about 20 cents as the target currently around about zero point one seven cents so all 177 seventeen cents round about a twenty to twenty-five percent move for XRP you could

Absolutely nail that but where would you want to buy in well there's a couple of different places you can look one of the places is the tempter charts chart if you just head over to here and select on BitFenix I want XRP USD working off of

That chart right now and if we actually have a look at the how all of the trades are aggregated here very very interesting just look at all that activity absolutely loads and it's all within 17 cents and 17 cents and 18

Cents look at that so here we go we've got a huge support here at 17 cents okay massive amount of support here so I'd say that this is most likely the next target that they want to push it down to somebody's kind of looking at big orders

Here at 17 and a half cents as well so hey if that may be our entry point and then again you know no sell orders anywhere until we just zoom down none there's none there's absolutely no sell orders

There's just buy orders so this looks like XRP could have a massive run and if we really really scale that out I mean hey you know there's there's nothing at all so we've got support at 17 cents we've got very little below it in fact

We don't have anything below it that is where people are buying this level here is 17 and a half cents in this level here's 17 cents current price isn't far off of it so let's just take a quick look at a zoomed out Fibonacci now I'm

Going to go over to the weekly view again and just look at this this is kind of really exciting for those that want to have a kind of real hope you have view of things and let's just go let's just for fun

Yeah just for fun let's just take a look where the hell is the FIP gone there it is let's just take a look at what this can potentially look like again we're gonna use the same levels the 380 to the six one eight and a 50% retracement so

Going to go for the tip here to the bottom of the dump there and what we can see here look at this this is absolutely air pick okay so we just take the price tool and just have a quick look at where this can go so this is the current price

Here all the way up to the six one eight look at that that's like a $200 move we're up to $2 a thousand percent move look at that that's huge and even if it only gets to the three eight if it's the two three six you're looking at

Eighty-five cents an absolutely monstrous level so we're looking at a 10 X to the six one eight we're looking at around about seven hundred and fifty percent to the 50 percent mark on the Fibonacci 600 to the 382 and even if it

Falls short and doesn't make anywhere near the move we're expecting we're looking at somewhere around about three hundred and fifty percent ROI now why am I looking at XRP this is a dead coin by the looks of it look this is a you know

It doesn't look good this is your typical 2017 chart massive spike up and then just absolutely no interest in this but this is why I'm interested in XRP now it is at literally mid-2017 levels whereas bitcoin is at the end of 2017

Levels it looks like bitcoin is at the top and XRP is at the bottom so that is why I'm looking at XRP to outperform bitcoin in the short term now one of the questions we should ask yourself right now before you discount any of the

Information in this video if you hate eggs RP and you love Bitcoin what do you think is more likely from this point what is a price you are more likely to see occur now if you imagine that XRP a three hundred and fifty percent move

That doesn't even break the two three six fib okay that is three hundred and fifty percent for Bitcoin to go three hundred and fifty percent that would put Bitcoin at thirty foul and dollars what do you see happening

Between now and next year do you realistically see Bitcoin going up to $30,000 or do you see XRP potentially falling short of a dollar like it always does now this is why I am looking at it I believe there is more upside potential

It does not mean I hate Bitcoin I'm just putting it out there now quickly before we do look over at the next segment of this video I do just want to point out something on the tensor charts as well regarding Bitcoin support because they

Do not want people selling Bitcoin because I have said it may potentially crash but what I will show you is that over on Finance we do have some significant buy orders at around about 8800 check this out so if we just zoom

Out there we go I see a bit lower in fact look at those buy orders it's about eight thousand four hundred and ninety-four now this could be a spoof potentially because when you have the yellow bars on the tensor charts that

Signifies a larger order than usual so this is a massive massive buy wall down at 8,500 so to get to the 6500 support that I have potentially talked about in this video over the next week or two this is most likely going to be the

First target so whatever you believe about Bitcoin right now believe that there are some large whales that want to see these levels hit which is somewhere between eight thousand eight hundred and eight thousand five hundred in the short

Term they want those bags filled and they want to wreck you in the process let me know what you think about this analysis in the comments below also for your chance to win access to my profit sniper indicator let me know what I

Should give you free access to my point one BTC indicator and Auto Trader package you get to join awesome group okay this is one of the best indicators that you will find out on the market we are able to automate all of the

Trades we have optimized it for automated trading we have a dedicated group with over 700 members that are actively talking about all the different settings they're using all the different strategies they're using and they can

Help you collectively become a profit sniper yourself if you're interested in that group you can check out a website profit sniper comm or if you want to get free access and save yourself point 1 BTC hey why don't you just put a comment

In the description below and tell me why you think you should get it for free and if I get 300 lights on this video I will pick a winner on Monday we're gonna leave it at that again if you enjoyed the video don't

Forget to drop me a like and I'll be back with another video next week peace

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