by birtanpublished on August 25, 2020

Oh for pizza say well bitcoin is getting a small rejection on the 4-hour chart pushing us back down a few hundred dollars but we quickly found support around the ninety two hundred dollar level will Bitcoin continue to bounce or

Is there something a much different in store in fact there are some metrics we're gonna get into why Bitcoin might fail to break above 10k in the short term but stick around there's some positive data behind that as well as

Well there's a Golden Cross setting up its forming right now and could that end up pushing Bitcoin above 10k later this week a lot of people are concerned that we may be forming a double top on the four hour and the daily charts here

We're gonna be talking about that and guys with this weekly candle coming to a close potentially could we see something like we saw last week Bitcoin perfectly filled the cma gap to the upside almost immediately this week guys absolutely

Critical to understand could we be setting up over the next two days for a trajectory downwards that could end up also putting another cm e gap to the upside let's get crunk oh it's one of my little

Crunches welcome back to another exciting episode of Bitcoin today we have a lot to get into it is Friday okay the weekend is just about to get started and guys we all know some crazy stuff tends to happen on the weekends last

Weekend was picture perfect and we created that awesome gap to the upside and guys whether or not you believe in gaps is absolutely crazy how quickly that gap completely filled here you can see it right here

Up to the actual exact target I mean this is the exact box that had to fill in a 4-hour candle not only close there it barely looked above it guys these gaps are clearly and quickly becoming prophecy like a the janitor at my old

High school used to say stop leaving the dirty underwear in your locker so guys before we get into it we are going to be giving the giveaway for this bad boy today but guys check it out yep that's right we've got quite a shipment of

These new Ledger's definitely very cool we're gonna be ordering a few more before this week is over guys and make sure you do as well 50% off each and every single ledger if you order within the next two days enter the code we are

The bull run you get 50% off guys now that is a steal link is in the description into the comments very cool so we will be giving that away but guys as you can see we clearly have a lot more of these

Bad boys four more to be exact so if you want to enter make sure to leave a smash make sure to comment hit that subscribe turn on the bill let's do this wow guys so there is the potential that we

Actually get strongly rejected up to 10k and in some sort we can already see that is slowly happening here I don't think we're gonna retest 10k today okay Friday I think most likely what we could see the best case scenario over this coming

Weekend is that we continue to get pushed down a little bit maybe reset some of the indicators here so we can continue pushing forward above if we still can curly though we are finding some decent support we have about five

For hourly candles almost an entire daily candle sitting right on top of the support right around like the 9450 hundred dollar area so this is really big and I've also actually seen some people

Speculating that on our long term chart here you can see it here they were actually slightly above this and they're stating that we're actually above it and because of that we're finding support there and again that could very likely

Be the case I think this two-and-a-half year resistance line is very much up for interpretation in terms of where exactly we are the point of it though is that this entire area is incredibly hard to

Break above I mean really that's the key the key takeaway from this is that that's like I mean overall it's just a really dewy muddy a hard place that the Bitcoin has had trouble breaking above this entire line so guys whether or not

It's above it or below it I think it is important to note that but more importantly it's just more important to note that every time we come up to around this line we're unable to go much higher now on the flip side if we are on

Top of it now which I haven't drawn of us slightly being slightly below it if we are on top of it now if we're testing it for support right now that could be good but overall I think if we're gonna get a real retest I think we'll need a

Substantial break up to at least 11 K and I think we'll see a lot of volume come in here on the daily for sure we already see it kind of increasing a little bit which is pretty cool to see but really want to see a break above

That and potentially you know get get much above 10 K not like peek our head above it I think actually actually over the last few days we didn't even get above 10 K the last time we did was an entire week ago and may 8th we got

Slightly above 10 K got pushed back under the time after that we got pushed back around like 9900 so we didn't get above it this last time so did you see a really true break I think we're gonna get a very powerful move to at least

Eleven hundred US dollars when this actually breaks so you want to watch out for currently as I'm filming this worth like 94 95 hundred so we haven't seen that break yet and ideally we won't see it

This weekend because if we do this weekend which is not shaping up to be it doesn't look like that's gonna be the case but if we do get it this weekend there definitely will be a gap to the downside most likely so a repeat of the

Gap to the upside from this previous week also would be a really good thing I think as well guys we're gonna get this weekly close here very soon two weeks into May 20-22 fire this candle is looking nice but the thing we

Really want to watch out for is as long as we don't get like a reversal on these weekly charts where we close below this one this indecision candle as long as we close anywhere above 9,000 that's extremely bullish I would think moving

Forward and that's really what we want to do because guys we're in such a critical spot in terms of everything in terms of this entire last two and a half years so the main thing we want to do right now is not get a really big

Rejection and if we do get a rejection we just want to make sure it doesn't turn into a trend change a rejection wouldn't be too bad but an entire trend change I think would be bad okay and what I mean by that is maybe something

Like this and then continue downwards over the next few months I think that could be that could spill a lot of prolonged downside for Bitcoin and as well obviously the rest of the entire market as well

Now guys here are five metrics that could stop Bitcoin from reclaiming 10k and I'm gonna go over these very briefly because some of them are pretty common-sense but really liquidity is taken out of the $10,000 level when

Bitcoin rose from 9 to 10 K it got rejected shortly thereafter and Bitcoin absorbed large sale orders primarily on OK X and bit Mex and by absorbing these orders it really does increase the probability of a continued downtrend by

2 sharp rejections right at 10 K within a very short time span which is only about 5 days and that's what we were showing you here on this chart you can see just in the last few days two rejections right on this level which is

Also basically right on this line you can see that here so basically we've had to I mean this one I would even call our rejection just yet will need to get pushed back to at least probably under 9 K for a very true rejection there

Because we've already held above 93 but overall yes that is two rejections and there are some bearish divergences popping up on some smaller time frames as well we'll get into those because this next article goes into more detail

With that there's an imbalance of long and short contracts which you always want to take into account just like you take into account the CME gaps which are very important to note the long and short contract comparison is pretty

Important as of today around 660 million worth of long positions are open but only 252 million in short so basically a lot of people are longing right now that's a pretty big gap and most likely those usually

End up in a possible long squeeze where we could see the price kind of get squished there and as what we are saying a little stagnation on major Bitcoin futures exchanges such as bit max bindings futures by bit and other

Futures exchanges and it's struggling to increase their so guys this is really important we're gonna take a look at this article as well by coin Telegraph the Golden Cross forming here so bitcoin is encouragingly posting higher lows

While being rejected by the ten thousand dollar level and it suggests more downside could be expected in the short term so on the one-week chart we have something bullish which I've been talking about here this MACD cross you

Can see that right here okay that's really important to note okay on these higher time frames and we could see a break to 11.5 K in the coming weeks in the coming week if we can get this major term this is this weekly trend to

Continue but on the one-day chart you start to see some bearish divergences pop up positively though there's a Golden Cross which is the 50-day moving average going to cross above the hundred and 200-day moving averages okay so you

Can see this purple line here the 50-day coming to go across the two hundredths of this yellow line so you can see this will probably happen within the next two weeks or it may be even one week here if as long as it continues upwards however

I want to point this out on the 4-hour chart this is where potential weakness could be described on the 4-hour chart volume over the last day topped out at a failed to retest of 10k price remains supported above key resistance which is

Very positive though as we move into the CME close on Friday this is really important traders may be looking to offload risk particularly giving the sell-off on spot exchanges over last weekend price action on Friday could be

Representative such effect so overall market sentiment has been pretty bullish but I do want to close out this article by saying many new entrance to the market are betting on Bitcoin being a safe haven even some billionaires right

Over which remains some debate the next two weeks and the close of May will prove pivotal for the market which see the bulls and bears continue to battle over the 100k level if 9300 being a critical level for the Bulls to break

Bears have previously enjoyed shorting positions on Bitcoin from around the 10k level which in the past will most likely be looking to put prices back to at the very worst case where we talk about the high $6,000 range over the next month if

Things get very bearish okay we've been talking about a significant drop potentially being case one final drop most likely would have to have to hold in the mid to high $6,000 range Bulls would have to pretty

Much hold some daily camels above 8k though we could wick down in the 6k level but we wouldn't want to stay there you want to wick down and then close the candles above that and capitulation on the bear side here could see Bitcoin

Press above 11.5 K very quickly if Bitcoin is able to break above that 10 K level then obviously 11 K all the way up here could be a very nice breakout target for this massive trend we can zoom out again we can show you kind of

What that would look like over the past two and a half years a very significant break would be something like this guys we wouldn't see a break like that now that's why I talked about in the beginning of the video about this not

Being significant whether it's on the bottom at the top mainly we want to see regardless is a break to at least like 11k at the very minimum most like a 11.5 K to really show that there's a lot of a lot of pressure and a lot of breakout

Potential being put on there as you can see for the entire cryptocurrency market cap you'd want to push above at least three hundred forty three hundred thirty billion US dollars at market cap to see a significant break out there to put us

Even back to the levels of summer 2019 so pretty much an entire year ago alright guys so let's generate a random number here – one – okay the video we're gonna pick copy the link there alright paste it in there get youtube comments

Let's see there's about 230 any comments here and let's see who wins Niccolo can I win ledger yes you sure can brother make sure you hit me up in the DMS as well Mike Congrats is what we're gonna be shipping

Yours out here very shortly and hopefully Mike Niccolo gets in contact soon enough and we can ship them both out the same day so guys if you want to get a half off Ledger's still only a few days left make sure to hit that link

Pinned in the comments Wow guys and as well thanks so much everyone again for continuing to join learning some ta here if you want to get some insights from me on ta and as well if you definitely want to get a very good understanding of some

Basic TA and some hints and techniques that I like to use definitely check out T for below guys absolutely huge

Related Videos

Okay come down here boom that would be picture-perfect beautiful guys look at this we actually have this candle come down right on this line right here right ab...
Wow you guys are going to want to check this out guys as you may know Bitcoin has decreased a few hundred dollars as of about midnight last night we have some i...
Okay tickle my toes and spit in my protein shake this mamacita is ready for some games as discussed in yesterday's update Bitcoin held this critical line he...
I will tell you what bitcoin is on the verge of a huge move no ifs ands or nuts about it guys looking at this chart we have some very interesting patterns that ...
This winks agita now this is a clue guys a little bit over 24 hours ago Bitcoin awarded a move that could have significantly pushed us below that $10,000 US lev...
I'll be a monkey's uncle guys less than 36 after posting our video that a huge move was coming right here in fact we did have a huge move the opposite d...
Wow in this video we have to talk about the biggest pullback that we could receive over the next few weeks that would still indicate a very bullish market a lot...
Wow well tickle my toes and boil me and bacon grease this is amazing because we have so much to get into in today's update as we talked about yesterday on t...
Wow unbelievable okay absolutely yes guys halfway into my fifth go-gurt tube in a row I had to stop to get on to provide this quick update here on bitcoins pric...
hickory dickory duck the weekend does not stop the clock and I wish my roommates would knock because you never know what Tyler s crypto is doing whether it'...
absolutely superb now that is what I call it bounds if she called me daddy you know she got a fatty guys this is huge we have so many key things to talk about i...
Wow guys in today's episode the gloves are coming off guys today we have to talk about two patterns and one of them you have not seen talked about I guarant...
Wow is that a worm or were you just excited to see these charts guys welcome back to Tyler's charting Academy where we put the art in chart the dirt and dir...
while when there is blood in the streets make sure to check your sheets guys we have so much to get into absolute madman emergency mode Bitcoin dropping the mos...
Wow mirror mirror on the wall will Bitcoin continue to fall I wish my psychiatrist would return my call because we have so much to get into in today's updat...
oompah oompah oompah t - did we just locate the final clue taking a zoom back on this weekly chart we really have to look and identify where some key levels his...
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 ...
Wow dingdong the witch is dead hide your toes because I'm under the bed guys welcome back to this exciting update the very last time that the 21 week moving...
Wow I am not good at keeping secrets but what I'm about to do is spill the beans like my nanny always used to say if you tell anyone what happened here toda...
that's it I've had it if it's not your body it's not your juice today Bitcoin breaking back above $9,000 for the first time since February 26th...