by birtanpublished on October 1, 2020

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 historically over
the past two years after Bitcoin has
been in this four thousand dollar-plus
range what are the ultimate areas where
has all of the trading where is all the
volume at it can provide us with a nice
clue as to what this move wants to do as
well as this weekly key moving average
is what we are seeing the bounce
continue here we switch to this chart
and you notice that we're actually
stalling where we have found support the
last few days is right on the third of
this line now if we did break through
this what would that mean it would not
be the first time that is broken through
however it would be the first time that
this did not completely bounce back in a
big explosion so we have to take a look
at that as well you look on the 4-hour
chart and there is some tight
consolidation potentially a pattern
forming here that we want to take a look
at as the gap has been filled for now
we're not going to talk too much about
the other one in this as we mentioned in
yesterday's video and what is the rest
of the market doing well bitcoin follow
along will traditional markets continue
to have an impact we have another whole
day over 24 hours until we see how that
opens up so guys thanks for joining
let's get into the episode Wow no way I
cannot believe you guys made it thank
you so much for joining
special episode yes that is correct we
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notifications and let's get into the
data so we have a lot to look at with
Bitcoin the price has not necessarily
moved too much over the last 24 hours
but we have to take a zoom out and take
a look at where this thing is headed now
guys as we mentioned in yesterday's
video the impact of the market in
general the stock market the traditional
finance obviously we can't discount that
because what is going on could have an
impact moving forward however we do have
to be realistic and we do want to look
at Bitcoin charts so what is Bitcoin
showing right now it is showing so
obviously this is the weekly candle you
can see that here this is a pretty
substantial weekly drop and as you can
see on this chart actually right now
where it actually bounced right at is
this line that we've had on here this is
our key market structure purple line
that we have on here now this line has
been broken numerous times actually just
in the past year or so okay so we go
back to the bounce that we had coming
out of that huge drop in 2018 the
beginning of 2019 as well okay you see
it actually fell below this went all the
way down to the 200 week moving average
down here and as well bounce right here
you can see for weeks it rode on this
line just wicking down and eventually
just bouncing straight up of out of that
actually you know when I get that really
strong bounce was this ascending
triangle but also as right as right as
it broke this 21 week moving average
this purple line here now currently
we're actually sitting right on top of
this 21 week purple moving average and
is what we're sitting right on this line
right here there are some other things
that we need to look at on some other
charts that show what exactly is going
on but definitely the key takeaway here
is that a bounce on this purple line a
bounce on this 21 week moving average is
what we're seeing so far now with that
being said I want to transition to this
weekly chart as well so this is another
weekly chart but this is a little bit a
little bit more important I would say
right now okay so we we talked about
this in yesterday's video this
at least five-year trendline this blue
one okay we talked about that as like
the worst pullback scenario the lowest
that we could go but now I want to take
a look at this so this is the very top
of the bull run of 2017 going into 2018
okay right here when Bitcoin hit around
20k on some exchanges actually did get
slightly above 20k that's it right here
so the volume profile for this entire
period which is roughly two and half
years a little less than two and a half
years you can see where the volume
really stands out okay so right here you
can see that giant amount of volume
stands out right at these levels where
we had that massive bounce back in the
summer of 2019
okay and as well the next highest on
this chart on these price levels of the
last two and a half almost years is this
zone right here which is where it held
on this descending triangle for
basically 12 entire months before
plummeting down to that 3k level and
then as well it's bit very similar right
where we actually wikked down just a few
months ago before breaking up into that
into that nice reversal pattern that
inverse Head and Shoulders pattern right
here so these two levels have been
absolute key mega bounce areas okay one
for this right here okay that's where
the lowest we went after the bull run so
far about that 3k we cannot ever revisit
that again or other or the entire market
structure would be absolutely destroyed
I don't think we'll ever visit $3,000
again that's my opinion there and then
the second one here we have actually
that correlates to the bottom of this 12
month descending triangle as well as the
last time we got this big bounce okay so
those are two huge key levels and we
have bounced on each of those levels now
will we get a bounce soon in what level
could that possibly be so looking at
this chart zoomed out you actually see
we're actually coming very much on to
the third-biggest
zone right here and that's actually
around that $8,200 level now as you can
see on some of these charts we did come
down to about the 84 we actually haven't
come down to 8200 at all so if over the
next few days if that is an area that we
test we're actually seeing a lot of
consolidating right now where we
currently are you see this this picture
right here we've been here for multiple
days actually going all the way back to
the 25th 26 trading in this very tight
range but 85 to 88 so about a $300
the last three or four days it's
consolidating right here so a lot of
people are wondering you know what is
the next move
you know after such a big drop it is
normal to expect to bounce we've got we
haven't gotten one yet and I'm not so
sure that we've necessarily hit the area
where we should get a bounce yet and
again that doesn't really matter the
bigger question is when are we going to
be trading in a new giant price range so
this 8k level we've been trading in for
quite a bit now we've been on an uptrend
since the beginning of 2020 is this
going to continue an uptrend or have we
completely switched into a much
different trend so if we would
completely switch into a much different
trend that's something we have to really
watch out for because the prices below
us are absolutely critical and we
couldn't really go more than a little
over a thousand dollars down from where
we currently are right now overall this
this chart is very much so bottomed out
okay what I mean by that is we have so
much more upside that we haven't
attained yet in terms of our previous
highs and we don't have very much more
downside according to a lot of this
structure that we could really go so for
the most part this market has to be very
close to moving forward and it has to be
moving forward moving up in price
otherwise again market structure is
completely destroyed as we talked about
yesterday this is a such a key bounce
possibility right here
this red line of this ascending this is
sending line here again this goes back
five years so it is absolutely crucial
that if we if we continue to pull back
this has to be a mega bounce zone right
there again if we did go down there that
that potential gap it's only like a
twenty dollar gap could as well be
filled if we did come down to this level
but right now we're actually holding on
this 21 week moving average you can see
that right here that's where I've seen a
bounce here and if we switch to the
daily chart actually something something
interesting you can see as well on the
daily chart here you can see there's
huge volume for this pattern for over
about actually the past year so this is
the last year of volume right here is
absolutely critical it's huge it's
actually exactly right at that $8,200
level right here guys
okay and it's not quite even down into
this inverse Head and Shoulders pattern
that we broke out of it's actually right
above it as we were first breaking out
of it so that's absolutely crucial and
as well this was support here in the
summer back actually in the the fall
summer of 2019 this is the the highest
volume here on this this yearly chart
yearly chart time frame on this daily
pattern here you can see it here so if
we did get a continue to pull
again you see a lot of volume actually
right here as well I think that's one of
the reasons we're spending some
significant time here if we did get a
pullback here this would be absolutely
key to also getting a bounce and that's
not quite down to this level so if we
would continue to see a pullback it's
not even necessarily the case that we
would ever have to even come down to
this level here in fact we only wikked
down to it as a part of this inverse
Head & Shoulders and we spent such
little time here we spent literally
hours working off of this so if we would
come down to here again I don't
necessarily think we have to add all we
could even get a bounce right here okay
we have to watch out for that there's so
much volume here 82 is key for a lot of
other reasons it's been passed
horizontal support and resistance and
many times specifically back in 2019 and
then specifically back at the very end
of 2019 going into 2020 as we broke out
of this pattern so this $8,200 level
again continues to be insane critical
support we have to look out for that and
as well guys that 8200 perfectly plays
into the pullback the max pullback for
this potential cup and handle here that
we've been talking about for weeks okay
we've had this box drawing on for weeks
you guys know what the 8200 represents
and what that means for the market okay
as we take a look on this this is
absolutely key this is the first time
that we're touching back on this 50 week
moving average ever since breaking out
of this inverse head-and-shoulders
that's gonna be key there currently you
see us sitting there as the stock market
develops again we have to we can't
ignore the influence that that might
have if it is the beginning of some sort
of big move there are going to be
bounces anyway and so we're going to
we're gonna get some indicators over the
next few weeks and months before we 100%
see that anyway I do expect to continue
pulling back down
barring any very potential positive news
this weekend I do expect stocks to
continue to take a hit this coming week
but as for Bitcoin we really have to
watch and take a look at these charts
there's so much at these levels and
again guys bitcoin is actually looking
the best out of so many different
investment opportunities right now
all right so out of the last 18 videos
let's do a roll and pick a random video
here okay let's do 18 all right and then
generate out of the 18 looks like video
number 15 so 1 2 3 4 5 6 7 8 9 10 11 12
13 14 15 alright so we'll copy this
video here alright so we will paste the
video here get YouTube comments 165 here
we go
Garrick says what is going on my little
mantra is Derek make sure to shoot me at
DM on Twitter make sure to contact me
we're gonna get you that ledger guys so
thanks so much for watching remember
make sure to enter we're doing another
giveaway very soon and we'll see you
next one

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