by birtanpublished on August 23, 2020

Hey guys what's going on jeb here and in today's video as you guys probably already know bitcoin has finally broken out of the consolidation pattern that we've been looking at if you'll remember i'm totally gonna pat myself on the back a little bit here

Four days ago i said within four days bitcoin will be breaking to the upside and i said that bitcoin should be trading above twelve thousand one hundred dollars so yes bitcoin is going to have a little

Bit of a hard time getting through eleven seven to twelve one but guess what i'm making a call here it is going to happen and it's going to happen within the next four days that is my prediction

Bitcoin will break the zone of resistance between 11 7 and 12 1 within four days that should be before august the 10th that's my prediction and in fact there's a good likelihood that

It'll happen even quicker than that i was partially right because bitcoin has broken bullish but we're not quite above 12-1 just yet nevertheless the fact of the matter is bitcoin

Is in the middle of a breakout and in fact when i opened the chart today i saw something that i drew on the chart yesterday and it gave me a great idea for a video topic so guys in today's video we're not only going to be

Breaking down what's going on on bitcoin and covering the short-term analysis on bitcoin and where bitcoin is heading we're also going to be talking about a vital trading tip that you guys have probably not heard or

At least if you have heard it you probably haven't heard it in a while because i don't see many people talking about this guys this one tip will stop you from getting burned on all kinds of trades it's very important

So we're going to be talking about that later on in today's video guys today is monday my favorite day of the week and we're about to dive on into it but before we do there's one thing i want to mention

And that'd be the cryptocurrency technical analysis academy as you guys know c2a is on sale you can use the coupon code bull run 2020 for 40 off at checkout if you guys want to get started working in cryptocurrency

Markets trading them analyzing them and actually profitably trading and investing in them i highly encourage you to invest in your education c2a is a compilation of 36 videos and over 12 hours of high quality content

That'll teach you what you need to know to get started in bitcoin and cryptocurrency markets more on that at the end of the video but for now though guys without much further ado

Let's go ahead and dive right on into it guys as you probably know if you look down on the hourly chart on bitcoin we did have a breakout to the upside about 12 to 14 hours ago immediately following that breakout we

Bart simpson down and then we rallied right back up to where we started as you can see on this clutter chart i'll show you why it's cluttered here in a little bit bitcoin broke to the upside a little bit

This morning and rallied to about twelve thousand dollars where it stopped and rallied three percent in doing so following that we traded sideways and bart simpson down five percent on one hourly candlestick and from there

We rallied very very quickly why did i leave all this stuff on the chart from yesterday's video i'll tell you why and i'll get to that later as for today's analysis let's jump onto a clean chart and see that what bitcoin

Did last night was actually very very important we broke bullish we pulled back and got support in this area inside the consolidation pattern and then we broke once again this is actually a very bullish look for

Bitcoin even though pulled back that's okay because the bulls shot us right back up to where we started so what does bitcoin do from here well guys we're not actually technically

Out of the woods yet because as i said the top of our resistance zone is around twelve thousand one hundred dollars and as i said four days ago i think bitcoin's gonna break to the upside and it's going to be above 12 1. we're not

Above 12 1 yet so i was a little bit off on the timing but i do think that's going to be coming in the next couple of days the reason is if we look out on the four hourly chart and especially out on the

Daily chart we can see that even though volume was declining as you would expect in the consolidation pattern we have seen a return of volume right there not only that on the shorter term time frames obviously we can see that

The bollinger bands have started opening up and in fact if we look at the bollinger bands we can see number one most importantly there's been a return to volatility at least a little bit on bitcoin which is very important

But we can also see that bitcoin rallied up to the four hourly bollinger bands and rejected off of them this would explain why bitcoin pulled back we hit resistance at the top of our twelve thousand one hundred dollar zone

And we also hit the top of the bollinger bands so does that mean that bitcoin's doomed is gonna crash the floor and go down to gehenna and just die no it means that bitcoin has rejected off of some resistance and is trying

It's moving to the upside but it's just gonna take a little bit nothing to really be worried about i'm very confident in this market right now and i'm looking forward to bitcoin breaking 12-1

Which i do think is probably going to happen in the next couple of days still one thing to keep in mind guys is that it looks like shorts are really high right now it looks like on this four hourly chart that shorts have been

Rallying from 5000 all the way up to 8 000 they've doubled in the last week doesn't that mean that bitcoin is screwed well there's a really cool button up here called

Compare and with this we can compare the shorts to the longs and what you're going to find is that the longs are significantly significantly higher than the shorts in fact they always have been but

Especially right now they are longs are sitting up here at 31 000 and shorts are sitting down here at 7 000. if we measure top to bottom there's a 300 percent difference in these right now compared

To back in may of last year when there was only a 30 difference well that means that the distance between the longs and the shorts have gotten much much much much greater as people have

Come to realize that we are entering a bull mark and you might say but yeah the last six months they've been pretty far apart you'd be right but even a month ago they were 200 apart 14 000 less shorts than

There were longs but now they're 300 apart and 22 000 less shorts than longs now that is only on one exchange over on bitfinex but i still think that paints a picture of what people are thinking in bitcoin

Right now i think there's always going to be a little bit less longs than shorts simply because more people understand longing a lot of people don't really understand what exactly a short

Is when they're getting into the market so that makes sense but the massive discrepancy and the jumping longs and the relatively speaking small jump in shorts explains a lot furthermore guys let us not forget that

Bitcoin has jumped massively over on google trends we're sitting at 76. we've seen a couple of highs like in may and back in march on bitcoin correlating to the highs that

Bitcoin had run to but what do we see on the chart bitcoin is higher now than it was in march and it's higher now than it was in may but over on google trends which is a little bit lagging albeit we're

Actually lower than both of those peaks which means bitcoin has gone higher with less outside investment and less outside interest and less outside engagement what that means is that the majority of

The cryptocurrency space certainly more than we had six and three months ago are bullish on bitcoin for good reason we've just entered a bull market so let's not make the mistake of

Zooming in too close and saying oh look at that five percent candle drop where we dropped 500 in one hour like we talked about earlier let's not get too hasty zoom in say look we had a bart simpson obviously

Bitcoin's going down let us zoom out a little bit and remember one of the things we talk about in ct-2a which is that longer-term trends override shorter-term trends

Far more often than not we talk about that in this video right here short-term versus long-term technical analysis which one's on top long term what's the long term on bitcoin right now the long term on

Bitcoin right now is a big old double thumbs up bitcoins heading to the upside but just because bitcoin is heading to the upside does not always mean that you're necessarily going to trade

It for perfect profit and if you did exactly to the t what i said in yesterday's video about how to trade this market you would have gotten stopped out and lost money but in that video i said make sure

You're using your own wisdom in trading and don't just do what i say here's why i say that every single time i bring up a trade setup guys i'm not here to hold your hand and in yesterday's video i

Literally said if bitcoin rallies above a level right around here probably a good place to enter if you did that and you waited to sell exactly where i said it was going to

You would have missed selling out not only that you would have fallen down here and triggered a stop-loss which i said to put just below this level of resistance now support i said that verbatim in

Yesterday's video i want to make a point with this because if you followed what i said yesterday to the t which i told you not to do but if you have done that you would have actually lost money here

Not only would you have lost one percent with no leverage a lot of you guys are probably trading with 25 or 50 x leverage which you shouldn't be doing if you're newer to the space you also would have missed out on a two

Percent gain where you could have sold up here around 12k here's the point i want to make building on what i said yesterday i want to make this very clear because i said this many times in yesterday's video i say it in every

Video i do like this i never want you guys trading based off of specifically what i say to do why would i say it then because i want you to understand the mentality of how one knows what they're doing goes

About setting up a trade but there's a very important part and this is what i mean when i say wisdom and making sure you're not just following blindly when you're setting up a trade and

You're kind of following a blueprint that an influencer like me or someone else or an analyst or whatever gives you you want to make sure that you understand why that setup works

And how to manipulate it to your own benefit when i set an exit price on a setup like this it might change if i were to trade this market i would have exited around 12 000 did i go into that much excruciating

Detail in yesterday's video no because i don't want to go into excruciating detail because i want you guys to learn how to do that on your own i never want you guys being reliant

On me like i've said many videos i'm not your mother i'm i'm really not and i'm not here to hold your hands i'm worried and the reason i'm saying this is because i'm worried that some people watch these videos

And they hear me go over trade setups which everyone else on youtube is afraid to do because they're worried they're going to get backlash i'm doing it because i know it'll help you guys if you follow my directions and

Actually do what i say i'm worried that some of you guys look at the trade setups i say and you just blindly follow them which i specifically say not to do every single time but i'm concerned that some of you

Do so you don't have to call yourselves out but if anyone is brave enough to do in the comment section down below and say yeah jeb i followed exactly what you said

And i didn't do what you said about using my own wisdom and i made this trade and i lost one percent on the trade i'd love for you to tell us in the comments section down below so people know i'm not just preaching to a choir

That doesn't exist but when i talk about wisdom in trading and when i talk about not blindly following people this is what i'm talking about because if you had a blindly followed what i said

And not used your own wisdom you wouldn't have sold because you would have waited up here if i were in this trade and i saw this massive breakout and i saw it flag out for five hours i would have sold here but i didn't know

That bitcoin was going to do that because it hasn't happened yet when i made yesterday's video i didn't trade this but if i were to i would have seen bitcoin flag out for four or five hours and i would

Have exited like 75 of my position and held on to a little bit just to see what happened with it but i can't be there with you so guys i'm i want to make this so clear because so many people are blind

Sheep i had a friend tell me that a friend of his was out in the woods right out on a mountain bike trail hadn't seen anyone for 30 minutes and then they're out in the middle of the woods probably a mile from the nearest human and what

Does he see he sees a person wearing a mask what are you protecting yourself from are the trees do the trees have rona now like people are sheep and i don't want you

Guys to be sheep because sheep get led to slaughter and that is not what i want for you so i know i've been harping on it for a minute but i want to make sure you guys understand what i'm saying i think you

Do now anyway guys that is going to wrap it up for today's video i hope you guys did enjoy today's video as always if you did consider hitting that like and subscribe button before we go though guys i do

Want to mention what makes this channel possible and that would be the cryptocurrency technical analysis academy guys ct2a is what allows us to make these videos and all of the expansion that we

Do guys there are five people on this team now and we have a lot of people working on things behind the scenes to continue bringing you guys high quality content you're gonna start seeing a lot of that very very soon

Moving into the office in three weeks to the day actually guys there is a ton of expansion coming and c2a makes this possible guys the reason that you want to go through the cryptocurrency technical

Analysis academy is because it is going to teach you the skills that you need to know to read these markets everything i just said in this video it's been covered in ct2a if you'd gone through the academy you

Would have already heard me say it i'm talking literally everything we talked about in this video consolidation patterns bollinger bands volume uh trading setting up trades having wisdom in trades knowing what you're

Doing having experience risk and reward strategies profit taking all of that we talk about all of that in ct 2a literally every single thing i talked about in this video i go into

Excruciating detail with over in the academy guys if you want to learn technical analysis there's one place to do it that i know of if you guys know a competitor let me know we'll beat them but ct2a is the best place to go

Because of our community because of what we built and because it's built on three years of experience my experience and you're not going to get that anywhere else guys investing in your education is one of the most

Important things you will ever do why do you think that people spend the first 20 years of their life if not more in school it's because investing in your education is the most important investment you

Will ever make a lot of people think that they can wing it and look winging it is not a good idea because winging it is going to get you burned if you're going to be trading especially you need to know what you're

Doing and you don't need to be doing it on your own it's a mistake i promise you i've seen so many people get burned and i don't want that to happen to you guys ct2a is going to do a very good job of

Helping you to not be one of those statistics that gets burned and leaves crypto because you don't want to get burned and you don't want to leave crypto i promise you you will regret it if you do

Anyway guys that's enough of my spiel for today i hope you guys did enjoy today's video as always if you have any questions comments concerns or if you want to hit that like button let us know down below guys i do

Appreciate you all sticking with us we're about to hit 51 000 subscribers guys we're just going to the moon forget bitcoin going to the moon the channel is going to the moon thank you guys anyway guys like i said that is going to

Wrap it up for today's video before i go though i do just first want to thank each and every single last one of you for watching as always and i will see you guys in the next

Video peace i got a real good feeling

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