This Is What Happens When Bitcoin Hits $12,000 – (CAUTION!!!)

published on August 2, 2020

And right now guys looking at the amount of longs which are piling up in the market as well as some of the momentum indicators being like up here like this is the daily guys this is this is this is gonna turn around sometime

Yes guys welcome back to the channel as always so guys in today's video we are gonna talk about bitcoin and we're gonna make it short and sweet because i'm absolutely knackered right now not gonna lie i was up late

Late last night trading and uh if there's any if there's some background noise there's like a festival going on outside right now putting on the screen but if you can hear that i'm sorry but i

Didn't even know that was going to happen i'm in the the office it's a family office so i didn't even know that was going on but basically we're going to talk about bitcoin and the next the next scenario which

Might play out guys because i do believe we're going to probably hit 12k for bitcoin the price of bitcoin but i believe the next level is very important and um i'm going to go through you know if

We're doing a wave formation pattern uh there could potentially be some downside coming but i'm going to play both for the side of the story guys the bullish amberish case i'm also going to put a bonus question

In this video towards the end as well if you get that right i'll send you some free cryptocurrency i'm gonna bring that back and if you're new here guys please like please subscribe i'm gonna get on with

The video and try and make it like five to ten minutes long so i'm exhausted um but guys let's dive into the screens now right guys let's dive straight into it no faffing around so as you can see guys

We have broken out to the upside of this kind of pen and triangle formation you it's almost uh an ascending triangle but it's kind of like it basically is pointing upwards so we have broken up to the upside now guys

Uh we could get a re-test at the top layer at the top line here so we get a nice little retest but guys i do believe that this this gray line here is where our next target is going to be about twelve thousand two

Hundred dollars and uh i think that's pretty probable right now uh just looking at you know everything it looks it's just a bullish you know you can't you can't not think this is bullish right now looking at the

Chart it's just it's going up guys every single you know every single time the lows are getting higher um i will not be bearish on this until we

Break like you know market structure we come back down if we if we did this next and we went all the way through this triangle and then we broke this low here and then we tried to rally up then that

Could be the sign of this turning around here but personally guys i do think we hit 12k and i think you know and 12k is very important have a look at this if you go on the weekly levels you

Can see here 12k was this previous high here which actually created this uh channel down which we're using as our trend line for the channel so this is very important guys you can

See that there was a lot of sellers here before so i do believe we'll probably see a lot of sellers again at this level guys look at this weekly though it is ridiculous this weekly

Is oh it's amazing it really is incredible what we're going to do but uh let's look on the daily guys uh go a little bit further in so we can actually see this so you know this is very well you know you

Can see it's a multi-wave just parabolic upside move guys and i think i do believe this is the last wave and you know the wave counting that kind of stuff i do get it but i don't use it that much

But it's more like wave counting is more for like long-term kind of predictions for where this is going to go but obviously you know as a trader for me

I trade a little bit like lower time frames but also i do obviously have hot long-term huddle positions which are basically long so what i'm thinking guys is this right so this is this could be this is

The next wave i do believe after this wave there's gonna have to be some type of correction at some point so let me just go through this this is what i think guys this is the bearish case for the next wave down for bitcoin i

Think that a good target is about 12 too um and guys just remember this we could go higher than that we could go higher than 12 too but there's a few things you've got to bear in mind guys so i

I said a long time ago on the channel guys when the when the longs really start to like you know stack up in the in the market that's when you're probably going to have to start being cautious and look guys right

Now on bitmex which has a lot of volume right now there are a shed load of people going long on this market um you know back at this range here because basically let's have a look at

The chart so along here guys this whole range here when we were when we were creating higher sorry lower highs right when we were doing these along here i was saying that potentially this could

Go down and i think the traditional markets actually held this up very because the digital markets are just rallying continuously um but along this area here i was saying

Guys like it's difficult for it to go down because everybody was trying to short it it was like everyone was actually like trying to get ahead of the game and obviously what we see here you can

See obviously you can see in the mu birthing indicator everybody was actually like trying to short the market and guys we know that the market never goes in the direction of the majority so this

This is now what they've what's you know look there's going to be there's a lot of manipulation right now guys when you get up to these high levels um especially on the lower time frames they

Wick it up and down to get rid of those high leverage positions we're going to go into another period of manipulation like this this is nice um but when we get up to that 12k area and we hit that kind of block i showed

You before that block of sellers um long-term selling positions i do believe that i'm not i'm not saying has happened immediately guys but i do believe that we might do something like

This so i'm on the daily charts up to here hit that 12k region it might do a weird of a weird flag i think we'll come back down and potentially we will retest these prices again

Like i've had this on my chart for a long time this yellow line here i still believe that these prices are significant guys you know at the end of the day um a lot of people are long i'm i'm

Right now can't i wouldn't say we're going to go any lower than about 9k i would say like that would be probably the lowest i would say for right now for the next wave down uh because there is going to be one guys

These things don't go off forever uh but i'm saying it might happen today it might happen in the next six months so you don't know that but what i'm saying is guys like look um these these levels here are is

Significant there's a lot of people who got long on high level positions and they're killing it right now and the market will come back down and test those prices like guys we know in history if you look at

Bitcoin just look at it it it likes to test consecutive you know everyone when with the 10k here right when we went to 14k there were people screaming to the hills we're never gonna see 10k again

We went all the way down to three seven guys like looking like looking back in the history uh bitcoin like bitcoin's very generous obviously short when you're short term people get so emotional and i know where

It's not never going to come back down but actually bitcoin is very very generous and it gives you multiple times to to um trade specific prices and right now guys looking at the amount of longs

Which are piling up in the market as well as some of the momentum indicators being like up here like this is the daily guys this is this is this is going to turn around sometime whatever whatever goes up must go down

So this is a parabolic this is a parabolic like wave count move guys this is massive um so i do believe that when we hit that 12-2 position at that that price

Twelve thousand two hundred dollars i believe could go higher guys do not i'm not i'm not gonna look this is this is what i say if i can actually speak there's no point in dying on the hill with your predictions in

Trading flip your bias there's no loyalty in trading you have to be able to flip your bias that's one of the key things so if we go 12-2 and we go to 13-14 then great

But i do believe that at some point we are gonna have to come back down and actually you know wash out some of these long positions and you know we probably will trade

Um 10k again we'll probably probably tell you we'll probably trade 10k again we might even trade lower than 10k i would say right now 9k uh maybe maybe even 8 1 with a wick i think we will trade that in the future so if

You're right now getting all fomo and thinking that you're never going to get a better price to buy bitcoin the likelihood is you will and i'm not saying that's gospel this could keep on

Going but guys if you look in history the likelihood of that happening in this this token doing something completely different to any other trading market it's very unlikely so let's say this

Right 12 2 to 14 i think in that region we're gonna have a pullback so guys it'll be this region here 12 2 to 14k i do believe will be the territory for a pullback on bitcoin

Because guys it's a parabola multi-wave killing it parabola up like it's it's crazy guys uh anything which goes up in a straight line usually comes down a straight line what really matters is

How low it goes or how far down it goes and think about it this way guys like bitcoin could potentially come back down to six thousand dollars around here um and

Still be bullish like it's re it's ridiculous guys the amount of wiggle room it could lit bitcoin could let you do this 12-2 top out come back down go all the way like this and then just come back around

And go up again and that that would still be macro bullish on the long term so i do believe that we will have an opportunity to trade lower prices guys um i bought all of my crypto back in at

9 7 it was i think it was the right thing to do to think this was going to break down traditional and also guys just to say traditional markets as well you know when traditional markets also

Do take a turn to the downside as well that could be the catalyst for bitcoin to do the same because this it will it will come back down to earth guys um obviously i've had long positions i've sold long so you

Know we will be going up i was calling get long if it broke above nine seven and look guys we had this huge rally high it's been pretty it's actually amazing but guys i think i think twelve two is next

Uh and we're gonna take it we're probably gonna see a around between 12 2 and 14 i think that's a very logical place for this market to switch bias i'm not saying

That doesn't really mean i have to be bearish either and i do believe that we will come and trade some lower prices potentially this price here let me go on a daily i think it would be probably around 8k

And i know that sounds crazy right now and probably people will say that you're an idiot but guys i've been doing this for a while now and like i know that whatever goes up must come down

Uh and at the end of the day guys all these short all of these long story are going to get wrecked at some point so that's what we know but guys i'll put some videos on the screen now please i'm absolutely knackered today but please uh

Comment all that great stuff here's the bonus question i almost forgot um so guys what price do you think bitcoin will come down to right whoever gets closest to the next swing low on bitcoin

I will send them uh i don't know how much i'll send them let's let me think how much i'll send them i'll send them 25 worth of crypto any crypto you want it can be bitcoin ethereum whatever 25

Bucks uh obviously it's not a huge amount buys but it's basically a sportsman's bet whoever can guess the next swing low price uh i'll send them 25 comment below see you guys later have a

Good day cheers bye

Related Videos

Hello the Republicans and welcome to another video of my cryptocurrency news series where I'm looking at the news that happened last week now today's 28...
What's up crypto gang welcome back to another episode if you guys are doing here we do a giveaway at the beginning of every single episode and today's w...
What's going on guys crypto jeremy here back with xrp video hope you guys have a fantastic day thank you guys so much for tuning in to another video and the...
What's up guys kevin cage here just wanted to do a quick market update on this monday so as we can see ada ada is down 11 today we noticed that it is coming...
Hello the Koopalings and welcome to another video in my cryptocurrency event overview series the aim of the series is to find any upcoming cryptocurrency events...
Ladies and gentlemen people of the internet welcome back to yet another episode of crypto over coffee hope you're doing well today and if you're new her...
Hey guys welcome back so first of all I want to start as usual by thanking everybody who's been liking subscribing and sharing my content you're helping...
Hi i'm brad garland house the ceo here at ripple it's an honor and really a privilege for us to be one of the founding members of the international asso...
Hello the cubicles and welcome to another video maker of the currency event over the series the aim of the series is to find any upcoming the currency events an...
I have to apologize to everybody because I've been promoting a company who only has their best interests at heart top salesmen best interests at heart and n...
It is Monday and you know what that means another episode of Krypto segments what's going out everybody it's your boy Krypto Bobby I hope you were havin...
What's going on everybody Alex back was another cryptocurrency video but today we're going to be talking about how to control yourself how to emotionall...
Hey guys welcome back first off I want to thank everyone who's been liking subscribing and sharing my content you guys rule and I appreciate all the constan...
Live from the USA hoping you get paid every day this stuff boasts a Bitcoin the crease though of creeped up is avoid BK and if you don't like me you must no...
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...
What's going on guys crypto jeremy here back with xrp video hope you guys had a fantastic day thank you guys so much for tuning in to another video today&#3...
Hello tokens and welcome to another video nice update now today's third of June and I'm looking at news that happened from 28th of May until today I alw...
hello it's Brad Lori or blockchain Brad and today we're speaking exclusively with icon many of you know it you've known it for years and they'r...
People what's going on this an update on Tron all right so the market right now market cap is 431 billion we've got a Bitcoin dominance roughly 34 perce...