WOW! BITCOIN BOUNCED BUT IS THIS NEXT?? IF BTC DOES THIS – HANG ON!

by birtanpublished on September 19, 2020

Always remember if you buy Bitcoin your wildest dreams could come true or you could lose everything Wow is Bitcoin headed up to our target here at the top of this trend line up 10% today will this continue or is it some sort of mega fake out and bitcoin

Is actually headed much lower we're gonna show you the charts and show you what we think is most likely and what trajectory makes the most sense Bitcoin finding support after support on these for our candles clearly

Continuously bouncing there seems to be a lot of pressure pushing Bitcoin up Bitcoin continuously in positions where it should be getting pushed down but you just see flatlined sideways consolidation which could be indicating

This sell pressure is getting smaller and smaller and Bitcoin doesn't necessarily want to go below certain levels does it or don't it will take a gander at that Bitcoin is still far away from entering a short term a bullish run

However we're gonna take a look on these charts and show you what makes the most sense and could this weekly candle for Bitcoin be a very large green candle gather round tunngle unga's let's get into this analysis wow what is going on

My crypto alphas and alpha females welcome back to this very exciting episode Bitcoin yesterday we talked about this as soon as they hit this line guys you see it fell from this line to this one in an immediately found support

Now it is clearly also bouncing right there so I'm gonna have to be talking about that why is Bitcoin doing this is this a good or a bad sign as you can see this is a descending Channel okay and Bitcoin is

Obeying it it is hitting every target so that's a good sign showing that those patterns are valid but it's a good or a bad thing as it continues to go down is this setting up for momentum to the upside or in fact is it sending up for a

Mega big dumb pitch as you guys might know we all tend to overreact a little bit in the space this tweet kind of references that you know Bitcoin dropped $100 yesterday most people don't care you know if it drops a little bit

Everyone panics oh it's going to a thousand if it goes up a little bit oh it's going to 10th oh it's going to 20,000 go to all-time highs so guys we have to keep ourselves grounded and I do that by drinking juice daily so we

Really have to get into the TA for today so much exciting stuff guys so guys we got so close to a thousand into the last video so let's actually give it away this video if you guys want this just leave a comment below this ledger and

Make sure to leave a like subscribe to turn on the dings in let's get into this ta Mele so so guys we can start off on this daily chart this has actually been pitch perfect if you guys know we've been

Have any of these lines on this ascending channel for months I'm not going to spend too much time repeating that same information but we bounced right at this line the heart line channel the middle okay we have five

Lines the outer two are the outside of this descending channel then we have essentially the middle line the heart line channel and then these two other ones that are very important as we see moving backwards in time that's that's

Kind of why we have these on there because they've acted as support resistance and as time goes on they still play a part okay acting is support acting yours resistance acting as resistance acting as support falling

Through acting as support so currently that's where we are and if we switch to the four-hour chart you can see this is very clear here we still have what some people are calling a lot of people are abandoning this now because it's not

Making any sense okay this did not seem like a Bear Flag and it does not seem still like a Bear Flag but that's currently what we have on here remember guys if this Bear Flag would break out the target would be like

The the low three thousands maybe even high two thousand so that is again we've been saying we don't think that's very likely but here we go as we're breaking out of this the first thing we noticed is that for like two

Days we traded barely below breaking out of this trendline okay only three hundred dollars you treated it like 6263 for like two straight days then we yesterday we broke down a little bit and we came down to this point three

Eight two on the FIB which is a strong area and as well you see some volume there but clearly only trade there for a little bit and we're currently getting a little bit of a bounce enough is this bounce anything to get excited about or

In fact is this just a major fake out so we're gonna be talking about levels that are very important to break and guys we can start with this the most obvious is the 7000 this is the very key thing to get above this pattern this we've been

In since the major calamity chaos episode of March 12th where we went you know cut bitcoins price in half and we felt quite a bit so this has been the pattern that we've been in for about three weeks now so we really want to get

Out of this if we switch to this chart you can see 66 is a very key level as well so we've already tested the top of this descending Channel once and we failed to get above this here so that's very important you can see this is a

Very tough level to get above but guys now what we can see on the daily chart were actually above the twenty one week as of right now this is very good this is a good indication the twenty one week is almost just going vertical down so it

Was only a matter of time before we got above this because I mean it's just plummeting obviously with this happening it's delayed but it's actually it's coming straight down basically because that means massive move but now

It is likely at some point in the future that we're gonna come back down and test this for support as we broke above it so we found support here and we kind of have shot up here now I wouldn't be surprised in the short term if we

Revisited this and try to find some support again guys that would be around the 6,000 dollar level so if we see another swing okay well we're currently at like sixty four hundred sixty three fifty if we see another move down to six

Thousand that's not necessarily bad at all we could just be getting under there bounce there and re trying to get up to the $6,600 level to break above the descending triangle on the daily chart or descending channel sorry on the daily

Chart it's really important there same thing here guys if we saw another thing like this where it came back down this what it would look like on this chart not quite that low about six thousand year and you got another bounce

To maybe get up to that 66 or 67 that could be considered a good sign overall though I think this is the most important thing to take to take notice of this I mean the guys there's just so much in my opinion support here

We've already plummeted massively here again like I said in the last video I don't think we're just gonna massively dump another $3,000 in a day guys I just think that's insanely unlikely if I'm wrong then so be it but $3,000 down to

$3,000 dumped down to about $3,000 just very drastic and currently I think this area is just so built up right now we're still forming that structure guys ever since plummeting and again this goes back this is like a longer term area

Right here not to mention we have the 200 weekly which has been playing support as well and we did get a bounce there we saw two weekly candles hovering around there and we've been going up since then so again what we could see

And I wouldn't be shocked if this happened what we could see is something similar to the last time that we came to the 200 weekly moving average right here where we come down bounce up and then come back down to that 200 weekly

Everybody in full panic mode and then what do we do we just continue up and then breakout so that that could happen as well this I mean funny enough this all happened with the litecoin having now this is exactly where the Bitcoin

Having is as well so I think that's very interesting if something similar would happen it'd be pretty similar in terms of actual fundamental events because again this was caused a right around the light coin having time which I think

Played a huge part in the market rallying there and as well this is this is right here's like the Bitcoin having when this is going to happen so this would be about pitch perfect in the same amount of time there if we again what

I'm trying to say here is we could still come down to that 54 $5,500 area we've been talking about on this chart okay down to about here this whole area here especially this orange line and that

Would still be fine over the neck I mean that could happen over the next few days there if that did happen that wouldn't be a bad sign it could just indicate a double bottom there and then I move up because when we had a double bottom here

This did indicate a move up and it coincided with the having same thing if we get double autumn here coinciding with that having we could see a similar move I think that's a really bullish scenario obviously we want to talk about

Bearish scenarios with some people and less and less people I think as time goes on because it makes less and less sense what they're thinking is potentially we could come back down here and what we're forming right now is as a

Bull fact guys I just don't see this happening and another drop down to let's draw it on here um about like this area here do you guys see how low that is that would be I mean let's let's take a second to think about that if that

Happened then you guys know that would make a lower low on this chart because we only came down to about yeah 31 if we broke 3,000 and went into the 2000s in the high 2000s that would break all of the structure going back to the end of

2017 all that would be destroyed and that would indicate in my opinion that would indicate a multi-year bear market if that happened so with everything already happening with the broader economy and the fact that bitcoins still

Held some structure and bounce back above the 200 pretty rapidly that's a really good sign I don't think that's a bad sign at all considering everything that's going on in the world and Bitcoin still maintained its structure I think

That's very important now now a Bitcoin continue and and be fundamentally important as we transition maybe with this current economy into what Bitcoin was built for which is some sort of replacement or as a different use away

From traditional fiat systems that could be playing a part as well Bitcoin has been diverging it continues to diverge a little bit so getting back to the question if we have some upside here's what we're gonna do upside target

66 super important this 72 incredibly important 78 biggest still is that $8,000 level guys that $8,000 level which as well is right where this 21 week moving averages actually is kind of curving down now at this point it's

Actually at 78 right now and again if we can continue this for another week or two this could easily we could see some sort of move up to that seven thousand eight hundred eight thousand dollar level and then come back and find some

Support here and then continue upwards as well so overall all of these lagging moving averages are coming down because of this move obviously so it's gonna put us technically on these charts

Especially the weekly in a better place to actually move and break above some of these levels so again just key levels to watch guys I think this by far on the daily chart this descending channel is still the

Overarching resistance and again most importantly in terms of a massive breakout breaking this line here which again as of right now as of today it's read about $10,100 $10,100 let's say it moves out to the beginning

Of May ok closer to the halving it would be under $10,000 so by then it would actually be like 9800 ok so that could be maybe a good time maybe we could rally into or shortly after the bitcoin having so it's really important to

Notice there you guys well you already know my downside targets primarily I think this level is really important right about the 5,400 here's what I think that's really important on the weekly as well guys the 200 moving

Average you saw a really strong bounce there and we saw a very big amount of volume there as well you can see that here so again I think that's gonna be crucial overall I'm very satisfied with how Bitcoin is performing hitting all of

These targets these again they're validated the more we've had these drawn here for months and when we see a move up to here and I come and I check this chart and I see either resistance and then it comes down I see support here

All that does is just validate these patterns more and more so when you're looking at patterns if you see the patterns you draw being very stronger resistance and you see moves happening around those levels then again validates

Your pattern very good stuff so guys thanks so much make sure to comment we'll be giving away this ledger into the next video and I'll see you in the next one

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