Bitcoin about to dump ?

August 24, 2019

Hello guys, how are you today?
Welcome to our first video.
Today we’re going to do a quick
top-down analysis for bitcoin draw out,
some important levels and
try to understand what are
the key points where this
market can turn or what are the points
which will show us that we may still
range. So let’s get right down to it.
Here I have the Bitstamp chart
for significant historics.
Generally it’s much better to chart
on something of higher volume.
So for shorter time frames,
I do recommend that,
you continue to chart on the
Bitmex chart, but for now,
because we need historics, let’s
start on the Bitstamp chart.
On the monthly here we can see that
we have three weeks. This is very,
very significant.
We want to look at the historics and
see that if we’ve ever had this before,
I can see in the end of 2011,
we did have something similar also,
2015 f winter we had something similar,
maybe not as wickey, but
we had the monthly at,
similar levels. So in these,
essential points of the market, you
can see that, how they are similar.
They are, consolidations
after the first impulse.
And what you can clearly see now,
what is really different is that,
the first monthly that we had, I
mean it was only a couple of months.
The last time we had three months of a
bull before we started consolidating.
And this time we’ve had an entire
five months. That’s really,
really impressive from BTC.
Really hope you caught this run.
It was a great time to be long
on bitcoin very critically. Now,
in all these three months,
what we can see is that, that,
the previous consolidations,
the monthly lows were being held and you
can see that each consolidation the p
revious months low was being
defended. So here on this month,
what we want to see if you are a bull
on BTC is this previous months low to
hold. This is really,
really critical for this to be reflecting
as a flat monthly consolidation.
Exactly like we’ve had in the previous
two market cycles for bitcoin.
Here we want to draw a couple of other
quick monthly levels. This was a very,
very important monthly level,
the monthly open and close of the
previous high of the market cycle.
the monthly opening low of the
previous months. Let’s, uh,
point that out as well because I think
this was what was showing us a range,
in the last couple of weeks. Let’s
drill down to the weekly now.
For the weekly timeframe.
U what I want to really point out
as this very interesting level.
This is the equal lows on the weekly and
I think that if we lose this previous
month level, this is the most
attractive point for price.
And essentially taking this
level out would give us a very,
very nice reaction for, for bitcoin.
Another very interesting weekly level is
from this weekly candle that took us to
new highs in the previous
cycle. And, I mean this is very,
very farfetched, but also a
very, very attractive level.
I wanted to quickly draw out some fibs
just to show you if there’s something
else that kind of comes together,
you can see a 61.8 golden
retracement on this weekly level.
So for this entire cycle,
this is again, a very, very,
attractive point for price
to give us a good reaction.
So in terms of levels, yes.
On a monthly and weekly,
I think this is what is
interesting for the daily,
I can essentially draw out of
a nice level over here for the daily,
which has been a really being
tested. We’ve had one, two,
four weeks and now this is the fifth test
for this daily level slowly weakening.
And , I think if we closed
the daily below, this, ,
we are coming right down to test this
really, really important monthly level.
So, um,
this is a really nice way
of when we are looking at,
any asset class to come from,
the highest timeframes to give us a very,
very good perspective on what we should,
of what we should expect.
So this is what we are
looking at right now.
I would say that if
you’re not already short,
I call a really nice short on my Twitter
for the loss of this monthly level.
I’m still holding short
from here. Added some,
yesterday we had a,
we can go to the four hour to show you,
we had a few stop runs over
here which was showing,
a lot of weakness.
So I added some over here and if you’re
not short already and you’re looking for
a short,
I would say what do you want to see
is a daily close below this level.
And if you do, if you can see it,
a retest of it should give you a nice
short opportunity all the way till this
monthly level. I expect this
to not go down without a fight.
So definitely we should get
some kind of reaction here.
I would be taking some profits down here.
And if this does get taken out,
a retest of this should give
another shorting opportunity.
So if are not short already,
a confirmation with the daily close
below this level is what you should be
looking for. And if you are short already,
essentially this level was something
to possibly take a little bit off the
table. You know, always it takes.
It makes sense in the current
climate that we are right now,
we are sideways with
a slight bearish bias.
But, what you should be looking
for. If you want to look for upside,
there’s essentially for price to get
back above this level and you know,
find support over here.
If that does happen, yes,
we can say that we are
still sideways. So that is,
that is all for now. I hope you
enjoyed this video. If you did,
please come on and like and subscribe
and we will definitely be coming up with
more and more regular updates on bitcoin
and eventually other alt coins and more
asset classes to give you a
good picture of the market.
I hope you enjoyed this guys.
Do hit the like and subscribe and
I’ll see you soon. Thank you. Cheers.
[inaudible] wow.

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1 Comment

  • Reply josh watson August 24, 2019 at 7:26 pm

    Looks like you are on the same side of the trade as CNBC, be careful!

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