Bitcoin had a big decision to make and it ended up making that decision. Bitcoin decision in this case was well it had a really nice bullish uptrend that we were looking at and ended up taking bitcoin up to the high six thousand dollar range and from there it really did have a great opportunity to continue rising higher but it ended up trading sideways and I told you that things started to look a little bit more neutral instead of bullish. At that point and it’s purely because the Bulls ended up missing their window of opportunity and so naturally the Bears ended up stepping in and that big decision was to continue the downtrend that we were in. You guys will remember that wedge that I drew for you looks a little bit like this. Everyone actually let me just draw the wedge properly. Everyone was talking about this wedge pretty important because you know we we did have this downtrend which was pretty significant. And you know I mean we had all the classic bearish signs. Let’s first draw this wedge for you. Looks something a little bit like this. And we ended up trading close to what the Apex would have been. We had declining volume while we were trading higher. We had a bearish divergence on many timeframes including this one. You can see that we ended up having the RSI setting lower highs and lower lows whereas the price continued to trend a little bit higher. You know on the one hour we haven’t even clearer bearish divergence. So. You know we had a lot of signs that the trend was going to come to a bit of a drop. And what’s really significant about this is bitcoin did set itself up to rise really really high but it just failed. It failed it showed weakness and that was a real shame because what that means is well you know we had a pretty strong downtrend and the fact that we’ve now confirmed. That we’re going to be continuing the downtrend might mean that things get really ugly for bitcoin. You know one of the things I mentioned in the last video is no matter what happens I’m gonna be trading it. That’s exactly what I did. I actually ended up trading both directions which was a mistake because I got caught out on this candle over here I actually entered a long position there and then ended up getting stopped out. So I think that was a 21 percent loss it wasn’t nice it was. It was the position that I thought was a little bit more likely to be profitable. But on the way down I did end up getting filled anyway and the profits from that I closed that 58 percent. You know that’s more than made up for the loss I actually shared the details of this position with VIP members. I told them exactly why I was selling these short orders and then what I was doing I told them where I’d be entering and one of the things that people have asked me to do is actually to. Visualize what my orders look like on the charts. So that’s a new change that I’ve made in the group now. From now on most trades that I’ll be entering I’ll actually be drawing out for you what my trade looks like. So the yellow line is where I would be entering a short position on Bitcoin. Each green line represented where I’d be closing 25 percent to my position and the red line was my stop loss. So it’s ended up being pretty good as you can see you know Bitcoin did end up dumping really far made some good money on there as well a lot of VIP members also seeing some nice profits today because they were also shorting the dump. So good stuff going on there. And you know that begs the question where is bitcoin going to go next. And right now Bitcoin lower trading area is right at a small area of support. You know it’s at six thousand dollar psychological area of support. Honestly looking at this this reaction rally it doesn’t look convincing. The reason that I think we’re going to end up continuing dropping lower is we ended up setting a low over here at six thousand fifty nine or whatever and then we ended up setting a new lower low just a couple of hours later and that is a bearish sign because it means that. After this kind of dump we did try to form a reaction rally and climb a little bit higher but the market just wasn’t having it and it ended up dipping a little bit lower than that. And and you know that’s important because we got a strong sign of bears being in control with this dump in the first place but now we’re getting even more short term signs that the bears are still in control because we tried to form a reaction rally and it was very quickly after that that we ended up going down to the same level. And in fact a little bit lower. So it just demonstrates that the bears are flexing right now. You know that it’s pretty clear that you know you’ve already got a really strong sign of confirmation that the bears are in control and control. But after that you’re getting more signs that the Bulls just can’t sustain the price higher. So I’m not optimistic about this. More importantly it’s not a it’s not a strong support area for bitcoin anymore. You know these ranges have been tested quite a lot so I would expect bitcoin to start dropping a little bit lower and there’s some talk of bitcoin going down to you know maybe 50 900 because that’s where we did have some. Weeks and candles trading around. You know that’s this red line over there. You know we did have some interaction with this price level. This is a potential bottom area for bitcoin. Before we do end up trading a little bit higher these are things that I took into consideration that’s actually why I closed the entire position originally as you will remember just from the last video I intended on trading this short down to the low five thousands the middle of five thousands maybe even the 4000. So I would have closed much more than 58 percent profit. But looking at the situation with the risk to reward you know the dealers I made a lot of money on this on this short position so I didn’t have a reason to be greedy I would much rather walk away with the profits I had you know than risk losing more money. So that’s why you also see by the way in pretty much every trade I take I always tell VIP members that I’ll move my stop loss to my entry as soon as I’ve closed some profit. You know that’s just that’s something I’ve been doing for a really long time basically as a person rule because I love to D risk my position so there’s no reason to lose money on a winning trade and there’s never a reason to lose money and so I’m doing absolutely everything I can to mitigate that risk in one of those things that I do from time to time is close the entire position much earlier than I wanted to. Purely because the profit is really good. You know it’s pretty nice to look at a potential 52 percent profit but it’s even nicer to actually sit on a 58 percent profit and then decide fuck it I’m just going to close all of it here because that’s really good and I can’t argue with that. And that’s one of the beautiful things that VIP members are able to see in real time right as I’m making those decisions while I’m making those decisions and why I might adjust my game plan and various different things like that. So I mentioned I will be considering re-entering a short I might have to do that at some point right after this video because it looks like we are trading at the higher levels right now. Let’s actually zoom in a little bit further. Take out the 15 minute time frame. I mean if this is gonna be some sort of a sideways trading range then it looks like we’re right at the top right now I can actually do this visualize this for you using a box. So that would mean that this is a pretty good entry point I might choose to put my my stop loss you know just a little bit higher sixty six thousand three hundred and fifty. That’s similar to where it was when I got stopped out sorry. When I moved my stop loss. So. I think that that could be pretty good too although I’d have to wrap up the video pretty quickly because we’re starting to dump now. And yeah that’s that’s it. I think I don’t see Bitcoin sustaining itself higher because it’s had this move so I would expect another leg down and that leg down you know like I said a lot of people are potentially targeting areas like 5900. I personally don’t think that’s a strong enough area of support so I’m gonna have to drop it a little bit lower. I think a stronger area of support is something that we might start to find around 50 554 hundred you know those two levels looking a little bit like this. This is where we’re seeing a lot more candles and if we. Trace this back all the way to you know some of the price action that we had in 2017. We also have some price interaction around this level we also have a fair bit at 5900 but one of the crucial things about 5500 is this is a level where bitcoin made a major like higher. This was actually the final pump basically in the 2017 bull market. We fell down to this level and then we traded higher. This was basically where the final stretch started. And that’s important because that makes this essentially a crucial turning point. Price level and when I’ve got the choice between a good support level and a great support level I might choose the great one. I think it makes more sense and definitely considering that we had way more trading around this price level than fifty nine hundred. I just feel like the price will be a little bit more magnetic to that price range. I think that it would make a little bit more sense that we end up falling down there. Also this is a this is a really bearish sign. The fact that we broke down below this rising wage we had a really nice bullish setup with with bitcoin. I mentioned that you know if it doesn’t take that opportunity then the we can you know pretty much anything can happen it could get really risky that the bears could step into control and that’s what happened. You know so it negated the bullish side which I thought was really good or definitely better than we could have hoped for at the time. And then it made a really bearish turn. And that means I just don’t think that it’s going to be able to bottom out so soon. I don’t think it’s going to be that easy now. You know I would expect a little bit of blood. There is a lot of fear in the space right now. There’s a lot of uncertainty there’s a lot of doubt. The only argument I think that proves me wrong when I’m saying this is we had a really ferocious sell off so everyone who would have wanted to sell would have sold by now. But I have a problem with that theory because what about this sell off or what about this sell off or what about this one or this one or this one. When is it different. Is it different now. Well you know like what about what about the dump that happened over here. If you didn’t sell throughout this this entire dump then you probably didn’t sell over here either. So. Most traders have already reached max payne. It can’t really get much worse. So I don’t think that theory holds up. I think that it’s more important to realize that actually there’s still a lot of fear in the space and that could mean that things drop even lower. More importantly the global economy isn’t looking better. I mean look at this close that we had on Friday. I mean we did have nice rallies on Friday. Let’s take a look at Apple for example we did have a sorry last week. We did have a nice rally as last week the S&P 500 saw a pretty nice rally but everything closed lower on the last day and with significant losses you know the UK’s Footsie one hundred down by six percent on Friday. Boeing down by 10 percent after a really nice recovery. I mean. You know things are not looking amazing worldwide. The U.S. with the corona virus cases this past 100000 cases and many more undetected. You know the same for practically every country in the world. And when you’ve got a situation like that where you know all the real world markets are collapsing again I have to draw your attention to the fact that bitcoin. With its market cap with its size even now is at a point where only big money can move bitcoin. One of the things that crypto Kirby you guys know I love him was talking about and I think has lost video is you know there’s these twelve hundred dollar stimulus checks that are being handed out to people across the United States if they meet certain conditions if they make something like less than 75 K in a year. And if they file taxes something like that. And and so that means not everyone is going to be getting those relief packages those twelve hundred dollar checks. You know and those checks are just for basic necessities but there are people saying that you know that’s not money is going to be spent on Bitcoin which is ridiculous. I’m sure that in the last five or 10 seconds many of you if you were drinking coffee or something have spat it out and laughter it’s pathetic. There is no way that people who are struggling to to cope who might have been laid off made redundant lost their job who have a family to feed a wife children pets you know various other things. There’s no way that that when income has completely dried up they’re going to think of putting their money anywhere near bitcoin you know and in the same way when when all of the all of the more respected markets are crashing gold down well down by just a little bit but trading sideways gold is not rallying. You know it hasn’t been rallying last week when we’ve got a situation like that. It’s really hard to imagine that people are going to be thinking oh shit I want to put my money in bitcoin. You know that’s not what happens. People put their money in risky places when they’re making money already. You know when you’ve got a high and you’ve just come out of a major success and you feel like a fucking genius and you made a lot of money that is when you have an appetite for risk. Not now not when everything is crashing and everyone’s worried about dying from this virus. That’s not the global stage that you’d be in where bitcoin would be pumping. But that’s not even the point. The point is like with those stimulus checks for example there’s twelve hundred dollar checks it’s going to take a lot of volume to move Bitcoin. You know what you need are the institutional players the people with a lot of money way more money than any of us over here. You know I’m talking many many millions of dollars. So stimulus checks aren’t going to cut it. You know it’s not it’s not going to be people who decide oh well you know I just think Bitcoin is bullish now so I want to pump it and buy more. That’s not going to make a difference. You know what you need is as people who have real money smart money to to feel like they’re ready to take on a very risky asset to feel like they have the appetite to buy something after it’s just dropped by 50 percent in a couple of days in one week or whatever. You need people to have an app you need rich people to have an appetite for this kind of drop to start buying Bitcoin again. And I can quite confidently say that we’re not there yet. That’s going to take a long time. What does that take. It takes accumulation. You don’t have a long term rally after a dump like this without having some sort of accumulation. Who would have bought the coins over here. There wasn’t enough trading. You would need a long period of accumulation for the price to end up rising significantly. This is what I told you that I was looking for back at the end of 2018 going into 2019. We needed an accumulation range. I can’t draw straight lines for the life of me today. Yeah. I can’t. That’s terrible. You need people who are happy with these kind of price levels to start slowly buying Bitcoin averaging out in a really good entry because they know that they’re gonna be able to sell times higher. That doesn’t happen. I’m really sorry but that doesn’t happen when you’ve had a 70 percent rise within eleven days. It’s just not sustainable. It doesn’t make sense. That’s not how rallies start after such big dumps. And that’s why I think this dump could get much worse. It’s why you know things have already been bad for Bitcoin. And you know it’s getting rejected at an old area support. We found a little bit of support over here we found support at the top end of this box as you can see right here if I circle some of these which you know we had support over here we’re now finding resistance in that very same area. You know you’ve got a pretty dire circumstance here where the bearish trend has been renewed in a situation where things are pretty fucked globally. I just don’t see how there can be a recovery. That’s why I have a really strong bearish bias. That’s why I have always had a really strong bearish bias since we dropped down here even as we were rallying higher. The one thing I kept on saying is I’m going to keep on looking for where it makes sense to align myself once again with the bearish side because I thought I always thought that the bearish trend will take control again and this is a big sign that that might already be happening. Is it still possible that we pump up a really high. Absolutely. It kind of looks like a bought pattern right now so that would potentially make sense but I’m not gonna bet on small chances like that. You know I think it makes way more sense to continue to short the market at least from my perspective. Obviously I’m never telling anyone what to do you can read my disclaimer there. I’m just telling you what my analysis tells me do your own research. Don’t be an idiot. But you know I struggle to see what the bullish argument looks like at the moment especially considering you know we did end up breaking down. You know the bulls really had a chance and they didn’t take it. So next levels for me would be potentially falling down to 50 900 for some temporary support. That’s actually not drawn in this chart it looks a little bit like this for some temporary support and maybe a small bounce but. Lower than that I’d be expecting you know potentially fifty seven hundred or more likely 54 or 55 before we can start to get a little bit more of a rally. What happens after we hit these price levels. I don’t know. I need to see how we get there I need to see how quickly we get there. You know is there a lot of volume. What happens with the trend. But for now that’s the next move that I’m seeing right now. Let’s take a quick look at the HMO crowd and all that while we’re here. Let’s switch it over to the Gemini charts and turn on the HMO card will remove all of these drawings we failed the 1 hour reach Immokalee support we got rejected out of nearly out of the for our cloud we ended up falling back into it and is giving us some pressure that one day cloud catching up with us and expanding so that’s not good. Take a look at the moving averages. Yeah we hit some resistance on the one day moving average so all of a sudden this selloff you know from sixty six hundred doesn’t look so surprising anymore you know because when the market is trending this is pretty useful when when you’ve got a spread on the ribbon when you can individually see each line that means there’s been some volatility and it works really well to tell you where you might expect some support or where you might expect some resistance. All of a sudden this doesn’t look so surprising anymore. We’ve ended up falling below the four hour ribbon. I don’t think there’s enough volatility to say if this is legit or not if this is worth looking at or not it kind of looks like there isn’t a good enough spread. But in any case it can start to give us some resistance. The one hour chart. Yeah definitely already starting to give us some resistance so eyes on this one I think the one day EMI Reagan has really shone a light on where Bitcoin could have ended up topping out. We think it makes a lot of sense it actually aligns with my analysis anyway even if we did end up pumping higher because it means that we have space to rise up to 7700. And I was looking at you know potentially seven thousand eight hundred potentially seven thousand three hundred 7400. So in any case this entire range would have been bearish territory for bitcoin it would have been a territory where people would have I think quite likely started to consider going short sighted to consider selling bitcoin. It just happened to happen a little bit earlier. It just that’s a very strange sentence it just by coincidence I guess maybe not ended up happening a little bit earlier. So that’s what I’m seeing with the market right now. No doubt as I keep on seeing how this evolves I will be sharing with VIP is how I plan on trading this market. They’re always seeing exactly what I’m doing they’re getting the full explanations behind it and how I’m navigating the market real time updates on my position I’ve given them updates on where my stop loss has been moved to. I mean it’s pretty obvious because I already said where I’d move at. But then also where I’ll be taking profits. I mentioned that the remainder of my position is currently sitting at a 58 percent profit. I’m seeing some bullish signs so I decided to close it I’d consider reentering a short later and those bullish signs are really weak. Absolutely. But I booked a really nice profit and one of the things you’ll always see from me and the VIP group is I don’t care if I have a loss or a gain I’m always going to have the same level of discipline I’m always going to live by I genuinely always live by the words taking profits. Never made a man poor. I will always happily close profitable positions no matter if I think it’s going to go to 1000 percent or 10000 percent profit. I’ll happily close at 50 percent because it’s all about compounding those gains and you’re seeing how I’m looking to get those really really high gains in the long run. Not today not this week. I’m in this game for the long run I have been in this game for the long run and that’s why I’m able to pull profits like this quite consistently. It’s because I have that long term vision of what’s going on and you’re able to see how I implement that in real time in these very markets some really really powerful stuff here. As I said I’m making it really clear how I’m trading just to simplify things a lot of people in the past have asked me to clarify how I do what I do and so I’m always looking to improve the VIP team. Like I said we brought someone new onto the staff team last month. I think looking to bring someone new next month as well. We already have the person. So. It’s just a case finding out if that person is a good fit nice profits being pulled in by VIP members got a beautiful 700 percent gain with a 9 Bitcoin unrealized profit that’s sixty three thousand dollars at the time of me messaging this guy in one trade I asked him if it’s his biggest gain ever I can’t remember what he said though. Another member overhead showing a chart of where he ended up joining the VIP group and you can tell pretty clearly that the account balance was really really beautiful when he ended up joining the group making back the fee eight times. Within less than four days some really really cool stuff over there. So if you do want to get into the group you already know what to do hit up the first link in the description down below click on the full flight and then click on send message to ask me how to get into the group. But with that. I’m going to go again. I have to say it stay safe stay at home you know and be with family treasure this time with family it’s driving me crazy. I hate being stuck at home but it’s an amazing thing to be with family and it’s shining some light on on issues that many people have been ignoring for a long time. And maybe that can help you go look internal a little bit to figure out issues that you might have had which you’ve just kind of bottled up. You know now is the time to face a lot of those things and then another thing I want to mention is prisoners are facing what we’re facing right now on a daily basis. It’s kind of the lifestyle. It’s I don’t think it’s OK. I’m actually quite quite a lot like the you know the Swedish and Norwegian kind of countries thinking that prison should be a lot less strict. But the point of this the point of me bringing up prisoners is many people do this and they’re just kind of in confinement. Permanently. You know for a really really long time and and that’s to say it can be done you know if if people are starting to go crazy and really hating it I’ve seen reports of domestic violence going up and stuff like that. You know just understand that you’re being a pussy pretty much if if this is a really really big problem and and many people have done it so you can too if you’re a man and man the fuck up. Deal with your problems. Some people need to hear it. So that’s where I am to say it because I’m gifted with with a public platform and a very large audience. So it’s a great opportunity for a lot of people to welcome things that they need to work on. I’m personally using it to meditate a little bit more. And to and to be a nicer person in general to other people to be a little bit more compassionate. That’s something that’s really important to me. All right. I hope you have enjoyed this video. If you have you know what to do and I’m app based.