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Why Bitcoin Is NOT In A Bear Flag!! – Big Pump Incoming Soon?

VIDEO TRANSCRIPT

A lot of people in the community are saying that this is a bear flag but I’m gonna tell you guys why this is not a bear flag but it looks more like Mitt who is setting up for a new move to the upside. And I’m also gonna tell that the growth charts could predict a new move in bitcoin very very soon. So definitely watch this video till the end because I will talk about some very very important information that you as a Bitcoin trader and Holder must know. Let’s dive straight into the short term analysis really quick before I am going to be talking about this being a bear flag or whatever people are saying. But yes short term there’s not much analysis to be done. Bitcoin is just going sideways for the last couple of days and it seems to be in some kind of a potential triangle pattern. But this is very high speculative. This doesn’t look like a very typical triangle pattern. But I do believe that it is very possible for bitcoin to maybe continue to go sideways and then get a new push to the upside and that this is kind of a little bit of a continuation pattern. Now we have seen similar weird price action like that before right of here Bitcoin got to pump to the upside and then for a couple of days it as well as in a little bit of weird sideways action that had a dump to the downside but then a new pump to the upside. So this is something that Bitcoin sometimes does. And right of here, you can see something very similar what kinda little bit of boring price action. And I do believe that this could potentially be a continuation pattern and especially the fact that Bitcoin still is above this white front could suggest that bitcoin will have another pump to the upside. Now we did talk in the latest video about the potential of this being a rising wedge pattern and if this is going to play out this is probably going to cause bitcoin to have a new dump to the downside. And then you are potentially still looking at this being some kind of a larger double bottom. Now the really quick one to talk about the fact that a lot of people are suggesting that this is a bear flag and a bitcoin is going to go down to the 2000 dollar level. Now, first of all, I’m not talking about this to this anyone but there’s quite a lot of people that are throwing their technical analysis online and they talk about this potentially being a bear flag and if you share some of your technical analysis online I feel that you should be enable to be criticized for it if you do actually make a mistake. And I believe that this is first of all not going to be a bear flag. And I’m actually going to show you guys an example of a real bear flag and I’m going to tell you guys where this is not a bear flag and this looks much more like bitcoin bottoming out. Now, this is a much better example of a bear flag and right here you can see that what happens is there is a big dump to the downside. And then what you’ll see is some very boring sideways action and then the flag will break and that’s where you will see a continuation of the dump to the downside. Now what’s very important to talk about is when you have a bear flag or a bull flag you don’t want to see a big and strong bounce when the price drops you actually want to see the price getting a very very weak bounce because that means there’s not a lot of buy interest in that area which would suggest that there is going to be a continuation of the downward trend. And we have seen this before right over here where Bethune had a big move from 6k to 3 K. and you can see what happens is bitcoin had a dump to the downside and you see a very very weak buy-back right over there and then some sideways action and you are potentially as well looking at this being some kind of a triangle pattern. Now what’s very important about a bear flag is that you don’t have a strong buyback because as I said if you have a very strong buyback that indicates that there’s a lot of interest in that level and then it’s unlikely that the price will have a continuation to the downside. Now if we go to the current price chart you can see that when Bitcoin had a very big dump to the downside it had a very strong bounce to the upside and this bounce was almost 60 percent in just a less than a day. And this indicates there’s a lot of buy pressure in this area because of that very strong bounce. And right now Bitcoin has to go up around 20 percent more before it’s back where that dump started around a thousand dollar sort of bounce is very very strong. You can see that there is a lot of buy pressure in this area and that’s why you’re seeing such a nice big move to the upside. And what you are talking about bear flex you want to see a very very weak bounce and potentially followed by some sideways action. That’s an indication of an actual bear flag and this is an indication of bitcoin potentially bottoming out because there’s so much buy pressure and you are gonna see bitcoin is going to go down one more time that you will see again a lot of people stepping in a lot of people that want to start buying Bitcoin and now you are going to see that price bouncing back to the upside. And you are going to be potentially looking at maybe a reversal as well net a gold price is getting a very nice rally to the upside right now. And I did talk about the gold price in my last video and I said if gold is going to go up you are going to be potentially looking at bitcoin going up as well. And so far we haven’t really seen that yet for bitcoin where bitcoin is just kind of going sideways now for a couple of days. But if gold is going to go much much higher I believe the potential for bitcoin to go higher is going to increase as well. Now something as well to talk about is the death cross and a lot of people were as well bearish when people saw the death cross and you know that the death cross is quite a bullish sign in bitcoin and maybe in the long term Bitcoin could go down. That is, of course, a very possible scenario but a right over here Bitcoin had a death cross and a couple of days later it had a pump of around 50 percent to the upside and then bitcoin so that that cross right over there and then bitcoin had around a hundred percent pump to the upside. Right over here Bitcoin sets a death cross and then it had around a 60 percent pump to the upside. Right over here just a couple months ago Bitcoin said at that cross and it had a 40 percent pump to the upside. So maybe bitcoin is going to have a pump to the upside in the short term and then maybe in the long term bitcoin is going to go lower. Now, of course, I don’t know that yet. That’s all speculation but it is very important to point out that every time Bitcoin set a death cross you will see some bullish price action to the upside at least in the short term but as well it’s also very important to point out that before or after a death cross you most likely see a big move in the short term. So I am expecting bitcoin to have some volatility in the next couple days because that’s something bitcoin has always been doing whenever it sets a new death cross or a golden cross on the daily. Now overall and my bullish or am I bearish what am I doing right now. Well, of course, you guys do know I bought right there around 5000 dollars. And right now I am expecting Bitcoin potentially have a new continuation to the upside and something that I’m really watching for right now is bitcoin to break back into this very very important long term trend line that you can see bitcoin and a lot of support of this trend line. And if bitcoin is going to break back into this trend line I would say that’s pretty much a whole new bull market would be confirmed because what you are looking at then is this being a larger double bottom with that bear trap and this is a very very bullish pattern in Bitcoin. And then you are potentially looking at Bitcoin still going through that 16000 dollar level around this summer before going back to the downside but it is to say If bitcoin is going to go and break back into this wide trend line If bitcoin is going to go sideways here and then bitcoin is going to go more back to the downside then you are indeed going to be looking at some very very low numbers because then overall I do believe that you are looking at this being a larger double top with potentially a correction going all the way down around the 2000 dollar level as I am expecting a price to go below that point right over there. Now again that’s a very very bearish scenario. I am right now not anticipating it’s too much because of this strong bounce to the upside. It was around 70 percent in just a matter of two weeks. But I’m hoping that right now Bitcoin can have a new push to the upside because especially if we are going to get a new push to the upside potentially going above that 7000 dollar level it is very very likely for bitcoin to continue to upset a little bit more and then potentially break back into this trend line. And when that’s going to happen I am fully bullish on Bitcoin. I believe that this is just going to be a fake-out. And yet as I said then this is going to be an actual bottom reversal pattern. What an explosive move to the upside. So that is what I’m right now watching. I hope that bitcoin can stay above this wide trend line if it does break the wise trend line expect bitcoin to have a correction to the downside. Now, of course, I don’t know if the price is going to go and break this trend line or if this is going to be a continuation to the upside. That is something that the price action will show in the coming days but at least right now you do know what kind of levels I am watching. Now that was the end of the video. I hope you guys enjoy this video and learn something today. Make sure to like and subscribe and I’ll see you guys in the next video. Bye-bye.

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