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BITCOIN BREAKING OUT FINALLY FROM THE TRIANGLE!! I’ll Show You The NEXT BIG MOVE!

VIDEO TRANSCRIPT

In this video, the Bitcoin price finally got this breakout that I’ve been talking about for the past few days. Bitcoin broke out to the upside out of this ascending triangle, which is a bullish pattern. Is this the time to go bullish? I want to show you some key things in the price that might not look as bullish as the price is doing right now. I want to show you this pattern and I want to show you why Bitcoin could be in trouble in the next few days and weeks. And also the Bitcoin having is coming up in thirty-six days approximately. And people have completely stopped talking about having. I don’t understand why. Because Bitcoin having is a major event. I want to talk about why I am bullish for the Bitcoin having that is coming up in only about 36 days. And if you think that that sounds interesting, then I think that you should. Hello and welcome to the Moon. My name is Carl and I’m enjoying it this the crazy video and look at this, the bitcoin price is currently breaking out and broke through the resistance line that I’ve been talking about for the past few days and weeks. You and of course, I’ve been talking about that this is an ascending triangle and that this has a higher likelihood of breaking to the upside because it’s a bullish pattern. And right now, it looks like this played out. However, guys, let’s not just go through one of the most basic things in chart patterns and technical analysis. When we break out, we need to see the break confirmed by volume and leverages. First of all, show you what we want to see. Let’s say we have resistance and we have support. And now I’m just to show you the opposite. This is a descending triangle, a bearish pattern. Let’s say that we have the best price bouncing like this. And let’s not say that we have the volume down here. Let’s say that this is the moving average of the volume and the volume is going down, which is nice to see in a pattern. We want to see that now at the point of the breakout. Let’s say this breaks to the downside here like that. Let’s say this to the bitcoin price. Well, at the point of the breakout, we want to see the bitcoin volume go up and wants the volume to spike up above the previous traded volume. So basically the volume is supposed to confirm the breakout. And if it doesn’t, then we should be a little bit sceptical towards what we are seeing. And it’s only when we see high volume. It’s only then we can expect good performance out of this pattern. So so if the price breaks down like that and there is not a lot of volume at the breakout, then we should not expect this pattern to perform very well. All right. So let’s take a look at this. This is an ascending triangle with a bullish bias, approximately 70 percent of a chance we should break up and 30 percent of the time we should break down. And now you can see that we broke up. But look at the volume, guys. The volume is not very significant. And what you want to do is you want to take a look at the volume relative to the previous volume. You can still see that the volume is clearly, well, not higher than all of these other big spikes in the volume we’ve seen here. And this is basically not a good sign for the current bullish breakout. And we should probably not take this breakout far too seriously. So this means that everyone who went long here, based on my technical analysis, you should be cautious and maybe you should be prepared to at the very least, move up or stop losses, but also maybe even take profits. And the fact that I’m sceptical about the volume gives me a reason to play around with this chart. So let me show you this alternative chart that I have drawn here. First of all, what we do see is that the bitcoin price might be forming this rising wedge. So after this break up to the upside, Bitcoin basically just came up and retested this. This resistance, which is that you can see right here. And if you didn’t already know, rising wages are, in fact, bearish patterns. They break down more often than they break up. And over on Twitter, I posted this. Here you see a 40 percent chance to break up, a 60 percent to break down. And if we were to break to the downside, then the technical clear target would be all the way down at four thousand dollars. And please leave your comments down below. Do you believe that we are in a rising wedge? And do you intend to take the trade if we break down? Personally, I really believe that if we break this very clear support level, then I think that we are definitely in for a wild ride to the downside. And technically we should be targeting four thousand dollars. All right. So that’s the bearish scenario where we break down here. We can also see how Bitcoin is currently knocking on the door of this previously very significant resistance line. You can see we have had at least four clear rejections from this level and you can see, oh, bitcoin is exactly right now running into this resistance. I believe that it’s possible that Bitcoin might get rejected here. This is, of course, a clear scenario. However, if Bitcoin would be able to break through this resistance, which should be a 40 percent chance based on technical analysis, like I said here, this Rossing, which should have a 40 percent chance to break to the upside. And if Bitcoin is able to break through this major resistance and break out of this rising, which is the upside, then I think that it’s very, very possible that we might see big pop towards the upside. And this is because of the fact because we have basically already broken through. The bigger part of this major resistance. Right. You remember this big point of resistance. We see previous support turns into a new resist. Yes, and you can see how basically Bitcoin is above it. And if you are looking to trade this potential rising wedge and if you are an experienced trader, you can use these platforms to trade. And you have heard me talk a lot about BYB it. The biggest competitor to BYB it is fee mix. And if you use my affiliate link in the PIN commentary, you can get one hundred and twelve dollars in bonus. So if you click this link here, you will end up at this page and here you can claim this bonus. If you fund your bitcoin trading account with at least 0.2 bitcoin in one single deposit, then you can get $60. However, if you use my specific link in the PIN comment, you will get a hundred dollars in bonus for just depositing 0.2 bitcoin. And next up, it seems like people have forgotten that the having is coming up in approximately 36 days now based on the current block time, which is lower than the average ten minutes. Then maybe they have it could happen a little bit sooner than expected, but the having is coming up very, very soon. And like I said in this tweet, it seems that people have forgotten this having and. Yeah. So Corona has shifted our attention. But like I’ve said so many times before. I believe that Bitcoin has never been this oversold before having. And I think that people are just forgetting about these massive events. Halving is a huge thing for Bitcoin. The inflation will be cut in half. So there is a big release in the selling pressure and basically the selling pressure from the miners will be cut in half. This is not to be taken lightly. I think that this definitely will give a lot of momentum for bitcoin after the halving. Personally, I’m really bullish about the long term and I am taking advantage of these low prices. And next up, a couple of days ago, I talked about the fact that American unemployment has gone up significantly. We are seeing levels that we have never seen before. If you factor into the speed in which this is developing and we’re already reaching levels that were reached, of course, in the Great Depression, but here we’re reaching these levels much, much quicker than back then. So basically, we’re seeing developments showing us that the fundamentals in the economy right now are much worse than the time leading into the Great Depression. And the crazy thing is that on these very, very bearish numbers about the unemployment, the Dow Jones went up 8 percent in one day. And just like I said in this week, everything about this is just completely upside down. Next up, I found this tweet from Helper Bits. They say here that Bitcoin donations are saving Italian lives and helping to protect first responders on the frontline. Anonymous Bitcoin donors worldwide should be proud of this. So basically all of this here that you see in the image was funded by these anonymous Bitcoin donations, and this is to help people from the Coronavirus in Italy. And next up, look at this whale. alerts. Someone is sending a lot of bitcoin here received first six hours ago, someone sent 50000 bitcoin worth three hundred and 67 million dollars. And then just a little bit later, they sent another fifty thousand bitcoin and then another fifty thousand bitcoin. And then one more batch. One more batch. And the crazy part is that the fees for these transactions are ridiculously low. And I’ve shown you these fees so many times. I’m not going to go through it again. But I mean, when people and nations and corporations realize the value of Bitcoin and the fact that you can spend millions, hundreds of millions, even billions of dollars over the Bitcoin network paying next to nothing to do this without trusting in third parties, I mean, this is going to be a huge game-changer for liquidity, global liquidity and moving value around the world. Guys, thank you very much. For two thousand two hundred likes on yesterday’s video. Let’s see if we can push this video also to two thousand likes. Thank you very much for watching. And if you haven’t seen the video where I. In the video, delete my most successful video on YouTube. My betwixt material. Then you have to go and click this video right now. And I’ll see you guys tomorrow.

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