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BITCOIN BREAKOUT TARGETS! 3 ALTS to watch this week QUANT, CHAINLINK, ETHEREUM! DJI Elliot Waves

VIDEO TRANSCRIPT

Hello and welcome back to Okoye Buzz, it’s me, Jimbo, back for another market update. In today’s video, we’re going to round up our technical analysis for Bitcoin. We’ve got three 0 coins to watch this week. One of them is being scooped up by the whales at an astonishing rate. We’re going to conclude today’s video with a quick check of this Elliott wave pattern we’re seeing forming on the Dow Jones index. If you like this self-concept, please slap a log on the video. It helps us get the content to as many people as possible. If you want a chance to win that crypto tag, Zus Stotsky in our weekly giveaway. Make sure to subscribe to the channel if you’re not already and leave a comment down below as it’s Monday. We’ve got our new weekly candle forming and as you can see, we continue to pretty much range between the six thousand five hundred and seven thousand three hundred support and resistance lines. We did briefly last week spike up and test our purple longtime trend line. But as you can see, it saw rejection, which still got our 20 exponential moving average coming down further and over 50 continues to be quite heavily above us on the weekly chart. When you immediately look at this pattern right now, it looks like we could be seeing a top form. But there’s been so much horizontal movement within this sort of area over the last month or so that even if we drop back down to 5800 in this weekly candle, we wouldn’t be entirely surprised to see it come back up and still closed between the support and resistance line. As previously said, if we do get close below this six thousand five hundred support, I do anticipate a bigger drop off down towards our long term red support line, if not this support zone down the bottom here. And we’ll have to go down a timeframe or two to see if we can get a better indication of which way it’s going to move in the more immediate term. So we’ll do that now. A quick jump down to the 4-hour chart shows us that we’ve clearly broken out of the rising wage that we were forming. You can see the white outlines here and here and we’ve broken this to the downside. We even came up afterwards and bounced out of the side of this long term resistance line that we had formed here from all the way back at the end of February. You can see that we briefly spiked out in what turned out to be a fake-out and we now drop back down into the longer term wedge pattern. Now, we found a little bit of support here at our previous support area around the 6700 levels. And I’ve just put some more support here in place for you guys to keep an eye on as I see them. And if we are to continue this downtrend, which is for me personally, looks like the most likely now, I’m gonna give you the two different scenarios I foresee. First of all, we have the scenario where Bitcoin surprises everyone like it quite often does, pushes up and breaks out of this and long term resistance. Then we go on initially to test the 7400 area, which we know is around the location of our long term weakly purple trend line. And if we break through that, then we certainly have started to look more bullish on this chart. However, if we get rejected, then I would anticipate for us to certainly test the upper supports I’ve got highlighted here. You can see we’ve got six thousand seven hundred fifteen six-four eighty-six to twenty-six eight ninety-five six forty and four thousand six hundred. Now some of these are sort of oddly specific numbers, but that’s just because I’m using actual support lines. You could you know, that doesn’t mean that it’s absolutely banging on. But that’s where I draw the line. And I’ve just given you the prices reflect out that potential support area. Now, will we just drop all the way straight through this? Well, never say never because we’ve seen, you know, these big candle’s before. But I do think we’re more likely to see the step approach down a show. I mean by that. And so what you would suggest you would get is something like this, you drop down and say you test the 6 for 80 levels, come back up and find ourselves getting resistance towards the bottom of this area and before breaking down subsequently to the next level. And we quite often see this and you can see it’s sort of how the pattern works on the way up. You break some zones, you might say support. And, you know, it’s not always a straight through one or the other. You can see you get heavier resistance and heavier supports, different levels. So sometimes it might drop straight through one if it’s not the most significant support. But for example, the six thousand seven hundred fifteen support, you can see that we had multiple touches as this is resistance and support. So that gives us a really good indication this is going to be a particularly strong one. So perhaps over the next few for our candle’s we trend within this little triangle range that we’ve got from our long term resistance in this six thousand seven hundred fifteen support. And the break out of this triangular formation is going to be obviously quite important moving forward because you can see we’re up against big support and big resistance, which means that we know Bitcoin’s likely to have a breakout. And looking at the volume, we’re yet to really see anything too significant that really stands out. You know, we are seeing some selling candles here, but nothing in terms of this or volatility that we’ve seen previously. Let’s jump down over to one different Bitcoin chart now on Unchain Market Analysis at Glass Studio. And what I wanted to show you, this is the main hash rate and the price USD charts plotted together. So you can see that the orange is the main hash rate and the price is grey. And this is not very often a correlated chart. We usually are quite used to seeing the hash rate just increasing, increasing regardless of what price does. We know that we have that blow-off top of the hash rate up here. But look at how to look at what happens here. We have a blow-off top. Then we get the big price decline, which coincides with a huge drop off in hash rate. But look, now the recovery in the hash rate seems to mirror very similarly the recovery we have at the price. And I know we have this big spike here that doesn’t quite correspond there. But other than that, you can see that it’s sort of tentatively pushing upwards like the prices now for think this would be really interesting to keep an eye on this because one way or another, Bitcoin is about to break up or down. We know that there’s a good chance that we’re going to see some heavy volatility in the next move. I wonder if the miners are looking at the price right now in the lead up to halving. And I wonder if they’re thinking, you know, they’re a bit tentative, but it has come a long way back up from its lows just now. No, I don’t want to make this down bearish. It has come back up a long way from its lows and the heart rate and the price actually, as well. But with him, with the halving approaching, I just wonder if we see another big sell-off in bitcoin price, which perhaps might correspond with the other markets dropping down a bit. Will we see miners switch off again? Really interesting to keep an eye on. And I really enjoy seeing these sort of correlations in charts. It gives me something to. Really focus my attention to next up. Let’s take a look at the first of our three coins to watch this week. And it is, of course, quaint. I’m here on the quaint Bitcoin one day chore. And as you can see, it’s had a really nice run-up over the last month from bottom to top. We’ve run almost 200 percent. You can see there and we’re consolidating into what looks like the beginning of a full flight pattern. You can see we’ve got the long pole and now the consolidation flag. What I really thought was interesting at the moment is just how well the thirty-eight point two per cent retracement level was holding on this. And if we can continue to stay above this thirty-eight point two percent, then I think that we could see this play out like a bull flag. And if it does, well, the gains could be huge. Certainly, one to watch. Can we stay above this thirty-eight point two percent level that is currently at the sixty thousand Satoshi she’s level? So that’ll be really interesting to see if that holds. Certainly, if it does, it’s going to be looking particularly bullish. And then any break of this trend line that the resistance trend line that we’ve got here could be the beginning of validation. Of course, we’re gonna look for some volume breakout as well because we’re seeing our volume reduced at the moment. So a break of this line support held at 3.8 2 percent and the break of the resistance with backed-up volume and going to be looking really bullish for quant. Second in our list of all coins to watch this week is chainlink. Yes. Ciao. All the chain-link marines’ out there. Take a look at this child couldn’t be more bullish. In a previous video, we were analyzing whether or not this support line could hold for us and if we were going to see this off of the drop-down be a resistance support flip. And that’s exactly what we’ve got. And we’ve taken back off again for chainlink really, really bullish to see. Fantastic. What I want to analyze here, first of all on I’ve got to trot to look out, start here on the bitcoin chart and then I’ve got a really unique chart over there on glass note that I want to take a look at as one that is even more bullish than the price action itself. We’ll start here first. So what we’ve done is we’ve gone back and we’ve broken through this resistance that we set back here at the beginning of February, and we have peaked this once before. Don’t get me wrong. But it did act as a heavy resistance that we had three or four closes in around the period to put it in place. Now, what I do want to see if we’re about to see Lync retrace is seen this level at 44000 Souto, she’s holding. And that’s going to be really bullish to see if we can keep that in place and act to see if it acts as a springboard again. But the way that Link’s been running, who knows if it’s even going to drop back down and retrace, we can put this horizontal resistance in place here around 52. Now, that’s obviously going to be another test for us. You can see that we’ve got very close to the area and been rejected. If we quickly jump down to a smaller time frame, it’s a look at the four hours we can see there. Actually, if you look here on the four hour, we’ve got a little bit more clear indication of what’s going on with our candle patterns. Now, this isn’t the most bullish thing for a four hour chart, but we have to be clear and transparent about our analysis. And we could very easily be seeing a rising wedge develop here on the four hour. You can see after we’ve had this big run-up here, very clear parabolic run there for several days, would a really nice British try? You can see that we’ve got the bull flag break out, which is then come back down and now we start to see this falling wedge develop. Now, I wouldn’t be surprised if perhaps we break this support and we come back to bounce off this forty-four thousand level. And if we see that’s going to be really, really good. And you can see there’s an on this for our child, it becomes much more apparent how much volume there is at this forty-four thousand area. So definitely worth keeping an eye on. Now onto the other child, which I was talking about, which is the one on the glass. No. Now, this is got to be one of the most bullish charts I’ve seen for any old coin in my time in cryptocurrency based on its current price and how this is developing. So what we’re looking at here in glass no studio is the percentage balance of the top 1 percent of addresses. So this blue line that you’re seeing here reflects the wails of link and their accumulation. And at what prices more specifically they were accumulating. And you can see here that quite low had a big run-up in November 2017. And we flatlined for a long time all the way to July 2019. But look what has happened since then. This top 1 percent of Lync holders are accumulating like crazy. They cannot get enough. But what’s the most significant is look at the prices that they’re picking this stuff up for. You would think that once these prices get to the three and a half dollar for dollar levels, that you would see the top 1 percent begin to unload their bags on the holders and start making a profit. That’s completely the opposite of what we’re seeing here on this chart. We’re seeing the top 1 percent, the link. Weill’s accumulating this thing at $3 50. And there’s still a. Rel. at $4, this would suggest to me that the biggest holders of Lync believe that it is still undervalued even at $4 and 32 cents. That is a very, very bullish indicator. We’re going to do more analysis here on glass note on more coins in the future. I hope that this is a useful technical tool for you. I really like using it for my own technical analysis. And when you see something like this, it’s just not something that is reflected in the price charts alone. And you can see that this is a really, really bullish indicator, pretty much going unnoticed. The last of the three old coins to watch this week is the daddy itself f. Here we are on the BTC if they’re in the 3-Day chart. Once again, we’ve been taking a look at this child and seeing if we’ve been breaking out this long term tightening range with our double bottom area formed. Then as you can see, the three-day chore remains above the exponential moving average ribbon. We’ve almost got our max-d. I’m looking to cross over. This is starting to look quite bullish. Let’s see if we can hold above this 20 exponential moving average as the week goes on. And if we do and we see this actor support and we start to move on up, then a theorem is gonna start looking more and more bullish by the day. Finally, to wrap up the technical analysis today, I want to jump over to the Dow Jones index, as we have seen a daily active trading today. Let’s go and see what’s happened there and see if we can determine if we’re likely to see our one, two, three, four, five ABC Elliott wave pattern play out, or if that has been rejected by the price action today in the stock markets to continue our comparison between the 1929 market crash, which led to the global market depression and this current drop that we’re seeing in the stock market. I’ve mapped out this one, two, three, four, five, ABC Elliott wave pattern. Now, we saw I have covered this before, but we saw in the previous market crash in 1929 that led to that Great Depression that we saw this pattern play out just like this. We had a one, two, three, four, five ABC correction and then we dropped off another 45 percent. And that was what really sunk to the bottom of the Great Depression lows. There are a few in there, a few more things on this chart, which are very, very similar to that same time period in 1929, one of which is that the recovery was more than 50 percent of the drop. I think we dropped down about 38 or 39 percent in this move and we’ve recovered over 20 percent. Similarly, in 1929, the numbers are lower for the drop percentage than the Roys percentage. But it was the rise was just over 50 percent. And in both charts, we haven’t. We didn’t see wave one get broken, this resistance wave, wave one that we’ve got drawn here. This acted as a heavy resistance in that previous stock market crash, which sorry, that 1929 stock market crash which led to the Great Depression. We’re yet to break here. This daily candle is looking quite bearish at the moment. You can see that we’ve still got one hour and thirty-six minutes left of this Monday candle as of the time of recording. But we’re back below the 23, 23000 support level that we’ve got drawn in. Now, is this the beginning of our move downwards? We’ll have to wait and see till tomorrow if we close down below this 23000. Then we go to tested 20 exponential moving average and a drop below that is going to see us come right back down to these zones. I wouldn’t be expecting an extra 40 odd per cent drop off as we saw in 1929. And that doesn’t mean that it’s impossible, but I’d be very surprised if we saw it. But I’d certainly think that if we do start to fail these key supports that we’ve got in place, that we’re going to go back down and test our five bottoms down here in the 18k level. And we have got this support box still drawn in from our previous analysis. It’s gonna be a really important week for the stock markets, in general, this week. And of course, that also has its impact on the cryptocurrency market. So this is really important to keep an eye on, because if we do see this break down further, then I wouldn’t be surprised if we see Bitcoin follow suit just like we did previously with the margin calls and people trying to take their values back out of their riskier assets. We could very easily see that happen again, which is why I keep an eye on these markets and not trading these markets at the moment, but it pays to be aware of what’s going on. And certainly, I like doing pattern analysis and this pattern is very similar to the 1929 drop that led to the market depression. Let’s hope that it doesn’t play out. Let’s hope that we get a really strong bounce off this support tomorrow and we go and breakthrough this 50 exponential moving, the average is driven. More importantly, let’s get above this one resistance that’s going to really invalidate the pattern. And then we’re going to start looking quite bullish for the Dow Jones again. But at the moment, we are not there and it looks like we are sort of right on the fence between a bigger drop-off or breaking back up and seeing some relief for the markets. That’s going to conclude the video for today. I hope you enjoy. If you have police lapper like on the video and you can follow us on all the normal socials, Twitter, you can check out all the news on all from busto. If you want a chance to win that crypto tag, ZUS Stotsky and the weekly giveaway we have to do is be subscribe to the channel if you know already and leave a comment down below. I’ll be back later on in the week for another market update. Hope you’ve enjoyed today’s video by.

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