In today’s video, are we going to see Bitcoin breaking out today? I want to have a look at some possible formations. Bitcoin is forming in the charts right now. And I want to show you, declare support. And we shift its levels in the chart of Bitcoin right now. If you broke out to the upside in the Bitcoin comp. And guys, in the less than one month, the inflation rate of bitcoin will be lower than that of fiat currencies. We are seeing the interest in viscosity of bitcoin increasing in these unstable times. I want to talk about that. So, guys, all about that in today’s video. With that being said, my name is Shamoon. This is the blockchain today D channel where you subscribe for daily crypto videos. And right now, let’s jump into the content and let’s start off with having a look on the daily time frame because Bitcoin right now is getting squeezed between two moving average, the 50-day moving average and a 20-day moving average, 50 days moving average. Is the blue line on top of the price of bitcoin and a 20-day moving average is the green line that is acting as support. And as you can see, these moving averages are getting closer to each other and bitcoin has to choose a direction in the next days needed to break out to the upside or to the downside. And I think it’s quite likely that we are going to see a breakout either today or tomorrow. The nice thing right here is that the resistance we have created since the beginning of February is right now aligning perfectly with the 50 days moving average. So that means that if Bitcoin can break above this level and we can see an increase in volume and yes, most preferably a daily close above this level, then that would be bullish for Bitcoin and we can expect Bitcoin to continue a rally to the upside. But guys, it also means that the resistance on top of us is quite significant because we have multiple resistances aligning at the same level. Then the volume is still declining and yet if we are going to see a breakout today or tomorrow, we really want to see an increase in the fall. You because only with the volume we can say that bitcoin really broke out and is trading right now in a different trading range. Be aware of fake-outs because it is likely it is probable that we are going to see a fake-out before we are turning in the right direction. So what could be possible is that we are seeing a bump. We are seeing the price of bitcoin increasing to shake out these short positions in the market. And we can see that due to the lack of for whom that is coming along with a pump. And afterwards, we will see a rejection at an important level could be already above the resistance. And from there, we see a huge sell-off. So what I think is really important, if you are trading a breakout, that you are in front of your computer or laptop and that you are seeing the chart when we are seeing the actual break out happening, in my experience, it is quite easy to data-mine whether it is a fake-out or a logit breakout. Hey guys, if you want to trade to break out, you could do that on the FedEx exchange. And if you use my affiliate link down below, you can get an added bonus of 92 U.S. dollar when you deposit soda to bitcoin. And it seems like not too many people are talking about this, but we do see a barrister verges on a daily timeframe. We created a lower, high-end price right here. We got rejected at the resistance. Right. And in the Irish, we created a high Ahai device, Barasch diverters, which could indicate that there might be some BEVERS momentum, any place of bitcoin. It still could be offended. Date it if bitcoin were to break out to the upside, get a higher high than the previous high, and then we are seeing a higher high end the MSCI as well. Then, guys, I want to have a quick look at the following possibility. Are we seeing a head and shoulders pattern? Well, that could definitely be possible here. We could have a neckline. This would be the left shoulder. This would be the hat and this would be the right shoulder. And let’s have a look at some key takeaways from a head and shoulders pattern. A head the shoulders pattern is a chart formation that resembles a baseline with three peaks the outside to close in height and the middle is highest. Well, that’s definitely true. We have three peaks and the middle one is the highest. Second, take away ahead to shoulders better describes a specific job formation that predicts a bullish, too bearish trend reversal. That’s actually also true, guys. You see here we enter this chart formation from an uptrend that could indicate that we are seeing a transition from a bullish trend it to a downtrend. If we are breaking the neckline and we had to show this pattern is believed to be one of the most reliable trends with fertile patterns. And if we scroll down, then, yeah. This is what a normal head and shoulders look like. And of course, any price of bitcoin can always look a little bit different. I think it is definitely possible that this is. Ahead and shoulders pattern in some way. It does make sense, though, because we have a clear neckline right here, although we don’t see the supports. We don’t see that neckline too much. Right. There is a clear support level. If we lengthen this neckline wider, we have a rejection right here. We have a breakthrough. We got some support at the moment. We break below it again. We go to the next support level. Here we broke above it again and it’s acting as support. Here it is acting as support as well. The only weird thing and what I think is that this price action is not on this neckline. So this is not the most beautiful head, the shoulders better, but it definitely could be possible that we are yet creating this pattern right now. Do take in mind, guys, that a head and shoulders pattern is only confirmed when we are seeing a break of the neckline. So when we are breaking the neckline to be a downside, in this case, that is the 6.6 gay area. Then this pattern is indicating that we will go to the six-point two K area and that will look as follows. If we would come down again and we would break this level approximately 6.6 K, then the target would be the first target would be the next support level. That would be the six-point two K area. And one other thing, guys. We have a Shia army futures gap above us and that gap is opening at seven thousand two hundred and fifty. And this gap makes me a little bit cautious because yeah, we are seeing those gaps getting filled quite quickly after they are getting created. So I think it’s definitely possible that the price is coming up to fill the gap before we are heading lower. But it is also possible that we are breaking through resistance with a high amount of volume and that bitcoin is continuing this uptrend. But be careful about that as well. Guys, if we are seeing a fake-out to the upside, then that could definitely be a fake-out. That is going to fill the gap before we are getting a bigger sell-off. One bullish sign, which is fishable only for an hour time frame, is a bullish divergence. We are seeing a lower low in the price of bitcoin, but we are seeing an uptrend in the error side. And this is yeah. Normally these Buddhist divergences can be quite powerful and I don’t think that only this boost to the off-site. Yeah. Could be the only power that this bullish divergence has. So this book is that fair. Just makes me also a little bit cautious to be bearish in the short term, cos this divergence could definitely drive the price of bitcoin more to the upside, but it also means that we have a nice support line in the abbasi and if we are breaking that support then the momentum will definitely shift towards the parasite. So guys, what I expect to happen is that bitcoin going to break out either today or tomorrow and the likelihood that we are seeing a fake out is quite high. But we can indicate that at the moment it is happening due to befall you. And the resistance above false starts at a proximately seven thousand and fifty because we have de resistance that was created since the beginning of February. On that level. But we have as well the 50 days moving average on that level. And the most important support line I think right now in the chart is 6.6 K. If we were to break decisively below the six-point six K., we definitely could see lower levels in the price of bitcoin than when we saw men in the one-hour timeframe that it looks like Bitcoin has formed a bear flecked formation. We entered from a dump. Then we formed this upward general, this flag and we broke out to the downside. Eventually backtested the supports resistance and might get a rejection right now. I do think that price-wise this is looking quite attractive, but if we have a look at the volume, especially when we broke out the downsides, we didn’t see an increase in volume. So this is actually quite confusing and that’s why I don’t put that much significance to this formation anymore. Then guys for Eumundi Bitcoin compare with this broke out. Well, I talked about yesterday and guys, I asked well-set in yesterday’s video that I think the chances that fusion will break out to the upside will be hired and breaking out to be a downside because we are entering this information from an uptrend. And what we can see right here is that if cerium broke out to the upside, Rebeck tested, then we shift this support. We got a bounce from there and we saw an increase in volume as well. So that is actually looking quite good for Eumundi Bitcoin comp. It’s looking quite a bullish in the 1-hour timeframe. And guys, the Bitcoin halving event is coming up in less than 30 days. And that’s one transforming into Google searches and that is half of the world is googling fully bitcoin laughing. And that is, of course, a little bit exaggerated. If we look at the total time frame from 2004 till today and we have a look at the interest in the bitcoin half-inch. Well, who are searching for the Bitcoin? Laughing Then we can see a predicted massive spike right here, which is like three or four times as high as the previous year. The previous bitcoin laughing. And guys, this is really bullish, if you ask me. There’s a lot of interest in Bitcoin. Laughing right now, any time where we are seeing the inflation of the dollar at its peak. So it is interesting to see that the interest in the bitcoin halfling is increasing in these unstable times. So let’s have a look at a couple of phrases in this article. Many people are realizing that the current monetary and financial system is not working as it should. I agree. I think that is true as well. I even get some messages from friends. I haven’t spoken in quite some time and they are asking me about bitcoin. How does it work? And if they can protect their wealth in bitcoins, which that is actually a really interesting trend that is forming right now. And those grumps are the 1200 check that every American is going to receive. Officially, this cheque is a monetary stimulus to help Americans deal with the economic crisis that is beginning. In reality, it is mainly a means of calming the population to avoid a revolution. If too many people were to become aware of how the monetary and financial system works. That is true, guys. Billions of dollars are going to the bigger corporations and the the the average Joe, the normal citizen is just getting a very, very small piece of that. So we are living in a system which is only surfing the rich even in times of a crisis. And this is a nice growth of Henry Ford. It is well enough that people of the nation do not understand our banking and monetary system, for if they did. I believe there would be a revolution before tomorrow morning. And guys, check this out. This automatic event, the halfling occurs every two hundred ten thousand blocks of transactions added to its blockchain. The bitcoin rewards will, therefore, decrease from twelve point five BTC to six-point twenty-five BTC around May 13, 2020, from that date onwards. Only 900 new bitcoins will be produced each day. Bitcoin supply inflation will drop below 2 percent for the first time in history in 2021 to one point eight percent as shown in the following chart. And guys, this is going to be an important metric, especially after the half thing, and that is the inflation rate of the fiat currencies. And over the month of March 2020, U.S. dollar money supply inflation even reached a sad record of 6.7 percent, 6.7 percent, guys. That is huge. And by comparing the inflation of the US dollar to that of bitcoin, you will quickly come to the conclusion that in one case, this inflation is working for you. Well, in the order it is working against you. So, guys, after the next half thing, I think the interest will increase even more in bitcoin and people will start talking more about bitcoin due to its advantages it has over fiat currencies. But guys, that voices for today’s CDO. I hope you all enjoyed it. If so, please leave a time shop. And guys, if you have a subscription to this jello yet, then please do so. I’m uploading every day a new crypto video and don’t forget to hit the bell icon so you get notified every time I upload a new video. And if you want to discuss with different traders about the situation or you just want to share some technical analyses, I want to see others sharing that technical analysis. Then join us on Dishcloth. The link is down below in the description. And if you want to learn how to trade bitcoin, you can watch one of my tutorials and I will see you all tomorrow. And don’t forget to huddle.