in

BITCOIN BULL MODE? CARDANO Gearing up for a move! BTC Price Technical Analysis

VIDEO TRANSCRIPT

Hello and welcome back to all Coin Buzz, it’s me, Jimbo. Back for another market update in today’s view. Round up our Bitcoin technical analysis. See if we can work out whether or not it’s about to validate a long term falling wedge where for about to break the resistance and hit the moon mode. We’re going to check out Catano Bitcoin, which is showing a really interesting correlation between the RSI and the price. And to round up today’s video, we’ve got something quite special. We’re gonna use this chart from the 1929 market drop, which led to the Great Depression to determine whether or not the bottom‘s in for the stock markets and specifically the Dow Jones index or if we’re about to see a very red close to the week. Make sure you stick around to check out the end. It’s going to be important for all financial markets. If you like the concept we make here, all combos. Please slap a lock on the video. Helps us get the content to more people. And if you want a chance to win that crypto time, you start to care. We need to do is be subscribe to the channel if you know already. Leave a comment down below and you’ll be entered into the draw and we’ll announce the winner on Saturday. So we’ll start right here on the weekly chore, as we normally do. And as of today’s Monday, we’re seeing a new weekly candle forming. And it’s looking pretty nice at the moment. If we zoom in a little bit, we can see that we have gone on and already tested last week’s highs. We’re right there at the moment looking to see if we can make a breakthrough that 7300 resistance, which has been heavy resistance for us over the last few weeks. So it’s going to be really interesting. See if we get through. My perspective on this particular chart hasn’t changed if we can break that 7300. Then we go on to challenge you on an important purple trend line. Get back into there. And we’re very bullish back on this chart. See any clear rejection of this week, which are and we go back down to test at the 6500 support, if not our long term support line. The volume is still clearly declining on the weekly chart, which is one of the things that makes this pattern look relatively weak. Even though it’s nice to see such a big percentage bounce, the volume is declining when each candle. And so it’s really important to be aware of that. I want to quickly jump over to this perspective here for Bitcoin. This is the Bitcoin daily chart and slightly different chart perspective now. What I want to look at here is we’ve got two potential wedges forming and be key to see if these play out, because what we could potentially have here is one rising wedge here, a smaller pattern if we were to break this to the downside and can be rejected from this resistance line. I think that maybe a beginning point to start saying that we might also be seeing a larger long term falling wedge form, but it’s going to be really key. We’re approaching this resistance line very quickly. As you can see, that’s going to need another couple of hundred dollars to get it. But this is going to coincide with our break of 73 and that purple long term trend line. So it’s a different perspective view of the same chart. But if we get rejected here, then perhaps we might be seeing a forming falling wedge here on the longer-term frame. You can see these outside white lines. We’ll have a look at the 4:00 hour and see if there’s any clue there as to which way we’re going to break out of this pattern. They go you can see that we’ve still got our two potential wedges. We’re just a little bit more zoomed in regarding timeframe. And as you can see on our for our candles here, we’ve got a couple of things that I want to make you aware of. Obviously, you can see that we’re getting relatively small volume here on this most recent break up of the 24 new exponential moving average. And we as you can see, we haven’t seen the candle go and test this resistance line completely. But we’ve got quite close to me with two hours left to this for our candle with forming a D-O-G at the moment. But we can have to wait and see where that closes. Certainly this candle close is going to be probably quite important in determining whether we break through this resistance or come back down and test. Of course, if we take out the candle open and see this go red, then obviously we’ll be looking at a local top perhaps. But if we can close well beyond where we are right now and see this really form as a green bullish candle rather than a bit more of a D-O-G, then that’s going to really be suggesting that we’re going to break this resistance line. And if we do get that strong green close, that’s probably going to see us break this resistance on the RSI. You can see this is still the 4-hour chart. Here’s our previous high on the RSI going and approaching that at the moment. So again, two key lines to watch here is the resistance formed from this previous peak and this support line that we’ve got developing on the RSI as well. And if we are to see a red candle, I imagine that a test of this support line and the price is going to coincide pretty nicely with the test of this r_s_i_ trend line as well. So definitely worth keep keeping an eye on that. And remember, guys, I’m not a financial advisor. Norma, give me financial advice. This is just mere dude on YouTube cooling the charts as I see them and sharing my ideas with you. So let’s turn your attention to the card donno bitcoin one day chart. And I’ve got two boxes here highlighted and what I’m showing you here with these two zones is areas where we broke the 50 levels on the RSI. The daily chart and where are price peak was subsequently, so here we crossed the 50 RSI on the 5th of November and we saw a price peak of twenty-one point five percent, seven percent higher on the twenty-ninth of November. Before subsequently coming back down and here once again, we’ve crossed the 50 levels when the RSI on the 14th of January and we saw a subsequent price peak on the 13th of February, forty-seven point four, three percent higher than when it crossed. The reason I wanted to highlight that is that we are currently testing our 50 levels on the RSI. Once again, you can see right now with battling it, will history repeat itself? And is there anything else here that can help show us if or when this is going to break out? Well, there are and we’ll show you that when we broke the 50 levels, we can see we had this battle with our exponential moving average return. And once we finally broke up, that’s when we started to see these gains really start to build up. And once again, here, we crossed the 50 levels on the other side below the exponential moving, average driven. But once we finally broke up and through it, that’s when our gains really started to pile on. Well, right now, not only are we testing that 50, but we have broken into the exponential moving, average driven. Nothing has been confirmed just yet. We are seeing a slight rise in volume, but nothing significant just yet. If we can get a close above this 50 exponential moving average here on the daily and that coincides with the break of the 50 RSI level, I think this is going to start to look like quite a bullish chart. Certainly, something to keep an eye on. During the intro, I alluded to the fact that we could be in for a very rough ride in terms of the stock market later on this week, and I’m going to show you why. Here we are in the Dow Jones index current chart. We can see this is the daily chart was not there for us. Here is our drop us so far. We’ve got a 23 trading day drop of thirty-seven point nine percent. And I know this is 33 days here, but that’s because it’s factoring in weekends. There are 23 trading day candles within this pattern and that’s a drop of thirty-seven point nine percent. And I just want to also bring your attention to this pattern that we have in the drop, which is that we’ve dropped down. We’ve seen a slight recovery and then we’ve dropped all the way down to the bottom. Next up, you can see that we have a green box drawn and this pattern here is seen as recover 23, 23 odd percent. And I’ve got these books drawn out to 12 trading bars. And I’ll show you why in a second. We’re not there yet. On the 12th day, we’re only. That’s this is the 6th of April 12th. They won’t be until the 8th of April. Towards the end of this week is when I expect this to heat up. And I’ll show you why I’m going to quickly throw us a long way back in time to 1929. And this was the beginning of the Great Depression. And this was the market drop which triggered the Great Depression. And well, I’ve got marked out here is the local top, which we dropped for this great Great Depression drop. And as you can see here, we had a twenty-three-day trading pattern that we had. We can see drawn out where we were. We had a drop and a bounce and another peak and then came all the way down to the bottom. Very similarly, as we have just done in the chart we looked at for the current timeframe. And then, as you can see, we then traded sideways for 12 bars. Pretty much had you know, we went up, we set a new high, 10 percent higher, not as high as we’ve currently jumped on in 2020. But it has. As you can see, it jumped up and it put 10 percent profits back on before dropping down. But the reason that we’re really focused on this chart right now is what happened after those 12 trading days. And let me just drag the chart over and I can show you exactly what happened. We subsequently dropped a further thirty-eight point nine percent after those 12 days, 12 trading days are pretty much sideways action in a 10 percent range. We then dropped completely off again and that’s when we set our low for the Great Depression. Quite a lot longer. Further forward, 14 trading days after we broke this 12-day pattern, we saw our actual bottom form during the Great Depression. So what I’m looking at here is the comparisons between these two sections of charts we’ve got. Let’s zoom in. Get rid of that. This area here and now, does this not look just very familiar to this area here? I know that we’ve seen a stronger bounce. But look here, we’re testing the bottom of the 20 exponential moving average and seeing fierce resistance. Once again, we look back at 1929 and we broke just above the exponential moving average band, but never had a really strong close above it. And the subsequent rejection was what led to our final break off. And the reason I’ve got these boxes highlighted to have is that we did have this low here. So, you know, you can see that we quickly dropped below it closed back above the support area. But it was once we did break it and we had a confirmed close outside that we’ve really started to see it drop down much faster. Here’s my question to you. Let me know in the comments box, have we seen this entire drop play out like we have we seen this entire drop play out? Have we already seen the bottom? Could we be about to see the pattern repeat, which led to the Great Depression of the 30s and would be really interesting to see? We will have a little catch up later on in the week to see how this is playing out. See if we manage to break above this exponential moving average ribbon. That’s going to be a first sign that this is looking a bit stronger than it did back then. But at the moment, it’s looking very similar. The last thing I wanted to highlight here is this test of the 50 on the RSI. Look here we drop back through it. There’s a big drop when we came back up and tested it. Now, once we set our price high and it was rejection from that 50 RSI level that then subsequently led to our bigger drop-off. And as you can see here on a current in 2020 and our current drop, we are just on our way up to testing for the 50 RSI level here. And there’ll be really interesting to see if we break that 50 RSI level this week. If we do, I imagine it will really pump strong and really strong. And the inverse is also true. If we get rejected as we did back in 1929, then it could be a leading signal that worst is yet to come for the stock markets. I’d love to know know what you guys think of that down below and let me know. Do you think it’s a correlation from nothing? Do you think it’s nonsense or do you think there’s something in the charts here that could be telling us a story of red days to come on the stock market? I hope you enjoyed the video today. And if you have enjoyed the content, please remember to slap a log on the video that helps us get the content to more people. And if you want a chance to win the crypto take, Zut starts. Kate, we do a weekly giveaway. The announcement will be made on Saturday. Well, you have to do is be subscribed to the channel and leave a comment down below and you’ll be entered into the draw. That’s going to wrap up the video for me today, guys. Take care. Bye.

Report

Ledger Nano X - The secure hardware wallet

What do you think?

-2 points
Upvote Downvote

Comments

Leave a Reply

Leave a Reply

Loading…

0