in

BITCOIN DOWN AROUND 10%! WILL BTC PRICE KEEP DROPPING?!

VIDEO TRANSCRIPT

Bitcoin down around 10 percent right now with signs that it might continue. Fifty-one hundred dollars might not be too far away in terms of timeframe and in this video, I’m going to explain exactly why. What is up to everyone. Thanks for coming by crypto capital venture appreciate come by especially for your new viewer. Welcome to the channel. I’m gonna jump right into it you see it on the screen Bitcoin is down I said around 10% because from that recent swing high we had to this previous Swing Low we just had we’re at nine point eight nine percent just about 10 percent bitcoins making you move if you’re getting here right now hit that like button it means a lot to me I don’t want to beg for it but I have to ask for it because it gives me some momentum it gives me that right energy I appreciate you coming by. Thank you. Before we start the technical analysis aspect for context to this entire video. Real quick and this video will be around 10 minutes or so. I want to just play this clip from the other day and this was three days ago March 24th. Hold on bitcoin most likely to dip Bitcoin price 20 percent drop. Real quick. But the more bitcoin trades sideways here the more likely Bitcoin become is to become the more likely Bitcoin is to come back down to series True resistance at this channel and we’re not going to get that break that we want. We talked about the break that we’re looking for a bullish break is target around seventy-six hundred dollars or so. The true bullish target the 1 620 on the Fibonacci for a higher high would be probably around 80 100. That’s a bullish scenario it’s in play but that’s like on the twenty-five percent likelihood in terms of my brain and the way I’m interpreting the charts. So we’re getting resistance at this channel right now in the 4 hour chart. And then we start looking at clues on what what what the move down would look like. Right. So the first clue is our swing low that we’ve talked about on March 22nd to this swing high resistance that we’re getting our first area of potential support. This is more of a 10 percent move to the downside and the title says 20 percent. This is the best-case scenario for short term consolidation around a 10 percent move maybe to the 50 moving average on the four-hour write-downs like fifty-nine hundred. This is key Fibonacci support totally possible that this is. Not going to stop the video there. I know you don’t wanna watch a replay this whole video but it provided a great context because we just traded sideways. It felt like for a very long time felt like a week it was only you know since I did that video as it was a few days. But we really traded it sideways directly in the middle of this small little Fibonacci that we had set up on the four-hour chart. So we got our first move out of that resistance area you can see it we’ve come back down to our first area of support. This was resistance I’m sorry. This was resistance, Fibonacci. Now we’ve come down to this first area of support. This is short term support. This is the best-case scenario for Bitcoin now. The reason I have this setup I mentioned the other day in that video I believe this isn’t for me to eye up so that I can accumulate and buy in this area you know anticipating Bitcoin is gonna bounce off can Bitcoin bounce off. Yes, that’s what we watch now. Is there going to be true support here like there was true resistance here? Right Fibonacci is truly the most probably the strongest tool in terms of showing support and resistance. So the reason why I’m doing this video is that going into tonight I really want to see how this whole channel sets up because we got that 10 percent move that I talked about in that video and now I’m zooming out in the charts because we’re basically 10 percent closer to potentially accumulation area. So in that video, we talked about what that looks like. That is down here. Short term bearish Fibonacci accumulation is what I wrote and that’s simple. That is our swing low when this whole thing started like March 12th to our swing high when we came out of that swing low. Right. And that was a swing high on March 20th. We have this mid-term Fibonacci channel and that is the area that is what I’m looking for bitcoin to get to B before I actually start accumulating some more bitcoin comfortably buying some more bitcoin. Now, will we get there? Listen. That’s not the purpose of this video. However, in that last video I just showed you a clip of a few days ago I mentioned that I had I said 75 percent chance I would say that Bitcoin saw resistance here and it did see resistance. Now, this could be very short term resistance. So this is the biggest reason I’m doing this video. I want to not only prepare for a potential drop through resistance if this breaks. I’m pretty sure not immediately but possibly we’re going to trickle down in the coming days or week into hour by zone if not capitulate straight into I don’t know what it would look like but if this doesn’t hold. Most likely I believe Bitcoin will come into our buy zone this Fibonacci channel and we’re talking forty-five hundred dollars at the lower end to around fifty-one hundred dollars at the upper end. That’s an accumulation area for me I will comfortably pick up some bitcoin in that area and the true foundation to all of this is this is how Bitcoin moves everybody. If we zoom out and we go to the weekly chart we went into this entire thing all the way back here. I remember saying I can’t do too much technical analysis yet until we get some structure to see how this starts setting up. And we said structure, like we saw at the bottom of the bear market, would be perfect right. And we’re starting to get that work starting to get the similar structure. We know Bitcoin came down to the swing low. We had a nice bounce right to a swing high and then we came back down for a higher low. Similarly on the weekly here we get that bounce off of a swing low. We’re seeing some short term resistance. Are we going to come back down to our Fibonacci that we just looked out on for our forty-five hundred fifty-one hundred dollars to set up a higher low that would be a great scenario for bitcoin if it actually maintains a very similar move than it did it at the bottom of the bear market I had a comment I think the other day they said you can’t compare the bottom of the bear market to now there’s a pandemic going on it was something along those lines and I semi agree but I semi don’t agree? Number one I don’t think this pandemic is going to go on for that long but maybe the most important point is this whether it’s a pandemic whether it’s capitulation at the bottom of Bitcoin’s bear market cycle naturally happening. One thing is true humans are behind the move of Bitcoin and given enough time whether it’s through a pandemic whether it’s through a bear market whether it’s through a bull markets whether it’s through really strong moves or not. Humans will kind of stabilize their emotion will stabilize and no matter what the situation structure will begin to appear before our eyes even in a volatile environment so we’re looking for structure. Whether the pandemic lasts a month or four months we’re looking for structure and we’re beginning to get it. Bitcoin probably going to have some very volatile moves in the coming weeks and even months but we’re starting to get structure and you see it on the four hours if we didn’t have a structured technical analysis one it won’t be working and it is working. I said 75 percent chance of resistance here because the technical analysis was a key factor in saying that’s now where we’re now we’re looking right now. What’s bitcoin going to do here. I’m not going to try and predict what’s going to happen now but what I am trying to offer you as data to kind of get ready for any possible move right. So we said the other day get ready for a 10 percent move to the downside to see what happens there. Maybe, more importantly, get ready if this support fails here. Get ready for potential new low down here maybe a higher low from our capitulation area on March 12th. But either way a big drop for Bitcoin from where we just saw swing high right here. So we can say 26 of March we know right around 60 hundred if we come down to this area we’re talking twenty-five percent up to like 30 percent or so in that channel. So be prepared for it wanted to do a quick video for you. I don’t want to make this crazy long but there’s a lot of relevance in what’s going on in the charts. I will say this bitcoin can totally come out of this whole entire short term chart. Very bullish. If Bitcoin C supports in this Fibonacci channel the same way it’s all resistance here you know what’s going to happen maybe some sideways trading and then we test this channel again. That’s the first thing to watch out for if we break that initial Fibonacci resistance right here. We breakthrough that’s Bitcoin we’ll be looking actually very bullish especially if we start breaking through this lower trend line that we have here. So that’s a very strong move for bitcoin we’re talking Bitcoin needs to make a move to like seventy-five hundred dollars or so to be testing those areas and you know we have to kind of sit back and relax and wait to see what happens. If you’re here right now thank you for coming by let me know how you’re doing in the chats. I see you in the chats aren’t the absence says capitulation on Monday once the Dow goes down 3000 points. Mario what is up. Mario is looking to buy forty-eight hundred dollars. He’s looking to rebuy. Graham says this is a bear market. I disagree with Graham. But that’s all good. We can disagree here on this channel. Where is this going to end says Harry. We wait. We watch we see we have the supports we have is ours have our resistance. John what is up. I see John Bruder Hans Zambrano. What is up? Who here catching them knives. We’re waiting for the knives to potentially fall that’s for sure. Appreciate you coming by everybody. If you’re a replay viewer thanks for watching. Hit the subscribe button if you’re not a subscriber on your way out. If you’re here right now slam that like button. It really helps. Actually the channel in algorithmic ways that you couldn’t even imagine your one split second of time actually does help. I don’t ask for likes just for asking. There’s the true purpose. It’s Friday night. It’s time to get back to relaxing with my beautiful wife. Shout out to you Sarah. I appreciate come by. Let’s see what Bitcoin does. Let’s see if their support at this feminazi we got there. Either way, I will see you in the next video. Have an awesome start to your weekend. And God bless.

Report

Ledger Nano X - The secure hardware wallet

What do you think?

Comments

Leave a Reply

Leave a Reply

Loading…

0