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BITCOIN ON A CRUCIAL LEVEL!! – Large Crash Or Bull Run?! – BTC Price Analysis

VIDEO TRANSCRIPT

OK. Is Bitcoin still bullish or is it still bearish? This is going to be a very, very important video because the double bottom with a bear trap that I talked about in a couple of videos ago could potentially still play out. And if that is going to be true, you’re going to be looking at Bitcoin getting a massive run-up to the upside. But there is still a bearish scenario and there is a bitcoin right now is in a rising watch pattern. Is it possible for bitcoin to still get a strong correction to the downside? This is going to be a very, very important video. So definitely stay tuned. Now, the first question that I’ve got on Twitter and in my comments section and on telegram, I’ve got it everywhere. Am I still bearish on Bitcoin? Well, there’s a couple of things right now that are at play, which I believe are very, very important to explain this current pump to the upside. And trust me, the fact that Bitcoin is getting right now is a strong pump to the upside is indicating to me that the bulls aren’t really that weak. They’re actually quite strong and they might be ready to go even higher. But there are so bearish signs. And the first thing is that Bitcoin does seem to be still in a rising watch pattern and actually tell if this was going to play out as a double top like that. But yesterday, I actually changed my mind and I thought, well, this is not going to become a double top, but instead, Bitcoin is in a rising which pattern that was very important about a rise in which pattern is that a which pattern mostly breaks to the downside. You can see it over here as well. And this ended up as a very, very large correction to the downside. So even though Bitcoin did go on a nice push to the upside, if I zoom out on the longer picture, you can see that this is potentially looking like a bearish setup. But there’s something very, very important to talk about. And that is the fact that this bump to the upside is extremely strong. Generally, when the market is about to get a correction to the downside, you don’t see pumps that are dis strong. So this is making me wonder, OK, well, is it possible for bitcoin to maybe break this rising, which to the upside? There is a very good possibility of that happening as well. A couple of months back, back in November of last year, Bitcoin was in a falling wedge pattern over here and a falling which pattern is, of course, a bullish pattern. But this one broke to the downside instead of the upside. And this caused Bitcoin to have quite a big correction to the downside. So I actually have talked about a scenario a couple of videos ago, but is it possible for Bitcoin to maybe do something similar where it is right now in a bearish pattern, but this bearish pattern will break to the upside? Well, that is, of course, something that I don’t know at this point in time. But there you are potentially looking at this becoming a very, very bullish setup where the price might have a huge crash to the downside still or a big move to the upside. Now, what actually caused this pump over here? Well, it’s a very, very short explanation. This is a double bottom. This was something that I actually talked about in FERPA as well. I had a short position open for people wondering, but my short petition got stopped out on entry price. So I haven’t really lost anything. And the fact that Bitcoin is now moving to the upside is actually something that is very, very positive in general, because I believe that most people that are watching this are holding Bitcoin. So it’s definitely not a bad day talking about this move. It does seem like this seems to be a larger double bottom. And so if that is true, then potentially you might be looking at this, still getting that nice reversal to the upside. Now, a couple of weeks ago, back when Bitcoin was moving to the upside like this, my theory was that this was going to become a large double bottom with a bear trap over there. And as you guys probably know, a double bottom with a bear trap is the most bullish pattern in Bitcoin now. Is that still possibly going to happen? I actually threw that possibility out of the window. I actually didn’t expect it to happen anymore. But the fact that Bitcoin now seems to have set a very nice double bottom and is getting a very strong pump to the upside, this is potentially a possibility that could still play out. Now, what does Bitcoin have to do in order to become a double bottom with a bear trap? And what kind of targets could we potentially be looking at? The first thing that Bitcoin has to do is break out of this rising, which then break this important long term trend line. As you guys may remember, this is a very, very important trend line that Bitcoin with a lot of support on back over here in 2016 and 2017. And yeah, you can see this a very, very important trend line. So if Bitcoin dose managed to break above this trend line and it manages to break out of this rising, which then it is set up for. Absolutely, absolutely crazy bullish, shut up. And there you are, potential looking at bitcoin going absolutely parabolic the moment that it breaks above that trend line. Now, Bitcoin has been doing something similar. If I go all the way back over here in 2015, you could see the same thing when Bitcoin broke back above this important buy trend line. It had a massive parabolic move to the upside. Absolutely crazy. And so potentially I am looking at something like that happening again on bitcoin. Now, of course, there’s still a bearish scenario as well. And at this point, I’m going to become a little bit neutral. I think there’s an opportunity for both options to still play out. I’m actually going to. Show some more potential bearish signs for Biscoe. I definitely don’t believe that is right now on. Hundred percent bullish, but yet a first bearish sign is that this is still a rising pattern and rising wages generally break to the downside. So so my theory was this was going to become a double top and now that Bitcoin broke. Buffett right over there. That means that this is no longer a double top. Am I bearish scenario is invalidated. But it still doesn’t mean a bitcoin might go sideways here and still set a double top and then continue to the downside or. Yeah. Bitcoin can of course as well. Maybe, you know, in the coming days still get that correction and pullback to the downside. There’s of course, still a lot of possibilities open for bitcoin right now. And yet this is still looking like a bearish setup. And as long as Bitcoin doesn’t manage to break out of this rising, which I will not be a hundred percent bullish yet. Now, what is this? Well, very, very important to talk about is that a bitcoin is right now very, very heavily correlated with the stock market. I’ve actually been watching the stock market. And what I see when I look at the stock market is then when the stock market moves to the upside. Bitcoin very radically follows the stock market as well to the upside. And when the stock market gets a dump to the downside, Bitcoin really follows the stock market as well. And I’d be looking at Bitcoin and the stock market full time. And yes, there are a lot of similarities. But right now, it does seem like the stock market is setting up for a potential bearish correction to the downside. You can see that the stock market as well as in a rising pattern. And this broke the racing, which to the downside. So potentially the stock market as well is set up for a bearish correction. And if the stock market is going to continue to head lower, you might still see Bitcoin following the stock market as well to the downside. So there’s a lot of possibilities open right now for Bitcoin. It did what a nice pump to the upside, but it is not a hundred percent bullish yet. And I’m also not going to be a hundred percent bullish. I’m actually going to wait. What Bitcoin is going to be doing next? And either way, between does manage to break this rising watch to the upside. I believe death could potentially be a very, very nice, long opportunity. And if Bitcoin still breaks it to the downside, it could still be a very, very nice short opportunity as well. So generally a lot of opportunities are still ahead for Bitcoin. I really love Bitcoin. I built my whole career around bitcoin. So if it does manage to start a new bull run to the upside, I will be extremely happy about that because yeah, that means there’s probably also a lot of money for me at the potential. You as well to be, mate. So no, that was the end of the video. Conclusion I am neutral on bitcoin. I believe that there is right now a chance that bitcoin might get a new correction to the downside if the stock market as well crashed through the downside. But it also looks like bitcoin is right now setting this large double bottom like that. And there is a potential for bitcoin to break this rising watch to the upside in the coming days and then maybe as well break this important wide trend line, which could give Bitcoin the strength to have a very big parabolic move to the upside. So, yeah, that’s the end of the video. I will, of course, I bet you guys in the free telegram if my opinion changes, so make sure to follow it. The link is in the description. And yet this looks amazing and I’m looking forward to the future. So definitely like and subscribe and I’ll see you guys in the next video. Bye-bye.

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