Bitcoin price is about to make a big move. Here’s what you need to be ready for. What is up, everyone, that was my beautiful Saudi to my wifey. She was in the office with me as I’m getting ready for life. She wanted to do it. There she is. Shout out to you, girl. Thank you. You did a good job. Good intro. And she’s right. Bitcoin price is at a very, very key area. Want to talk about it on the charts. Thanks for coming by. Hit that subscribe. Hit that like turnover’s notification. Bells on. Let’s jump into the charts, everybody. Sunday live, May 17th. All right. For context. Once again, the last time I’ll do this. A very quick clip very quick from May 12, five days ago. We have our seven, eight six two six one eight. Resistance, meaning Bitcoin. We look for resistance at this area for continuation and rejection back down. Right. So that’s the first area Bitcoin really has to break. And you can see it’s confluent with this yellow longer term. Look, there it is. The Fibonacci retracement. On the six hour chart. Now, what has transpired since five days ago and I did that video is very simple. We’ve come up and look at this. I tweeted this a little bit ago, Bitcoin grappling with this channel. This happens so often with this Fibonacci seven, eight six to six one eight channel. This is on a six hour chart. This happens zoomed out on a daily on the weekly. This Fibonacci area for support or resistance. In this case, resistance is always so relevant in terms of what to anticipate for Bitcoin. We haven’t gotten a confirmation yet because we haven’t had true separation from this channel right here. Bitcoin has been testing its true separation in this case is what I wanted to talk about. What can you anticipate? Because I think this is getting ready to happen on the downside, Orie, upside very soon. And this isn’t really click bait video when I say a big move is getting ready to happen. So I like to illustrate other scenarios where where it has happened so you can get a picture of what to be ready for. So here is back in March, April to March 2020, we had a swing high. Right. And let me actually just let me let me chart what this Fibonacci is on the screen. So we had this swing high back in April, beginning of April, right to a swing low right here, April 15th. So swing high to swing low, right up to a key Fibonacci area. Exactly the same as what’s happening now. What did Bitcoin do? It’s all resistance. And it came back down to a higher low from this previous low back here. And then it finally broke out. Right. So you can see the resistance and what it looks like on the screen. And Bitcoin back then was doing the same thing, grappling with this channel. And it failed to break. Now, will that happen in this case? We’re literally at the breaking point. And interestingly enough, we’re at an upper trend line that goes back to, you know, May. What is this? This is May 7th. Right. We have a touch to this trend line, a swing high. We have another swing high as of today. Basically, we have another swing high. We have a cool trend line up or trend line to look for right now. And we’re at a breaking point because Bitcoin is already broken through that resistance, but failed. Right. We saw support within that resistance, which is good. But again, it failed to really get separation once again. So I want to just say this. I want to do bullish videos all the time. But there’s been no bullish confirmation as of right now. Bitcoin trading at ninety seven hundred dollars. A few hundred from 10000 is cool. It looks nice. It almost seems bullish. 70 to 80 percent of crypto markets are bullish and long on Bitcoin right now. That’s what the data says. But we have to anticipate downside if resistance just doesn’t or if resistance wins. Right. Downside on the very short term from this swing low to our new swing high. Right. That we just had a downside scenario and this is on the shorter term, could look like Bitcoin putting in a higher low in the 80s. Hundred dollar to eighty five hundred dollar area down here. If Bitcoin does that. Right. Trickles down to that area again. Not necessarily bearish short term, maybe a little bearish, but a very similar setup to what happened from this Fibonacci resistance to a new swing swing low before breaking out of a symmetrical triangle. This could be in play for Bitcoin. Bitcoin could come down, put in a swing low because this Fibonacci resistance acted as true resistance. And then we can trickle back up closer to 75 percent of the apex of this symmetrical triangle. And then we get a break outs, you know, and this is a six hour chart. This could all play out in like a week’s time. But this is something to please anticipate because there really is true resistance on the charts. This is just one aspect, right? We can go to other aspects of the charts. We can cruise over here to a zoomed out six hour chart. And it gives you an illustration of where we are in terms of Bitcoin, because Bitcoin is has worked its way up from that March low. It’s worked its way up to an incredibly, really strong resistance area. And it’s really pretty much all of this. There’s so much happening in here up till like ten thousand dollars and change. And that’s where Bitcoin is now. I want to point out some bullish factors in regards to what we’re seeing on the charts. We have this long term large trend line to from the end of June. Let me expand this so you can see price on the screen. We have this long term orange trend line from the June, July, 2019. Right. These swing highs that Bitcoin is seeing now, this orange trend line. Bitcoin is currently trading above it. Right? That is one bullish factor. So we can look to this orange trend line potentially as support. But that’s not that far below. That’s like ninety three hundred dollars or so. And Bitcoin can very quickly break back below that. Another key trend line we have extending back to mid-March is this white upper trend line that Bitcoin once again is still above acting kind of as support right now. But again, very confluent with that ninety three hundred dollars support area. We go back to our R r scenario where Bitcoin puts in this higher low on this symmetrical triangle and we’re well below ninety 300 at that point, we’re sitting around eighty seven hundred dollars. It’s something to be ready for. And I know I’m integrating and throwing at you a lot of bullishness, a lot of bearishness, but that’s simply because Bitcoin is at that breaking point. Bitcoin is at this critical level right now where something big is about to happen, in my opinion, because look at the weekly chart right now. Bitcoin has worked its way up, as I just mentioned, on the 6:00 hour. But this is a really good illustration on a weekly look at this. We look at these weekly candles. Bitcoin has just charge its way up to this level right here where we had this previous swing high in February. And Bitcoin is at this resistance area, confluent with this longer term trend line. This long term, very long term, this is the bull market high on the weekly this long term trend line, not even too far above thirteen hundred dollars above us right now in terms of bitcoin, I should say. Fifteen hundred dollars above us in terms of Bitcoin, that that could happen so fast. That could happen like 24 to 48 hours. So again, so much resistance on the weekly. And the question is, is Bitcoin going to break this swing high that it put in in in February of 2020? That is what we’re looking for right now. And it all starts. It all happens right here on this six hour charts where we have this resistance that Bitcoin has been just grappling with. And as of right now, nothing special has happened for for the for the bulls to be 100 percent convinced that Bitcoin is actually going to continue up. Now, there is kind of something we can look for on that chart right there. And you’re going to see a move like this if if the bulls just step in maybe tonight, going into Monday, you’re going to see this separation and then we plot this Fibonacci on this chart again. So you see what this looks like. This is what you’ll see on the Bitcoin six hour charts in the next 24 hours or so. You’ll see a strong break of separation from this resistance channel. You’re going to see that happen on this chart. Right. Could this have played out that way? A strong break of separation into the 10000. Yes, but did it? No. We got immediate resistance at this upper trend line. We’re kind of putting in pretty much a lower high. And we could we could get some retracement back down into this Fibonacci channel. So Bitcoin doing a lot of grappling right now. I want to say this on a weekly chart. If you zoom out and you look at some of these oscillators, there is so much upside for Bitcoin right now. And you can see it on the weekly. I want to just like in this, too, when Bitcoin was breaking the 50 week moving average back in April of 2019. Right. That blue line Bitcoin just broke that and were health healthily above its right now, which is good. We need to stay so see support above it. But look at the RSI. This momentum isolator bitcoin right around the same area, right as Bitcoin was back then, breaking that 50 week moving average. And what do we have from that area. We had around. One hundred and fifty percent of upside left like two two and a half months worth of upside, there is a lot of upside potential for Bitcoin right now. Even the RSI or the stock RSI, not even really over’s overbought right now. And when Bitcoin made this move back in 2019, Bitcoin was already on the stock. RSI overbought. Right. And it still had 150 percent upside. Another thing on the weekly bullish. Want to point this out, Mack D crossed above the signal line. Right. Just happens not long ago. Towards the end of April. And we know what happened last time. Bitcoin had a MACV on the weekly crossed the signal line back in spring of 2019. There is that run right here. So there’s a lot of long term macro uptrend in play for Bitcoin right now. But on the six hour chart, I just kind of want to real things back in because we’re at a huge resistance level and so much could happen right now in the short term, meaning we’re at ninety seven hundred dollars. Eighty three hundred dollars or I’m sorry, eighty eight hundred dollars or so. Eighty seven hundred dollars could come rather quickly. So please just be prepared for that. And these are the moves we’re looking for. These are big moves I believe are getting ready to happen either a break of separation to the upside well above 10000, or we’re gonna have a retracement down to around eighty seven hundred dollars. All of that said, nobody’s going to tell you what Bitcoin’s gonna do next. I’m here to provide the data. The charts are consistent. This Fibonacci retracement resistance area has been very valuable to us, I think for the last five days. We’ve used it as a as an indicator to use for confirmation. There has been no confirmation. Confirmation would look like separation to the upside or true resistance where we put in a higher low and then we’re gonna be talking about a brand new Fibonacci resistance area or I’m sorry, support area, which would be down here at this green triangle, the six one eight two seven eight six down here. So we track it. That’s what I’m here for. I just wanted to give you an update on what’s going on with Bitcoin. I really appreciate you coming by. Hope you have any amazing Sunday. Thank you again, Sarah, for that beautiful intro menu. You are so beautiful. Shout out to Sara. Hit that like button to show Sara that love. If you’re here, you’re not a subscriber. Had to subscribe. Let’s see what Bitcoin does today. I would love to break out of separation above these charts, above this resistance area, but we’ll see what happens. Have an awesome rest of your day. I’ll see you in the next video. And God bless.


Ledger Nano X - The secure hardware wallet

What do you think?


Leave a Reply

Leave a Reply