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Bitcoin Technical Analysis: BTC Downtrend Is Just Getting Started (May 2020)

VIDEO TRANSCRIPT

The price of Bitcoin is once again at nine point five. And it is very interesting because every time the price rallies spots nine thousand five hundred. A lot of people get very excited this time to talk about an input cycle and the beginning of a new rally to any all high. Another thing here to note is that a lot of people are shaken out during these kind of moves. And we saw this big move to the upside. A lot of people got very bullish and they enter a very aggressive, long positions. And then they were shaken out. And the same goes for it there. A lot of people are expecting that tourism is going to begin a new rally against Bitcoin, but then that didn’t happen. And we’ll see. Now, that term is very wonderful against Bitcoin. So what we will see play out here in the case of Victoria might be something like this for it to repeat the previous fractal. If it does repeat that, there is going to be extremely bearish for Tarim and the rest of the equity market. So for Bitcoin, if you take a look at the 15 minutes chart, you can see that it has led a lot of people to believe that this is going to be the beginning of a new budget cycle. It has been doing this throughout. And it has been misleading people throughout. So this was a candidate that misled a lot of people. Then we had this symmetrical triangle that the price was trading in. We are talking about this symmetrical triangle here. So this is the one that the price a string in around here. And that is when a lot of people who were expecting a big move to the upside. And it did happen. We saw a big bullish breakout. And that is a point where a lot of retail traders begin to think that they’re they’re going to see a rally to the moon because this is now clearly bullish breakout. And people have this textbook approach to trading and they think that if we have this breakout, they call this a breakout. And then they mean this to be the beginning of a new bullish cycle. And then that doesn’t happen and the price declines again. And makes this kind of after having made this fake out and then it declines back into this metal triangle, then it does that again and gives a lot of people excited once again. And then it does that. So it’s quite clear what is going on here. And, you know, this is not going to end well. But at the same time, these people are not in their in a rush. They’re not in here, at least not yet. I mean, they’re going to come a time when these people are going to be in a rush, you know, when the miners are frontrunning each other to sell. And there is going to happen very soon because at this bitcoin, you know, mining reward, these mountain, a lot of miners are going to find it really difficult to stay profitable because, you know, money difficulty keeps on increasing and mining reward keeps on decreasing. So this is going to be very difficult for a lot of these miners to remain profitable. So what do they do? They would have to sell their bitcoins to remain in business. And they’re going to do it where soon. And most of them would also have to take to lock in a lot of these profits that they made from this whole move to the upside before having. So this is this has yet to happen. We have not seen that profit taking after having that has not happened so far. And these moves are just meant to shake out the bears, to discourage them from shorting the market. But we have yet to see the profit taking. That has not happened. So when that happens, we’re going to see a lot of blood on the streets. And that is most likely to coincide with a big move in the S&P 500 as well. You know, I was I was watching this price action where it closed yesterday when this was happening. And it was so interesting to see that the market makers in the way as they push this price, they push the price higher out of this medical triangle. Now, this could have been the fake out. And this could have led to the beginning of of a downtrend from there. This move could have happened to we’re here, but it didn’t happen. And I was. I was. I was following. Why did it happen here? And then I noticed that, you know, the day was about to close around here. So they wanted to close the day in the green. So they pushed the price higher and then they they declined. But they didn’t decline it like this. They meant did they let it keep on trading sideways for a while? And then they ended the day in in the green. And then they started another in the red. So that is what they were planning on along. They wanted to begin the next day in red, and that is exactly what they did. So this is all manipulation. This is more than 90 percent manipulation. It is very clear. It is very obvious at this point. If you don’t agree. If you don’t, you don’t believe that so far. I don’t know what to tell you because this is exactly what I what I what I was what I kept on believing from, you know, from time that I entered this market, I kept on thinking that this bitcoin is like a decentralized, you know, asset and it is something new and something very different. And investing in Bitcoin is like taking money from the government and putting it into the hands of the people. I believe, though, that I believe I bought into all of this as an early Bitcoin trader. But then I started to realize that, you know what what difference does it make if you are taking. Taking it from the Fed. But you are putting it in the hands of the miners in the way. What difference does it make? You are not putting it into the hands of you and you’re not putting it into the hands of common people. You are going from one status quo to another status quo. What is the difference? The same thing. In fact, this is more manipulated. And if this if something goes wrong here, you don’t have anyone you can ask for or take to court or to ask questions from. There’s no liability. If anything goes wrong with the government, you can at least protest. You can ask some people. You can ask for answers. But if anything goes wrong here, there’s nobody to answer anything from. And, you know, this is this is the thing. This is what you should realize. This is not something different. All this decentralization hype and all this this is just this is this is like it is just for show. This is not real. And you are essentially going from one status quo to another status quo. That is all it is. So EDF, USD, this is the chart for Yttrium. And when the prices or here I publish this idea and I said that we would be knocking at this important resistance here. We weren’t knocking at this important resistance and the price ended up shooting BOSELEY. So let me show it to you in this idea here. I posted about this and I said it. There is knocking at a key resistance and is likely to rally higher from here. I clearly said that is if the price breaks and close above it on the fourth time frame, it does support, we would expect 88 USD to climb back inside the descending trying. So it ended up breaking posted on the four hour time frame. And then, as we can see on this idea here, it ended up shooting the top of it. But this played out like clockwork. This played out so perfectly. And I have a lot of other ideas here as well. And you can see on this chart as well. If you if you are interested in looking at these charts, you can you can go to my account and you can find them there. These are the charts. And this is what I think is going on at this point. You can see that this descending triangle is very likely to be broken to the downside at some point. This is now the prysner repeating the same thing over and over again on the one hour time frame. We can see that we might see this kind of a decline. Once again, this seems to be where is similar to this kind proprioception, as we have previously seen. So I would not be surprised if we see a sharp decline at this point, again, to pull the price below the descending triangle at despond. So let’s talk about Redken dominance, Bitcoin dominance is at a point where there is a clear break out, you know, we can see a clear breakout on the charts here. If we zoom out here for a while, you can see that it has been coiling inside this symmetrical triangle for so long. It only makes sense that it is going to lead to a very bullish breakout for here. Now, I know a lot of people are thinking that for some reason, magically, this is going to be the beginning of a new era for Bitcoin and Bitcoin would be surging higher and higher while these antiquities are going to lag behind. But I don’t think that is going to be the case. I think the most probable scenario is going to be what we have previously seen. And there is going to be the beginning of a major bear trend in the cryptocurrency market where Bitcoin will be holding its ground better compared to a lot of these other arguments, which would be declining much more aggressively. And there is a reason Bitcoin dollars would be rising with a longer timeframe. So let’s talk about the euro, a spirit, as we can see this one point to a tree resistant to the very strong one. The price ended up testing it today. It failed. It faced rejection at this point. We are waiting for a clear breakdown. Blow this symmetrical triangle. That is exactly what we’re waiting for. So if that happens, we’re going to see a big move in the cryptocurrency market as well. I think it is going to be very soon. It could happen very quickly. And there is a lot of trouble around the Eurodollar for spare. And, you know, the euro in general. And there is going to be a lot of demand for the US dollar in in the near future. And as I previously mentioned, the dollar currency index is a very good position to rally to to, you know, to move to new heights from here. It is very. So the dollar currency index is one of the few winners out of this entire situation. I don’t expect it to be gold. I don’t expect it to be Bitcoin. I don’t expect it to be anything that’s I expect it to beat the U.S. dollar. I don’t expect it to be gold because like red, all you see is this is going to be the everything bubble. You know, a lot of these things are going to default. And I love these bubbles are going to pop. So they do. I mean, this is clearly a bubble. Gold is in a bubble. This is going to end terribly bad. I mean, this is not going to stay here for long. There’s the thing here to note is that every time we have, you know, some sort of like a news article or anything about more money being printed by the Fed or something like that, that is an advertisement for for gold. That is an advertisement for gold bugs, for people to buy gold and to just rush into gold traders no matter what the price. Now, there is nothing wrong with investing in gold, per say. I mean, gold is has been around for a long time and I don’t think gold is going anywhere. I think gold is going to be here. But what I’m trying to say here and why I think this is a bubble is because they’re the price of gold does not reflect the actual, you know, gold trading. I mean, this is all just derivatives. And they have pumped the price so high. This is all fake trading, fake gold. And on just on the paper like this, they give you an IOU, which means that you don’t know if you’re gold. You don’t have physical possession of your call. You just have it on a piece of paper. And this keeping inflating it hard and higher. They’re giving everyone the same piece of paper. So for that reason, I think there’s going to end really bad. And I think the price of gold is going to decline and this bubble is going to pop in the future. Would you take a look here at the RSI on the date time frame? You can notice very clearly that we have a bearish divergence on the outside. You know, the price is rallying higher. So at this point, we are definitely looking for a major downtrend in gold. And I expect something similar to happen here as it did before. This move within this ascending channel was followed by a sharp decline. And after that, it declined below this selling channel and entered a new one. So I think the same thing could happen again. We could see the price of gold declined from here and declined below this ascending channel and then enter a new one. So this is the S&P 500, as we can see now, we have a clear diagram of this symmetrical triangle, but we have yet to see a major break to the downside of which I think we might see very soon. And this could coincide with some socio political developments. I mean, this old Kobe 90s situation, they’re not talking about how it is worsening because some people, some areas have been lifting lockdowns. And for that reason, they think it has worsened. Now, I always expected that they’re going to come up with reasons to say that it has worsened and then it will worsen. It will get worse before June. I don’t know if it will get any better, but it will get worse from here. And that is going to be another catalyst to bring the stock market down and the stock market, this rally. It has been, you know, just a fake rally. And that’s just like trapping a lot more people before this kind of downturn begins. And this is going to begin. It is only a matter of time before we see that major downtrend and the same goes for the cryptocurrency market. This thing is going to lead to a major downtrend. Bitcoin and the rest of the cryptocurrency market is going to decline. I mean, really aggressively from here. And that is what we should be looking for. That is what we should be waiting for at this point. This is not a time to be bullish on the market. No matter what the technicalities are on small time frames, you need to look at the big picture and this is the big picture. So a lot of people would argue that, you know, well, it doesn’t matter whether this is fake or manipulated as long as we’re making money. I don’t have any problem with that. I’m you know, you can do that if if you can do that successfully. You can do that. There is no problem with that. But the problem is that a lot of people cannot do it successfully. Most of the time, I imagine if you were turning around here and there was a setup on someone, a time frame, but then this kind of move happens or this happens. Now, if you can protect yourself against that, then that is good. But most of the time during a major Bertran and when the prices do for a major correction is very difficult to protect yourself against this kind of downside. So for that reason, I think when that happens, a lot of people will not have the chance to get off the market and you wouldn’t like it. I mean, you don’t have to trade everything. You can just make a few good trades. And I it’s very important to make a trade at the beginning or do not slightly close to the beginning of the trade. Now, I’m not encouraging you to find tops or bottoms, but I’m encouraging you to enter a trade early on and then traded higher. If you had to enter this trade around six thousand seven hundred, when I first started talking about this and when this resistance was broken, enterprise ended up trading higher and that I decided to enter a bullish position here. I was very bullish around here. Most of you would have noticed if you would enter a trade here and you thought you had gotten out the market around nine thousand two hundred nine thousand three hundred or something. That is that is a trade. You don’t have to cage the top. You don’t have to gauge the bottom. You enter a trade here. You’ve got up the trade here. Now you wait for the next opportunity and it will present itself. It will come a lot of these the price action has present a lot of good opportunities in the past. And they will be there. You will make very good trades. And there is no need to be greedy. There is no need to rush into any trades because most of the time you would just end up losing most of your gains to these volatile market movements. And this uncertainty. So it is important to, you know, be conservative and to sort of know what you’re doing and to take a manageable risk. And there is all that matters at the end of the day. That’s all for this. We do. And thank you for watching.

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