in

Bitcoin’s PUMP OF HOPE! Breakdown and Analysis

VIDEO TRANSCRIPT

Bitcoin ended up seeing a really nice series of pumps after the last video. That’s definitely not something that I was expecting. But let’s take a look at what’s gone on. Anyway, we ended up going from the lows that we were trading at and around six thousand six thousand one hundred all the way up. It’s roughly a thousand dollar pumped from low to high to seven thousand three hundred dollars. That is an absolutely beautiful place for bitcoin to stop if we were going to get a pump. This is a really expected sort of place for bitcoin to end up topping out simply because of where that resistance lies. So one of the things I was telling you about is that if we do end up seeing some pumps up higher, actually thought it would happen over here or over here if we do end up seeing those pumps, that this could be a relative area of resistance. So it’s really nice that we’re starting to find some resistance in this range. And so what that’s wanting me to look for like that was a terrible sentence. What that’s making me want to look for are signs to reenter on the bull side. Now, again, I have to reiterate, I do think that the bearish overall market set up with the rising wage and everything like that is still valid. I think it’s still extremely valid and it literally is, as far as I’m concerned, just a matter of time until it ends up breaking lower. That would be that would still be the case even if we ended up breaking this resistance over here, because, again, I have to say it once more. And bear markets after a dump like this, after capitulation, events like this, they don’t end with rallies like this. That’s what I’m going to be looking for. And, you know, some people might be saying, well, actually, you know, Bitcoin is already doing it. So why are you fighting it? Why you’re not embracing that? This is actually just a bullish trend which is going to stay. And the truth is, in response to those arguments, will bitcoin is moving more like the conventional markets month by month. It’s becoming tamed, right. It’s becoming much more mature in terms of how it trades. And so a mature market after a dump like this. Granted, it would never have a dump like this. But if it were to happen, you would you would start to expect instead of a big V-shaped correction like this, that goes up by something like 85 percent. Let’s take a look. 86 percent instead of a dump sorry, a V-shaped correction like that. In order to end that bearish trend, you would be expecting some sort of accumulation range. And again, that’s not what we have, but what we have right now is a bullish trend. So I’m going to analyze it with that light. And the main thing that I’m looking for right now, because I do want to start trading the long side now that we’ve hit this resistance level is how do we respond to support levels initially without resistance at roughly six thousand seven hundred dollars. All we needed to do was form a bit of a bull, a bull slyke. And then we ended up continuing a little bit higher. And it definitely looks like we could be in for a bit of a drop. Now, we do have the seven thousand dollar level offering a little bit of psychological support. So it’s entirely possible that because this trend does have some momentum behind it. You know, we are seeing some volume over there as well. It’s entirely possible that this trend doesn’t need to pullback significantly, although I think it would be very reasonable. Now, one of the tools we can use to kind of guess where Bitcoin might end up falling to if it does fall is the Fibonacci retracement tool. And so that’s telling us that some of the key levels of interest would be six thousand seven hundred and forty and six thousand four hundred given how short term this rally has been. I’m gonna go ahead and say that the $6700 level is much more likely for bitcoin to fall to and retest. However, because this particular rally looks like it has a lot more strength than some others. I think it’s also possible that bottoming out at roughly six thousand nine hundred with the 2 3 6 level is could also be an option. If we zoom in even further and said it to the start of this rally, which again only happened over the past 24 hours, we can start okay. We’ve already started plummeting below that. We can start to see that. Is that more important support levels? You know, they might be around 60, 600, you know, potentially pushing 67 as well. I think it’s also worth while we’re here. We’re going to switch this over to the Jemini chart just because it is a little bit more clear. It would be a little bit easier for us to read. I’m also going to throw on a Fibonacci right from the bottom all the way to the top, because if this is going to be more of a macro trend and I don’t think it is, but it’s well worth checking out any way we could end up falling down to some of the more macro support levels, 6 1 8 level down here at five thousand two hundred dollars. I don’t know if it’s likely that we’re going to go down that low right now. I think it’s gonna take a significant period of time in order for us to get down that low and significant in this case means just perhaps a week minimum. But the the 3 8 2 level. Six thousand dollars. Looks entirely possible. The good news for this trend right now, though, is that we’ve already pretty much bounced off that level, so we might not have to come down and test this 2, 3, 6 level also at about 6500. So this doesn’t look entirely plausible. So let’s get back to the Coinbase chart and see what else would be happening with the trend over here. Let’s take a look at some of the indicators. Now, one of the main things to take a look at. Actually, we’re gonna go back to that Jemini chart. I like it being clean. One of the main things to take note of is that we do have a beautiful area of support. Now that this bullish trend has been reestablished, we do have a lot of support. If Bitcoin was to start dropping, we have that on the one hour as well. Some nice support on the one hour. If we end up arranging sideways a little bit, this is going to become quite a big HMO, good cloud of support. And then, of course, on the 4:00 hour, it is rapidly expanding. So that is a really, really good sign. The one day we do have, if this rally does have strength, we do have some strength within literally the next eight days to potentially do something really interesting. Does that mean it’s going to happen? I think it’s highly unlikely. But if we do end up trading sideways or anything of the sort, this one day resistance cloud is going to become a problem for Bitcoin. Now, like I said, if it manages to trade higher before this becomes a problem, then I think that Bitcoin could have a chance at rallying a little bit higher for one of those crazy pumps that that, you know, occasionally happens. However, like I said, if we do get any sort of consolidation over here, if it goes on for too long, my eyes will be on this resistance cloud. And I think this can completely stop the entire trend in its tracks. Why do I think so? Well, you know, it forecasts where resistance will be very accurately and more importantly, because it is an accurate indicator. Largely speaking, when you do have a big trend in the market, you guys have heard me talk about why I love the Moku Clouds so much. Once again, if you don’t know what it is. Such this up into YouTube and you’ll find out what I’m talking about. But you know, because it is such a reliable indicator. And at the moment, it is looking bearish. And at the moment we’re in an overall bearish trend. This would be one of what I would consider to be the final nail in the coffin for bitcoin if it was going to be able to continue trading sideways or even slightly higher over the next week. Now, I don’t know if it’s going to happen. It’s a little bit too early to say, but we do definitely have some of those early signs that that strength is there. My major issue with those signs of strength, though, is that every time we get signs of strength, you know, like those rallies, it’s exactly what I was talking about in the last video. We fall short. And that means this trend is going to have to do a lot to prove to me that it’s going to be able to rise significantly higher. Obviously, some of the next resistance levels, if we take it over to the Coinbase chart that I’ve already had drawn for you, are going to be around seven thousand eight hundred. So the high seven thousand is potentially below 8000 as well. We know that that’s probably going to be resistance because there was a lot of trading that happened around this range throughout twenty nineteen. This was one of the crucial turning points for the market. You’re getting a lot of bounces up from this level, you’re getting a lot of resistance levels. Resistance hits from this level. Another nice bounce over here, some consolidation with this massive dump downward. So this is definitely a key level. And that’s to say if we do breach this green line, I think it could be a pretty easy run up for Bitcoin. If we take on the 4 hour chart, we can see that there is going to be some resistance between this green box and the red line. This is the range where I think Bitcoin could trade really easily. And that’s to say if bitcoin breaks above this level, it should be able to hit the red line pretty easily. I think there is a bit of resistance that’s going to make that difficult. We did establish that resistance throughout November and December of last year. That was four months ago now. And if we take a look at what happened throughout 2018, there was also a fair bit of trading that happened within this range. So it is up in the air. There is not a very clear shot over here. You know, it’s not like when I was telling you that if we drop below this red line, it will almost definitely go down to this red line. That happened once over here. That happened both times where I was trading. It pulled beautiful profits, 360 percent up here and one hundred and forty percent trading. The same thing moving downwards. You know, in that case, if that is going to happen, I will be sorry. If we do end up falling down here again, I will obviously be looking at a $4000 level, but we don’t have such a clear shot in this case. And again, when we bring it back to the shorter time frames, that’s why I don’t have a lot of weight. That’s why I don’t think that we have a lot of consistency. You know, like I said, when we do have these bullish setups in the. It just falls flat so terribly. So I am going to be having to unfortunately ask myself the question, will it be the same this time around? Because it’s no surprise. One of the notes that I ended the last video on was actually talking about how, you know, it’s not a coincidence that every time we get these really nice bullish setups, something screws up and just end the whole rally. That’s not a coincidence. You know, that is happening because we have such a terrible trend. When we zoom out a little bit more. And so naturally, it’s just going to give a lot of interruptions. It’s gonna be like a cockblock or something for the market. And I wouldn’t be surprised if that continues to happen. So would that resistance overhead, even though it might look a little bit easy for Bitcoin to continue rising? That’s definitely not where I’m very keen to be placing my bets. So I’m not too sure how we’ll be playing that. It is going to depend on, you know, for example, Bitcoin can gain a lot of points in my book if it bounce off support levels really well. You know, if it bounce off, bounces off, this level potentially plunges just a little bit deeper, penetrates the sixty eight hundred dollar level. If it can get down to, you know, six thousand seven hundred six thousand seven hundred and fifty and then get a nice pump higher, that would give me a lot of confidence in Bitcoin at the moment. Right now the only thing I have are two nice pumps. The second one, which does have more volume, which is granted absolutely great. But if we do zoom in a little bit further, we can see that not all of that volume was happening with the green candles. The majority of it was that we’re still getting a fair bit of red volume price action. And so it’s not as rosy as it looks. So I do need to see some more signs of strength. As I know it’s just as I’m talking about this Bitcoin is pulling back. It’s almost like fireflies continues to prophesize what’s going on in the market. I don’t like to do analysis when the market is moving live because I have to change my analysis on the fly. And that’s really difficult when my analyst has already given me notes on what to talk about in the video. But, you know, in this case, it is definitely looking like the same things are happening. We are still, you know, no matter what. We are still looking at support levels below us. The good news is that this green box could act as support if we end up going down this low. So, you know, if we end up going down there, I will be much more inclined on taking on long positions. They would be high risk positions. Anything at the moment I think would be high risk positions. But as BP members have been able to see, I’m able to maneuver high risk situations using high leverage with my trades. And I’m able to manage that risk really, really carefully, oftentimes, or VIP members will see me doing when I’m booking beautiful profits like this, 58 percent gain over here. Oftentimes what VIP members will see me doing is I’ll book a small profit on a trade and then I’ll be happy to get stopped out for the rest of my position at break even. And obviously they get the updates on how I do that in real time. They get the updates. More importantly of why I do that in real time. So exactly as I make my decisions, as I set my orders, VIP members are informed and they can see how. Yeah, while things might look like they’re tense and the situation has higher risk than usual, I will do what I can to maneuver the market and still book gains or pounds on the market when I feel like I’m ready. And then I’ll move back into, you know, cover or whatever. You know, when I think that things are again going to be what I’m where I’m going to be waiting for things to shape up and give me that beautiful formation in the market where once again, I’ll be ready to pounce. So it’s really important, that kind of trading style I have in situations like this where I love to enter positions which would be high risk, but then just close a small profit and walk away with, you know, the stop loss at break even or potentially just close the whole position at a modest, you know, 10 percent, 20 percent profit. Those are pretty good numbers. That’s still nearly what Bitcoin did today. I mean, it says it’s up by 3 percent, but that’s not really true from the low, you know, from the lower up by something like 15 percent. And those gains, you know, would still beat what the market has done today. And that is really, really significant. Once again, this member overhead really, you know, quite hesitant to join when he was getting into the group. And this is not the first time you’ve seen another testimonial, a couple videos back where there was another member who was very hesitant to join. And then just within a couple days or a couple weeks, really, really happy with the service, feeling much more comfortable with the group, feeling much more comfortable with trading, because the whole game can be really confusing. I’m getting a lot of messages from people on Twitter even telling me about how I’m able to spot things that they can’t even see in the first place. And really, you know, what that comes down to is making a lot of mistakes, learning from those mistakes and then, you know, dusting yourself off and carrying on forward. And what you see in the VIP group is. Result of all of that. If you want to find out what that group includes, follow these steps. Click on the first link in the description down below. Then click on the ad for slides at the bottom of any post and for flight gold and then click on send message. Ask me how to join VIP. Is it still possible that bitcoin is going to completely fall flat and and just fall down to the $5000 dollar level? You know, I think that chances are still that this is a more macro level of resistance. So it wouldn’t surprise me if this was gonna be the start of a downtrend. And that’s why I’m not going to be taking long positions right now. And that’s why even if I did take long positions in this range, I would be considering them. High risk plays. Yes, we do have a really nice formation in the market with a series of higher highs and higher lows. And that’s absolutely beautiful. But I’m still going to be on the lookout for potentially trading significantly lower because that bearish bias is still going to be there. Granted, bitcoin today performing quite well in the face the rest of the markets. The S&P 500 at roughly break even from where it opened. But other markets are taking a plunge today and bitcoin has seen a rise along with gold just a little bit as well. So while that doesn’t look absolutely terrible, I do think that, you know, there is a decent chance things could continue to worsen. And once again, I do have to unfortunately remind you that what we need with Bitcoin at this stage with Bitcoin, has matured to a level where, you know, just you and I. Regular people with regular bankrolls can’t move the market. What we do need are players with bigger money getting into the game and those players with bigger money. What’s going to make them interested in taking on a high risk position in a high risk asset? You know, any position you take with bitcoin is inherently high risk compared to some of the other markets that are going on in the world and something really important about that. And by the way, some people still think that Bitcoin isn’t a high risk asset. I mean, you know, this volatility tells you a really different story, especially what happened back in March. But you know what? People will be looking for the people with deeper pockets when they want to jump into the higher risk positions as first they need to be making money at home. They need to be making money with what they’re comfortable with, where the real world markets, stock markets, whatever are increasing really nicely. And when that confidence starts to go up and you’ve been there before because you’ve also had successful trades, and when your confidence starts to go up, you start to realize, oh, shit, I can start taking some more risks. You start to think about it a little bit more. You start to like to go further down that line of thought of what it looks like to be a trader. What different things you can do as a trader, you know, you start to really get excited and explore the options. And that’s the environment in which bitcoin can hold a sustainable rally. This really is just a reaction from an absolutely disgusting trend. And this is not where the downtrend started, my friends. The downtrend has been going on since December of last year. The downtrend has been going on since June of last year and since 2018, the downtrend has been going on for, you know, the overall trend has been downwards. Very, very important to point out, lower highs across the macro trend. You cannot ignore it. Even this was technically a lower high over here. And we just we keep seeing more of it. So what’s to say that this isn’t going to be another one potentially topping out at, say, 8000 or even right here? That is the lens with which I’m analyzing the market because, yeah, it looks really sexy when you zoom in this far and what you risk doing is losing perspective of the larger market. And that’s usually fine. It’s usually not such a big problem if you’re a short term trader because you’re going to have a stop loss in case you’re wrong. But you need to know when to dial back that excitement and when to dial that excitement up. And this is a time where I’m personally dialing that excitement back. Why am I dialing that excitement back? Why am I being more cautious with my short term trades? Because we’ve had an immense period of volatility. And it’s usually the case that when you see a big period of volatility, even if you end up having relative calm afterwards, that big volatility can come back. It doesn’t mean that it will come back, but it can come back, and especially because this V-shaped correction has been so fierce. I think that that isn’t so unlikely to happen. So I need to be prepared for that. The most important thing to understand, guys, is that losing money will screw you over harder than anything else. Let me give you an example. I’m going to demonstrate for you why you need to protect your money. Like there trees that grow like the trees that grow money. Right? That’s that’s kind of what. They are. When you’re in the game of trading, let’s take a look at. Let’s take a look at this dump right from low to high. What kind of what would we want? Let’s take a look at what the dump is from the low ten thousand five hundred down to Surrey, from the high ten thousand five hundred down to the low at three thousand eight hundred. That was a sixty three percent drop, but it is not a sixty three percent increase to go back up to ten thousand dollars. You know, just to get to where we are, it’s already an 88 percent increase to get back up to nine thousand two hundred. It’s already a hundred and forty percent to get back up to the high where this midterm downtrend started. You have to rise by plus one hundred and seventy two percent from here. So you’ve suffered a sixty three percent loss. And and in order to recover it, you need to make one hundred and seventy two percent profit. This wasn’t drawn correctly. That was a little bit too high. It takes a lot to make back losses, and it doesn’t look like it at first. But I mean you already know this. If you’ve entered the game, for example, with $5000 and now you’re down to $1000, that’s an 80 percent loss on your portfolio. But you need to multiply your money by five times just just to break even. And that’s why it’s at times like this where the sheeps who are really, really invested in Bitcoin weigh more than they should have been. They’re going to be getting really excited. They’re going to be throwing parties, but they are not going to be doing analysis that’s going to serve them in the long run and that long run. Like I said, it can resume at any moment now. It really can be the case that we end up seeing a dump to resume this longer term trend. That can happen at any moment because we have had such a fierce correction, because it’s known to happen with Bitcoin, because, you know, it’s rallied by eighty five percent. It’s in a really big downtrend. It’s just the perfect storm. Again, doesn’t mean that it will happen. But I need to be aware of that risk because I’m looking to manage my funds and keep them as safe as possible. I do not want to be in a position where I’m scrambling back to make back money I’ve lost. That is a really, really difficult way to try it. It’s really difficult to trade properly if you’re worried about making back money that you’ve lost. It’s really difficult. And so that’s the number one thing I avoid. And what you see in the VIP group is how I do that throughout my trade, how I do that throughout a week, throughout a month, throughout a year. Shout out to the yearly members who get free access to the four flies course, which right now is worth nearly half of the yearly subscription anyway. So a really, really good deal on the yearly plan. Shout out to all of those members. Book an absolutely beautiful profit in the VIP group. Once again, this member over here pulling amazing profits within just a 48 hour time span, mentioning that he’s learned more in two weeks than its previous 31 years. And within those very two weeks since he joined made 200 percent plus on his investment into the VIP group. And he also covered his fee. So absolutely beautiful stuff. You don’t need a large balance to join the VIP group. We’ve had a lot of people with relatively small balances making an absolute killing simply because they know where their heads at. And with the VIP group, they’re able to gain a little bit more clarity on what they’re seeing in the market. Really, really beautiful stuff going on in there. And you already know what to do if you want to get into that group. All right. Hope you have enjoyed this video, this pump. Yeah, I did definitely catch me off guard. Fortunately, I wasn’t even in any positions. I didn’t put myself in a position to lose money from this pump. So even though my analysis was wrong, my bankroll has actually increased. Bitcoin pumped. So I made money. I was wrong and I still paid money. And that’s what’s really important. Analysis is absolutely great, but it’s only half the job. And trading is is where all of that comes into fruition. It’s where all of that comes to life. Really, really important skill. All right. I’m interested in going longer on this. I’m going to see how it responds to these support levels over here. Perhaps looks a little bit too good to be true. So I might have to wait for Bitcoin to drop a little bit lower and then look to take on a long position. Again, I think my stop loss and such would be very tight. I would be taking profits very quickly. I’ll be explaining to VIP members how and why. I’ll be taking profits really quickly. But it all comes down to the fact that this is going to be a higher risk zone. So anytime I enter a position, I want that position to be closed, a sap. I want that position to be closed as soon as possible when I enter it. So I will probably be aggressively taking profits. I will probably be putting my stop Stop-Loss very tight and raising it up to break even as always. Right after I feel satisfied with closing a small amount of profit. All right. That’s it for me once again. Hope you have enjoyed it. Head up those like subscribe. Take the bell. Do all that good stuff. Stay. Stay safe. And I’m out. Peace.

Report

Ledger Nano X - The secure hardware wallet

What do you think?

-11 points
Upvote Downvote

Comments

Leave a Reply

Leave a Reply

Loading…

0