Yesterday, Bitcoin made a failed attempt to break out of the resistance, its bitcoin looking bearish right now and can re refurbish it. The lower 4K levels. Well, guys, I want to show you one specific chart that is showing us that Bitcoin will go to the low of 4K levels. I want to talk about some reasons why there is a lot of social pressure on Bitcoin right now. But I also want to show you that there is a lot of money waiting on the sidelines to jump back into crypto. Well, guys, all about that in today’s video. With that being said, my name is Schallhorn. This is The Blockchain today, DiGenova, where you subscribe for daily crypto videos. And right now, let’s jump into the content. When we look at the daily time frame, Demick, I see that Bitcoin is trading in a big pennant, a big triangle formation. One of the reasons that I am convinced that the bottom line is the bottom many bitcoin prices is due to the volume that we are seeing when Bitcoin is touching that level. So right here we see a lot of volume coming in and that was the moment that Bitcoin bottomed out after the bear market of 2018. And right here we see something similar, right? We see a huge drop and we see a huge increase in the amount of volume. And that is indicating me that this might be the bottom for Bitcoin. But, guys, that doesn’t mean that we are not going to revisit that bottom to retest that bottom that the price is yet going near that level again. And I want to have to talk about that in today’s CDO because there are some reasons why. I think there is a lot of shelf pressure on the price of bitcoin right now. And we might go to see some lower levels and the price of Bitcoin. OK, guys. So Bitcoin was trading in this Asialink triangle. We got a report that came up short and we got a horizontal resistance. And yeah, we got some fake-outs to that resistance here. We got a fake-out and it resulted in yet testing the support level gang of five point eight. Here we got a small fake-out that we showed that as well in testing that supports again. And yeah, recently we saw a fake out as well. And Bitcoin made a second attempt to break out and failed again and made a lower, high end. Guys, this is the first sign of a trend reversal. And in the past videos, I’ve been saying that if bitcoin can break above this level and find support on it, then we definitely can expect Bitcoin to be more bullish. And to see higher levels in the Bitcoin price. But as we can see, Bitcoin failed to decisively break a profit and find support on that level. And therefore, I think this is the first signs that we are getting right now that we might go into a downward trend. And the first bearish sign that we got was to sell Rick right here. And normally this huge sell week, they are actually bearish because it means there’s a lot of selling pressure, which the bias cannot hold. debtors’. That is why it is resulting in this week that we made a second attempt and we made a lower high and that is actually quite bearish. That means that the buyers weren’t that strong enough to get above the previous level. No, Deb. The sellers were more strong. There was more sell pressure. That’s why bitcoin formed lower, high-end guys due to this situation. The period we are in right now, I definitely think that is that there is a high probability that Bitcoin is going to see more downwards action due to the cell question that we are getting. And don’t get me wrong, guys, I’m not bearish on bitcoin. I’m long term very, very bullish. But I think right now in the short term, it is most likely, most probable for Bitcoin to get to see lower levels. And I have a couple of reasons why I think that. And first of all, if the whole crisis where we are in right now, we are seeing a recession, even a depression. The unemployment rate is showing the unemployment claims are approximately 10 million. And a lot of researchers, they think that the unemployment rate of the United States will be between 20 and 30 percent. And therefore, I think the interest of people wanting to go into cash positions will increase over time, especially when we are seeing lower prices in the stock markets. And that definitely has a bearish effect on the price of Bitcoin, because a liquidity crisis is a crisis where people are liquidating their assets into cash positions because cash is the most important thing at. The moment right now. Then next to that, we have these shell pressure off the miners, especially Wendy, half-English, coming up and find out it is all speculation. But right now in the chart, a God is not looking death bullish anymore due to the failed attempt of breaking out of the resistance we have on top of us, because the resistance on top of us we have spoken about in yesterday’s video is a very important resistance. We have the 200 days moving average on the floor. Our time frame laying exactly on this level. We have a lot of historical price action on these levels and it is exactly these sixty-one point eighty Fibonacci retracement level, the golden ratio, which determines if this is a corrective rate. And we can reverse from that level. Or that this uptrend really was bullish. So right now, in the short term, I expect bitcoin to trade in this range again where we were trading the 5.8 teth between the six-point eight K and I expect if Bitcoin breaks this upward support right here that I think we can expect definitely a further drop in the shorter term timeframe. So that could actually be a nice moment to open a short position. And guys, this chart is showing this bitcoin might resist. It’s the lower 4K levels. And I want to have a look at this because I thought this was quite interesting. I found these analyses on trading few. It was published by a Moneta and on. And yeah, he’s using the Wycoff method and in particular de Wycoff distribution schematic. And Richard Wycoff is a famous analyst that has done a lot of research into accumulation and distribution. So let’s have a look into that pattern. What you are seeing right here in this image, that is the. Yeah. The wick of distribution schematic betters ‘n. And help above. You are seeing the bitcoin price. You can see that this is already looking quite similar. And we have a face A, B, C, D and E right now concerning this pattern. We are in phase C and we just have seen the top and we made our first lower high before we are continuing this downtrend. And guys, when I’m seeing this chart, I do have to say that it does make sense and it does look a lot like this distribution schematic from Richard Wycoff. But let’s have a look at the reasoning. He is talking about why he thinks this is going to happen. Why am I bearish in the immediate short term? First of all, yesterday we showed the USA unemployment rate report in which 6.6 million citizens have now filed for unemployment. This is clearly highlighting the depression of what is to come. It is possible in the next few weeks the US A will be at 30 million unemployed, which equates to 10 percent of its population. Mining firm Y. This is very much the same concept we are witnessing today with regards to the oil price war. The big darcs drive down the price until it is unprofitable to mine with the sole purpose to collapse the smaller mining firms. This occurs every half-inch cycle, with the show intention to increase market share accumulating more bitcoin in the long run and the third reason we have topped out. If we observe bitcoin on a low timeframe, we can already see a lower high is being produced as bitcoin struggles to shirk postie 7k a big resistance technically and psychologically, and many of the other traders are very much aligned with my thought. So I think this is very interesting. And I agree with most points. First of all, unemployment claims. Sure, that is a beverage thing that is telling us that we are going into a depression well and into a depression. And when we are going into a depression, I think the chances are quite low that a lot of liquidity will flow into a speculative asset. Then the second point, the mining firm war. Well, I’m not sure if that is actually true. That is just speculation right now. I think there is no proof of that. But I do want to point out that at the half-inch event, we already have a lot of selling pressure from the miners. And the miner’s guys are one of the most important opponents concerning selling pressure. And the first point that we have topped out well on smaller term time frames, it definitely looks like that when we have a fake-out and it is we show thing in a lower height that there are definitely the first signs of a reversal. So, guys, to sum it up, do I think it is possible that Bitcoin is going to revisit the lower 4K levels? Well, yes, I definitely think that is possible. But guys, I also want to show you there is a lot of money waiting on the sidelines to jump back into crypto. And I want to show you this chart and that is the teta U.S. dollar chart. And in specific, the supply on exchanged wallets. So how many teta is on the wallets form? Yeah, users on the exchange shares. And here we can see in the past 13 days that the exchange wallet gained nine hundred thirty-five million U.S. dollar tatter. And that totals right now in the exchange follows. It’s one point eight billion U.S. dollar teta. And this money is, of course, waiting on the sidelines right now and waiting to jump into bitcoin might jump as well into some altcoins. But this also tells us that quite a lot of liquidity right now is short because you if you are not into bitcoin, if you are hatching into U.S. dollar, you are actually short on Bitcoin. Are you expecting the price to go lower to buy back in later? Right. Otherwise, you wouldn’t have U.S. dollar teta laying around on the exchange. And guys, that is not only one side of bitcoin. It’s not that bitcoin right now only can go down and we phisher the lower 4K levels. No, this definitely not the case. We can also still break resistance on top of us. That is definitely still possible. But I think the probability the most likely scenario is going to be that bitcoin is getting more shall pressure. And we’ll see lower levels. But guys, that was it for today’s video. I hope you enjoyed it, even though it has a bearish outlook in the short term. Don’t get me wrong in the long term. I’m very, very bullish on Bitcoin and I think that the huffing event will have a very bullish effect on bitcoin due to the SkyCity. But right now, in the short term, due to the situation that we are in, I think the probability or the likelihood is higher for Bitcoin to see lower levels. And guys, I want to be realistic here on the channel. I just want to give you a clear image of what I’m thinking is going to happen in the Bitcoin market. And sometimes that is bearish to bad guys. Let me know what you think. Do you think that Bitcoin can see lower levels or do you think that we still will break the resistance above us? And if you want to trade bitcoin, you can sign up on the Femke exchange on it’s my affiliate links are down below in description or any paint comment if you want to learn how to trade. You can watch one of my tutorials and I will see you all tomorrow. And don’t forget to huddle.