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FUTURES PUSH BITCOIN DOWN | Will We Recover Soon?!↗

VIDEO TRANSCRIPT

You know, for the past month since our crash, I’ve had a bullish bias in this bullish bias has actually been on has been working in my favour. It’s been good for me to be bullish and it’s been good for me to be accumulating cryptos. It’s been beneficial. So I have to remain bullish on Bitcoin as long as we’re still creating higher lows. If the S&P is at a local high right now and the S&P sees some major downside, it’s possible that that Bitcoin could actually end up creating lower lows from here. But in terms of just pure Bitcoin technical analysis, I think it’s still quite bullish. I think we’re still looking quite bullish. What’s up, guys? Welcome back to the Channel. My name is Kevin Svenson, and today we’re gonna be talking about the price of Bitcoin. Yesterday, for the price of Bitcoin, we saw a really nice Easter Day pump. We pumped all the way up to about seventy-two hundred dollars bitcoin then ended the day by actually reversing from seventy-two hundred and dropping back down all the way to six thousand five hundred and fifty-five, almost a nine percent drop. And a lot of people have been asking me, Kevin, why did big clinches dump like that. What what’s going on here. Well, the answer is actually the futures market. If you’re watching futures open up, last night we saw some crazy activity. The futures market opened up with a lot of volatility in a huge dump. If you just compare this to the price action we saw for bitcoin, it’s perfectly lined up in it perfectly. Time’s up. So this is why Bitcoin dumped most people in crypto who are actually informed and they go by the facts. They know that there is a correlation between the stock market and Bitcoin. It’s not always correlated. It’s also very circumstantial. But this dump in the futures market did trigger bitcoin to have a dump. Looking at the 4-hour chart overall, this dump doesn’t really worry me all too much. We’re currently trading back at these lows that we saw the other day. So the dump wasn’t all that significant. It’s just unfortunate that we sort of just cancelled out this pumping rate here. I want to discuss a couple of patterns that I see in the Bitcoin chart right now that I think is quite interesting. If we map out our DeMars living resistance from the bump and run bullish reversal pattern that we’ve been keeping track of here, we can see that there’s something similar going on right now between both of these areas. We had this impulse off this downward sloping price channel and we’ve actually had the bump and run pattern play out and it’s been pretty good. We’ve actually had a really nice impulse, a backup and through this pattern and that’s a great sign. One interesting thing that I’ve noticed, though, is that on both of these peaks were we retest the down salving resistance. If you just got even closer and look at this on the 4-hour chart. You’ll notice that right now we have a very similar pattern playing out. We had this Adam and Eve double top pattern, resulting in a set of lower lows before the next rally. And right here as well, we have this Adam and Eve double top pattern, resulting in a set of lower lows here as well. As you guys know, this market is full of bots. There’s a lot of bots controlling the market. So it wouldn’t surprise me if what we’re looking at here is bot action. Now, if I just map out our upward sloping trend line here from this area before we had the slight breakdown to the lower lows and then we would just map out this upward sloping trend line here before we had the break down to lower lows. We can see that the formations that we’re looking at right now are very similar. There are slight differences, but it’s actually quite similar. And it’s possible that we might be looking at some patterns that bots have been painting on the chart. I don’t normally do fractal analysis like this, but this kind of just stood out to me actually. So any my discord actually pointed this out to me. So definitely check the discord. So if this pattern was going to play out once again, it’s possible that we could be looking to hit those targets that I’ve been talking about around seventy-seven hundred to eight thousand, regardless of that fractal pattern that may or may not play out. Just looking at the chart right now, we can see that Bitcoin is still on a higher low trajectory. I’m looking at the 12-hour chart and we are sitting on a higher low trajectory right now, creating consistent higher lows for the price of bitcoin. But overall, for me, as long as we’re creating higher lows on the chart, I got to remain bullish on bitcoin. We’re making pretty good progress despite this dump rate here. If Bitcoin does fall below this downward sloping support line, which in this support area right here and this resistance right here, this previous resistance, if we can’t hold this level and we break lower, then I would be looking for downside targets. This downward sloping support line also coincides with this historic support right now from twenty nineteen that twenty nineteen low point right here. So this is a pretty critical zone. If Bitcoin was going to continue down, this is pretty much you know, if we break below 64, 30 at that point we would very likely be looking to test much lower. I would most likely be targeting closer to fifty-four to fifty-six hundred closer to the 50 percent retrace. So again, breaking above the downward sloping resistance critic support along with it and bouncing up would be your confirmation for continued upside. And then looking at the linear chart, your confirmation for more bearish price action would actually be breaking below this downward this now downward sloping support area. You know, for the past month since our crash, I’ve had a bullish bias in this. Bullish bias has actually been it has been working in my favour. It’s been good for me to be bullish and it’s been good for me to be accumulating cryptos. It’s been beneficial. So I have to remain bullish on bitcoin as long as we’re still creating higher lows. If the S&P is at a local high right now and the S&P sees some major downside, it’s possible that that Bitcoin could actually end up creating lower lows from here. But in terms of just pure Bitcoin technical analysis, I think it’s still quite bullish. I think we’re still looking clade bullish, but that’s going to be it for me today. Guys, I hope you. Joyed this video definitely hit that like button, subscribe to the channel, be sure to sign up with the Krypto Watch platformers as the platform that you see me use in all of my videos. Also, if you want to support the channel further, you can join the patron and I will see you guys in the next video.

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