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Watch this Bitcoin Pump VERY Carefully: Here’s Why

VIDEO TRANSCRIPT

Bitcoin right now is in between some really major levels within trend. You know, we’re staring right down the barrel of that seven thousand eight hundred dollar resistance level just a little bit higher. But we’re also in between the areas of support that are around the high six thousand dollar range. And it’s put us in a really interesting position. Let’s take a look at the clean chart, which has way less drawings. And I want to talk to you about what patterns we’ve been seeing in the market, because really, you know, when you look at a chart like this, you might not fully understand what’s going on. But when you look to deconstruct what’s happened. Everything starts making a lot more sense. So let’s do that right now live on video, what we had. Let’s start from over here is a series of uptrends. They paused a little bit, then they continued, then they paused. Or in this case, they formed a falling wedge. Then the trend continued, traded sideways, or in this case, another falling wedge. Or you could say that this entire area was a sort of consolidation area until the trend continued high up. Then once again, we paused, traded higher, paused, traded higher. It’s the very, very typical anatomy of a chart. You know, you trade higher than the trend pauses. You trade in a box. Then you continue higher than the trend pauses. And we’ve just been seeing that happening over and over and over. And usually that only changes when you hit a very important area in the market. And, you know, that is, I think, what we’re very close to right now. If we zoom out a little bit further, you guys have seen how and I’ve been showing you the same things happening just throughout the chart. You know, you’ve seen how this is a crucial level for Bitcoin that that Bitcoin is looking to potentially test very soon. And, you know, the reason that I think we have a decent chance of ending up hitting it is that we’ve actually formed yet another sort of bullish consolidation area in an area where there’s not much resistance yet. You know, we don’t have a very good reason given that we’ve been able to rally this high. There isn’t a good reason that we would stop over here. And so if we do stop, it would likely, you know, according to that, just be temporary. So, you know, in that case, I do think that we could end up rising a little bit higher. Obviously, since we did end up breaking the stronger resistance levels around, you know, the very high six thousand or the very low 7000, you know, if we’re able to break that resistance level, then it begs the question, what resistance level would be able to stop us? And, you know, the likelihood is higher that a stronger area of resistance, which would be seven thousand eight hundred rather than a weaker area of resistance, will be able to reject Bitcoin. Other than that, we’ve also got a sort of pendent forming with Bitcoin at the moment. Let’s take a look at how that looks. I’m going to draw a line that looks a little bit like this and draw the same line from this point over here. Connecting the highs. And what we do have is, you know, yet another kind of situation where we are starting to get some pressure coiling up. The trading range is undoubtedly becoming tighter. We we are we have confirmed this range enough times, in my opinion, to make it worth looking at on an important caveat here. You know, we only have three hits on the support level over here. And as for resistance, we’ve got one, two, three, four and five. So it’s good. It would have been better if we had more hits on the bottom side. But the reason that I’m fine with acting as if this is going to be an important bullish pattern is this is on a short timeframe. So it would actually be unreasonable for me to expect a fourth as a fifth, a sixth hit of the support level. It would be unreasonable for me to expect that given that the timeframe is so small and also more than not, perhaps more importantly than that, we’ve played out very similar patterns so many times at this point that I’m willing to give it the benefit of the doubt. In cases like this, really, really important, because what I’m facing at the moment is a situation where I don’t have as much data as I would have liked to have. You know, I would have loved to have, for example, one more hit of this support level and then up to resistance, you know, getting 4 hits, it becomes quite, quite clear, at least in my view, that that the that the level is being respected. Two lines, two points on the line just like this. And this over here, if you just had that, then it’s meaningless. 3 validates the line, but for I think really does confirm it. And unfortunately, we didn’t get that. But then again, you know, we’re working with a set of incomplete data. And in that environment, I have to ask myself, is it reasonable to expect complete data? No. And you know, even if we don’t have all of that complete data, can I still make a healthy assumption? And I think yes, because Bitcoin has done it in the past and it’s got those bullish factors going for it. So even if the setup isn’t perfect, I’m willing to concede that it might work. The other reason that I think we’re ready to trade higher is, you know, we’ve been in this. Hotton for a series of days now, usually we don’t stay consolidating like this for too long. The last time we did this went on for three, maybe just a little bit more up to four days. This time around, we are looking at something a little bit similar. We’re already up to three days as of just, you know, the next couple of candles. So, you know, I do think that if if this were going to continue trading in line with what happened in the past, we would be looking at a breakout relatively soon. And that makes sense because it’s Thursday today. So tomorrow would be Friday, the end of the weekly candle’s of the trading week, the working week, and then obviously going into the weekend. Again, it kind of enters no man’s land. And so we’ve not been a stranger in recent weeks to we can volatility or at least abrupt movements happening at the beginning or end of weekend. That’s happened consistently over the last few weeks. And I’ve been warning you about it consistently as well. It’s one of those strange things that happens specifically with Bitcoin from time to time. And we’re in those times right now. Once again, I’m talking more about the matter of trading and analysis in this video because I don’t talk about it enough off and no one else ever talks about it. But you have to be able to know when certain patterns are essentially back in fashion and then to be to be aware of it so that if you choose to trade it, you can do so in a healthy and safe way. Really, really important. There’s nothing more important than that. So that’s my take on what we’re seeing at the moment with this pendant and why I think will end up rising a little bit higher. Of course, we’ve also gotten support from some of my favorite indicators. Let’s take a look at the one hour each Moku cloud over here. We have been supported off this cloud just today. So with this bounce over here that we had earlier today, we did get a little bit of support of this one. Our cloud, it has supported us in the past. So this isn’t a surprise. And obviously this cloud is relevant in the market right now because the market is trending. Take a look at the 4 hour chart and we do have quite a bit of healthy support below us. This is a relatively wide H.E. Moku Cloud. And I think that even if we do end up falling lower, there is still going to be some potential to continue trading higher. What I would love to see is that we come down to sixty eight hundred there about so that I can open a long position on bitcoin and it would nearly line up with each Moku cloud. So that would be good enough for me. We’ve got a lot of horizontal support potentially laying around that six thousand eight hundred dollar level, so if the market gives it to me, I’d be very happy to open a long position down here and potentially trade it back up to this resistance over here. But of course, when we zoom out to the larger timeframes, it is still the case that the market is bearish. You know, we are potentially getting ready to test this gap, essentially where there’s no Ichi Moku resistance, you know, over the next literally couple of days. Is it going to happen? You know what? It doesn’t look very. It doesn’t look like it has a low probability. Let me phrase that better. It looks very possible that we could end up breaking out of this area where there is no resistance on the Ichi Moku cloud. It’s essentially a window of opportunity whether or not Bitcoin will take. I don’t know. Bitcoin has been known for not taking its opportunities lately, so I’m not going to cross my fingers that that’s going to happen on. You know, anytime I would enter a long position in this market, I would be very careful. It would definitely be a high risk position for me, because the market overall, as much as I’ve been saying bullish things lately, looks absolutely abysmal because of this rising wage that we’re trading in right now. And, you know, because this isn’t how a bear market or an extensive drop or series of drops would end, that’s just not how I would expect that to happen. And most of the people, if you showed them this chart with no context, would also, if they have any understanding of t would tell you that this doesn’t look like the end of this series of selloffs. You know, there’s this very much looks like a reaction rally before we continue lower. And so moving back to that point. What I’m gonna do is remove all of these lines and draw for you why we’re in such a diverse state in this market. Let’s take a look at. Some of the price action we have over here now, if you draw this on certain charts, it will look a little bit cleaner than this, but I think that the point still remains remains. So we’re going to use this chart and it’s just you know, it tells you basically the same thing. It looks a little bit cleaner. If, for example, you end up using the Bible chart, let’s remove all of these lines. They weren’t supposed to be there. Let’s do that again and and draw this line over here. And so, you know, very clearly, we do just have another rising wedge over here. It’s again, it’s the same thing that we have on the bullish side over here where we could end up breaking up. We have it on the bearish side on an even larger timeframe. And so in times like this, I will continue to prioritize the larger timeframes. I mean, we can, you know, quite literally go as high as I mean, wherever this reaches its apex, which looks to be roughly seven thousand eight hundred nine hundred. We could go as high as here and still technically be in the in the rising wedge. But I think that right now it looks like one of the perfect times that Bitcoin could end up dumping lower, just given that, you know, prices usually don’t coil up into such a narrow range. This this looks like the upper limit for how tight a rising which can be and the prices can still reasonably respect it. You know, because oftentimes what happens if it gets way too narrow is the prices just kind of float out of it and then nothing happens. And it’s just confusing for everyone. I don’t think we’re in that kind of situation right now, because if a price just floats out of a range like that, that’s probably due to low volume in the market. And that’s not fortunately, that’s not a problem that we have. That’s usually due to low volume, low interest. And that’s not where we’re at in the market. You know, this is a time where everyone’s hot on their heels right now, hot on the market, getting ready to enter to positions wherever they see fit. That’s what I think we’re looking at in the market at the moment. So in that case, I don’t think we’ll just flows out. And so if this does turn out to be one of the deciding factors for the market, then, you know, seeing as though this is coiling up and it really it can only be, especially just in my eyes, it can only be a bearish pattern. I would look to see this dropping a little bit lower. Obviously, this market is strongly correlated with other worldwide markets, perhaps not so much today, but definitely in the recent days and weeks. And if that’s the case, if it continues to be the case, and I absolutely think it will, then what this would require is a push down, not with Bitcoin, but, for example, with the S&P 500. So let’s take a look at that. And exactly the same case that we looked at with Bitcoin. You know, the S&P 500 is also trading in a rising wedge of its own. It looks a little bit different. It’s a little bit more difficult to draw because there is not 24 7 trading. But, you know, you still get the same picture. And if this one breaks down just like every single one before it has done, you know then that I don’t see why Bitcoin would be able to stay higher as well. I mean, it’s it’s happened so much throughout these trends on, you know, pretty much any time frame. You’re just seeing a bunch of rising wages breaking for for the S&P 500 since this drop started. This is obviously the largest time frame rising wage that we’ve had within the downtrend. Same goes for Bitcoin. But that doesn’t make it the exception to the rule. It just happens to be that, you know, the same characteristics will repeat themselves on larger timeframes in the same market. We know for a fact that that’s something Bitcoin loves to do. You know, we’ve seen a lot of really small pendants like this and then a lot of much bigger pendants, which I can’t find the example of right now. But we’ve seen that happen a lot, you know, where markets will show the exact same characteristics on much, much bigger or smaller timeframes. You know, one potential example is we had this descending triangle over here during twenty eighteen look something a little bit like this. And then we had nearly the same descending triangle happening in twenty nineteen within, you know, roughly half the timeframe that’s actually calculate that. So it started over here and ended about over here. That’s 298 days. And on this side of things it was 90 days. So this was roughly a third, just a fraction of of the size of the previous descending triangle. But they both had the very same conclusion, a very steep, fast and bloody drop. And and we know that markets like to do that because we’ve seen it happen so much. So I don’t see why this would be the exception. I’m also seeing too much of a generally bullish sentiment in the markets. I don’t think there’s a reason for that. You know, if you and this is those this is one of those very rare instances where I break my rules on doing things like watching the news. But if you have been paying attention to the headlines, but you absolutely need to at a time like this in order to be informed. You know, we do have, for example, in the US the. There are record levels of unemployment, you’ve got 6.6 million people filing for unemployment in the US, and I think it’s something like 10 percent of people not in work, probably much more than that. And that that, my friends, is very significant. That’s that’s pretty big. I mean, 10 percent might not sound like a lot, but that’s enough to completely put a full, full, full stop on the economy. And that’s exactly what happened. So, you know, in in an environment like that. Please, please try and explain to me how this is anything other than a very bearish setup which has already happened. Millions and millions and millions and millions and millions of times. You know how this one is different and it’s not going to break lower. I mean, tell me how it’s different. Honestly, I mean, I don’t see it. I genuinely don’t see it. The only thing I’m seeing is that we do have this breather before things continue to get much worse. I I wish I could see another way. And I’ve tried. Believe me, I’ve tried because that’s my job as a trader to disprove my own thinking and see if those contrarian thoughts, a contrarian to myself, those opposite thoughts to myself, see if they hold any weight. That’s my job. I have to evaluate myself and my own thinking. And I’ve been doing it. And I I just don’t see it. I don’t see how, given the current global economic environment, how how a pattern which has already inherently extremely bearish, how this can consolidate and then trade higher or just continue to trade higher. I I’ve really, you know, given that it’s happened so many times already. I can’t see it being different. And then, of course, if these things drop, then, you know, Bitcoin would obviously follow suit as well. It has been doing so for a really long time, in fact, since way back around over here when I told you guys that Bitcoin failed its original purpose and I got probably the most hate I’ve ever had on YouTube since I started for saying that. And now, you know, a couple months later, everyone’s silent. And that’s just the nature of the game. You know, you say something that’s really unpopular and people will hate you at the time. But, you know, as long as your pockets got fatter during that time, your bitcoin holdings have increased various different measures of success like that. It doesn’t really matter. You know, it’s times like that roll. I’ll have to remind viewers that I’m not here to be popular or likable. I’m just here to make money. And that’s that’s why I’m in the game. I’m not here for friends or or whatever. No, no. Like I I’m in trading to make money. And that means I’ll say things which are unpopular. Which which would hurt people’s feelings and crush people’s hopes. But that’s that’s the way markets are made. You know, markets are not made to please people. So I’ll say what what they are telling me and. And this is what they’re telling me again. This is again where I think I’m I’m a bit unpopular at the moment saying this. I’ve spoken to many analysts I respect and they disagree with me, which which is a little bit of a scary position because I don’t respect many analysts to begin with. And and to earn my respect as an analyst means that you would have an amazing track record of success. And me going against them always makes me feel a little bit uneasy in my stomach. You know, I feel like, you know, am I making the wrong decision that I think that happens with everyone. And. And in this case, I just have to stick with my guns because I see what they saying. You know, one of the popular arguments is, again, depending on which tribe you’re looking at, actually, volume isn’t tapering off. And so that would be a sign that this trend is going to continue higher or potentially that, you know, trends like this start off slow. And then and this has potentially I don’t know how you defend how you define slow. This hasn’t been slow to me. But if you define this as being a slow climb, higher than I’ve heard that this starts off slow and then it continues rallying really, really high. And we’ve actually seen that happening in the past. Let’s take a look at an example where that happened. I can’t remember where I’ve heard of this happening. Potentially, we can talk about this rally over here. Again, I don’t think you can call this slow. I mean, it all looks like it happened at roughly the same time. You can draw a straight line. So, you know, it’s I don’t I don’t see where those bullish arguments come from. And that’s why I have to stay really stubborn in my point of view. And obviously, if we end up dumping lower than we have to talk about what the targets are and what the good news is, that we have a lot of support. You know, we throw on the each smoking cloud once again, we’ve got a lot of support on the four hour chart. You know, that goes from let’s take a look, wait for it to load. That goes from roughly six thousand six hundred all the way down to five thousand eight hundred. And those are two very important support levels. So, you know, if this rising wedge wasn’t there, I would be really keen on longing both of those levels at the moment. I’d just I’d have to strongly consider if I even want a longer one of those levels. I mean, it looks it looks like to me a situation where and I have to keep this in mind because the risk is. My fiance and I need to be aware of these risks, because if you don’t calculate risk properly, you lose money. And and if you lose money now, you’re now you’re fighting an uphill battle, you know, trying to trying to just break even. You know, like if you lose 50 percent of your money, you need to double your money just to be back where you were when you started. You know, like losing money is the worst position to be in as a trader. And so I have to remind myself of the risk that if everything I’m saying is true. If this is all the case, then, you know, we’re going to fulfill this rising wage and drop lower. But what happens when we drop lower will? This downtrend has been extremely severe and the risk is there that we’re going to have another extremely severe drop. You know, directly afterwards, I need to be aware of that risk. I think it’s very real and I have to keep reminding myself about that. You know, if I do want to go long at places like six thousand eight hundred, that could be really problematic. If we start to have a massive waterfall, I might be looking to catch a knife like this and trade it a little bit higher. There’s nothing particularly wrong about that. But it’s, you know, put it this way. I think it’s much more comfortable for everyone involved to be playing the short side here instead of trying to play that very small, long position. You might book a nice profit on the way up. Absolutely. But come on. I mean, it’s it’s way more comfortable to be on the short side. That’s why especially near the start of this, I was predominantly playing the short side. You know, that’s what I felt more most comfortable doing. That’s where members have seen me pulling the biggest profits, you know, pulled hundred and forty three percent gain right at the start of this trend. You know, that’s because I was confident in playing the short side because the trend looks so terrible to me. We thought a bunch of other members pulling absolutely beautiful mark, beautiful profits in this market, whether it was this market or in the past, really, really beautiful messages I’ve been receiving from members being in the group for less than two weeks and completely changing the way he has been trading. He is then looking to upgrade his membership early. So if you do want to get into the group and get access to all of that information, what you’re gonna be seeing is how I’m navigating the markets. You’ve heard my analysis. You’ve heard some of it. There’s extra analysis shared in the VIP group. It’s completely exclusive. We’re covering other markets in there as well. In these videos. I’m mainly just talk to you about Bitcoin and potentially, you know, one or two indexes, indices even. But on you know, in VIP, it’s everything. Everything I’m looking at everything my team is looking at. You get it all over there, plus the VIP library. There’s an entire library of content, you know, with in-depth analysis breakdowns of my trades, which I’m going to do going to be doing many more of, by the way. I think those are extremely useful for members, because what you’re seeing in those in-depth analysis videos, you know, where I’m breaking down my own trades is I’m deconstructing every single reason that I chose to do certain things. So whether that’s choosing a very specific entry level or a very specific stop loss or you know why I chose to change how I plan to take profits on my positions. All of those things explained fully for you that can really give a lot of depth on on the side of trading, you know, cause analysis is great. It’s really useful and it must be perfect in order to trade well. But that’s the other side of things. You need to be able to trade without your trading. There’s nothing going on. You just have, you know, mental masturbation at that point. You know, you’re not doing anything. If it’s just analysis, you’re not making money. So there’s no point to it. And and the trading side of things is how it’s where VIP shines. You see how I’m handling the market with all the same information that we all have together and that can potentially give a lot of valuable insights, a lot of members able to pull beautiful profits after seeing those things. So if you want to get into the group, you already know what to do. Head up the first link in the description down below. It’s going to take you to my completely free telegram channel. It doesn’t even have a signup process. It’s really, really quick to get in. No sign up process. Really, really simple. You know, then you click on the app for flies at the bottom of any post in four flies gold and then click on send message to ask me how to get into the group. I really hope you have enjoyed this video. And yeah, I’m gonna be, by the way. I’m still interested in going short at six seven thousand eight hundred. That’s a more appealing position to me than going long at six thousand eight hundred. I haven’t confirmed if I’ll be doing either of those things yet, but I’m getting very close to it. And there is one other position that I’m looking to take on the long side. Potentially really, really soon. And the details of that have already, I think I think already been shed in VIP. If not, they will be shed within the next couple of minutes. All right. Have a beautiful rest of your day. Stay safe. And I’m out by.

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