ANOTHER Bear Fakeout In Bitcoin & Crypto Markets!? BTC, ETH, XRP, Cryptocurrency & Stocks News!



Bitcoin bounces back from the brink in a prominent all coin continues its meteoric rise I'd like to discuss that and more today so in this video I'm gonna cover our latest price action do some technical analysis look at some charts patterns and indicators and also take a look at some interesting developments happening in this space so welcome back to the channel everyone Phil here for money authority be sure to hit that subscribe button for daily videos on crypto stocks and more and also be sure to click that little bell right next to it so you never miss out on the latest news and analysis in the world of crypto stocks and finance in general so let's get right into it starting off with our usual crypto market review you'll notice that the trend over the past 24 hours here is definitely in the upwards direction we only have a handful of coins here today that experienced any moves to the downside meanwhile here in our top 10 you'll notice that Bitcoin is up nearly 2% the past 24 hours and the other major development is that litecoin has taken the number 4 spot here on coin market cap so you'll notice that the litecoin market capitalization is now higher than iOS so litecoin is continuing its absolutely meteoric rise up over the past few months here and if you've been watching my recent videos you probably know that the reason that I believe that litecoin is experiencing some of these moves to the upside as of late has to do with the fact that the litecoin having event is fast approaching it's pretty much five months away at this point so I'll remind you the litecoin block reward having is essentially when the mining reward for light coin is going to get chopped in half so when that happens I believe that's going to put a massive upwards price pressure onto light coin and historically we do have a precedent for this because if you go back to 2015 August of 2015 when we saw like coins last having event take place in the months preceding that light coin having event we did see the price increase by several hundred percent and in addition to that there are those that believe that the last light coin having event essentially dragged a Bitcoin out of the last bear market that had experienced there's certainly a correlation there at least so as of right now it certainly seems like we're seeing history repeat itself once again but besides that overall definitely a green day here for crypto currencies the trend is definitely in the upwards direction alright now if that said I'm gonna jump over to the Bitcoin charts as always ladies and gentlemen I look at Bitcoin because it does tend to lead the crypto currency markets and I want to start by taking a look at our most recent price action here in the past 48 hours or so so in my last video I had talked about how we were developing a little bit of a bull flag and that it was encouraging that we had seen the last dump down 100 percent retrace here on the Bitcoin charts however shortly after I released that video that flag started to develop into this bearish ascending wedge pattern here and I actually highlighted this on my Twitter account as we were developing into this pattern yesterday now shortly after I posted this on Twitter you'll notice that we did encounter a dump down out of this ascending wedge pattern so essentially we did confirm it so initially it was not looking good for the Bulls after we confirmed this ascending wedge pattern with a move down to around 37 80 however just like this dump down that we had a few days ago down to this 3650 price level this price dump right here was immediately bought back up by Bulls and the price is now hovering right around 39 hundred dollars so that is definitely a bullish move in my eyes the fact that we immediately saw this dip get bought back up again with regards to uptrends that's something that Bo's want to see they want to see any dips get bought back up quickly so from a short-term perspective overall in the past couple of months here we've definitely had some encouraging behavior from the Bulls since the start of this rally really back around early February and if you zoom out to an even more macro perspective here you can consider us to be in a uptrend still since this bounce off of $3,100 back in mid-december and I would like to highly how we have had higher lows developing here over the past few months and although we have yet to develop a clear higher high on an extended timeframe we haven't broken up above this 40 to 40 level we haven't broken up above this $4,400 level but we did recently see the price exceed this peak right here and we also essentially hit that same exact resistance level that we established back around late December so taking into account that horizontal resistance level that we're essentially forming right here around $4,200 and this upward slanted so port line that we definitely appear to be respecting so far those trend lines are helping us to form a long term bullish ascending triangle pattern that I think is going to be very interesting to watch here over the next several months I've said this before but I essentially believe that we are now charting the opposite of the bearish descending a meme triangle that we had all throughout 2018 so obviously that was a very bearish pattern we all know how that turned out so are we going to see the opposite of this play out now with this bullish ascending triangle pattern that we're now tentatively forming here on the Bitcoin charts and to be honest I think the longer that we bounce around inside of this tentative bullish pattern right here I think be more likely the answer to that question is going to be yes and they'll remind you that if we go back to the 2014-2015 bear market which is what you see on your screen right now we essentially had a similar pattern forming here we had an upward slanted support line and then we had horizontal resistance right around $300 and eventually we did see a conformation breakout out of an ascending triangle pattern so excuse the sloppy drawing there but you get my point while I'm here I also want to mention this white line that you see right here this is the 200 week moving average notice how the first time that Bitcoin ever intersected with that 200 week moving average was when we hit the bottom point the lowest point of that Bitcoin bear market and after that we did see the 200 week moving average essentially provides support as we trended upwards so going back to today's price action if we open up the 200 week moving average you'll notice that the 200 week moving average is once again providing support for bitcoins price action and actually the lowest point of our current bear market was the first time that we've intersected with the 200 week moving average since the end of the 2014-2015 bear market so in my opinion at least that is a very interesting coincidence so in the context of this latest short term uptrend that's been in place since early February we're definitely encountering some bullish behavior as of late seeing all these dumps get immediately bought back up and also from a more macro perspective we are seeing some encouraging things for the Bulls as well for example the fact that we have been charting higher lows for the past three to four months now now with regards to some support and resistance levels to watch out for it appears like we are developing strong support around this 3650 $3,700 price level again we've now recently seen the price of Bitcoin bounce up off of these levels several times we've also had resistance at this price level not too long ago and remember in technical analysis support tends to become resistance and vice-versa so we encountered resistance here we encountered resistance around this range as well and now we appear to be developing support at this 3630 $700 level meanwhile with regards to resistance levels that we should be paying attention to right now it appears like we are essentially testing up against this 3950 level which was essentially a resistance back when we had this bull flag back in mid to late February and I'd like to highlight how shortly after we saw that flag confirmed we did see the price rise up to this $4,200 resistance level so once again it looks like we are retesting that exact same resistance at 3950 so if Bulls get a breakout here I see no reason why we won't see another test of that 41 to $4,200 level so from a more macro perspective I'm definitely seeing some things that bulls should definitely be excited about here and from a short-term perspective there's definitely some encouraging things as well like the fact that we are seeing all of these dips immediately getting Ian back up by Bulls however that being said I am seeing some potential bearish things here that I want to discuss number one the fact that we really aren't seeing any strong volume on this latest price rise here does have me a little concerned again you want to see strong volume on these up trends in addition I'm also potentially seeing a somewhat bigger ascending wedge pattern forming up here and that is definitely something to be a little bit concerned about as well if you are a bull here so remember what those ascending wedge patterns you are essentially looking for two converging lines that are slanted upwards and it does essentially look like we are seeing that here and if you disregard a little bit of this wick down to 37 80 right here we're definitely seeing this pattern form so again that is a bearish pattern when you see these things for on charts they do tend to often lead to downwards movement so that's something to potentially keep an eye out for in addition I'd like to highlight our Bollinger Bands here on before our charts you'll notice how our price action is essentially getting close to the upper boundary of our Bollinger Bands indicator which is this blue shaded cloud shaped looking thing so when you see the price of an asset hit the upper or lower boundaries of the Bollinger Bands that usually indicates that the asset is either overbought or oversold depending on whether you're singing price intersects with the upper or lower boundary of that technical indicator so recently we did see the price exceed past the upper boundary of this technical indicator and as you can clearly see here we did see a little bit of a price correction downwards so we are still awfully close to that upper boundary which suggests to me that we could see further moves to the downside here however even more important than that is the fact that we are once again seeing the Bollinger Bands getting squeezed together here so the way this technical indicator works is that when you see the bands expand it's oftentimes followed by a period of contraction where you see the price volatility hit very low levels and then after that you'll see the bands expand again after there is a big increase in price volatility so once again here we are seeing the bands shrink together and contract we have seen the price remain relatively stable and non volatile so this suggests to me that we are once again and do for some relatively big move either up or down here the bands will not really tell you which direction that big move is going to go but it does tell you that a big move is coming zooming out to the daily chart we're essentially seeing the same thing with our Bollinger Bands you'll notice that once again on the daily chart here the bands are getting quite squeezed together compared to where they were just a few short days ago and assuming the price volatility stays at its current level you're going to see these bins shrink together even more as we start to disregard some of these larger candles that we had over the past few weeks here so that to me is also a significant sign that we are due for a massive move here in the near future so from the bullish perspective a massive move upwards here would probably allow us to retest this $4,200 level and again from a macro perspective that is a very good thing for the Bulls not only because it helps us to kind of reconfirm this $4,200 resistance level which helps to confirm this tentatively forming bullish ascending triangle pattern but also because it would help to confirm another sort of long-term bullish pattern that has been potentially forming here on the charts which is this inverse Head & Shoulders pattern which again is a bullish reversal pattern is a macro trend reversal pattern and it's something that you see at the end of extended down trends so that is also something that would be very encouraging for Bulls here if they saw it play out again what you're looking for here with these bullish reversal patterns are these three valleys with the middle Valley being the deepest this is the head valley and then you're looking for a left shoulder valley and a right shoulder valley and we're still waiting to confirm the right shoulder valley with a move up here and a move up above what is known as the neckline of this pattern which is where all the peaks from these valleys essentially hit resistance so you are looking for a final move above that neckline and very strong volume on that move up so a confirmation of this bullish reversal pattern would be extremely encouraging it would have me probably believing that this $3,100 local low right here was indeed the very bottom of this Bitcoin and cryptocurrency bear market and it would also allow us to establish the first higher highs on an extended time frame for a Bitcoin in well over a year pretty much since the very tail end of 2017 so that would be an extremely extremely bullish move I'm personally not holding out too much hope for a confirmation of this inverse Head & Shoulders pattern but even a move up to test $4,200 again I think from a macro perspective here again taking into account this tentatively forming bullish ascending triangle pattern I think that would from a long-term perspective be very bullish because again when you have these patterns more often than not they do tend to end with a breakout to the upside so in conclusion from a macro perspective I think there are a lot of bullish things at play here from a more short-term perspective with regards to this most recent uptrend that we've been in it's more mixed messages right now again we do have a few bullish things going on here like the fact that we've been eating up all of these dips but we also have some technical indicators and some patterns that are suggesting some potentially bearish movement again from a more short-term perspective luckily I did manage to do a quick scalp Shore off of that smaller ascending wedge pattern that was forming right here but since we did see the dip get bought back up relatively quickly I have remained out of position and I think I'm going to be doing so until we get a clear idea of where we could potentially be going in the near future not with all that said what do you think do you think we're heading back up to retest this $4,200 resistance level or do you think we're breaking down here in the near future let me know in the comments down below so that is it for this video guys if you enjoyed this one please consider subscribing I do crypto videos like this daily and your support really helps small channels like this one grow I also highly recommend joining our free Facebook group it's for Krypton losses just like yourself also if you want to learn the crypto strategy that passively turn 5000 dollars into 83,000 dollars check out my passive crypto investing case study it's completely free you can find the links to both the free group and the free case study in the description down below lastly guys this goes without saying but I'm not a financial advisor this is not professional investment advice telling you to buy or sell anything this is just me covering some stuff in the financial space that I find interesting always do your own research before spending or investing any of your own money fault I said thanks for watching and I'll see you next time

7 thoughts on “ANOTHER Bear Fakeout In Bitcoin & Crypto Markets!? BTC, ETH, XRP, Cryptocurrency & Stocks News!”

  1. Do you think we'll retest $4200?

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  2. We are currently in wave 4 which will be followed by a wave 5, down.
    Therefore, IHS is out of question and so is the tentative ascending triangle.
    You can not go by patterns only.
    Just my opinion for whatever is worth.

  3. LOL. What a fakeout. It was really obvious as there was literally zero volume. Rode a Long up and a Short down for a few bucks. Haha.

  4. If you haven't fomoed into either ENJ RVN NULS or KNC over the last week you are doing it wrong. Mad gains Bros!!!!

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