Bear Flag REJECTED In Bitcoin & Crypto Markets?! BTC, ETH, XRP, Cryptocurrency & Stocks News!



the bear flag on Bitcoin charts confirmed but shortly afterwards the price got pushed back up the prior support levels what does it mean that's what I'd like to discuss 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 from 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 the overall trend here in the past 24 hours is sideways we're seeing a fairly even mix of green and red coins today here in the top 10 you'll notice that Bitcoin has essentially just moved sideways today it's up about half a percentage point so because of that it's not surprising that we're seeing most of the altcoins essentially ranging sideways as well now if that said I'm gonna jump over to the Bitcoin charts as always everyone I look at Bitcoin because it does tend to lead all coins and the big news here on the Bitcoin charts is the fact that we essentially looked like we were confirming this Bear Flag pattern right here or this bear pennant I should say with a confirmation moved down however you'll notice that we clearly saw some sort of rejection by the Bulls that managed to push the price back upwards in a relatively quick fashion and I think this move up by the Bulls has some potentially important implications here in the near future so I want to discuss that but first let's talk about this bear flag a little bit when we initially saw this bear pennant pattern confirm here at Whitney move down I was not surprised because this is a fairly classic technical analysis pattern you see these things a lot and more often than not these technical analysis patterns do tend to confirm so it was no surprise to me when it looked like we got a textbook breakdown out of this pattern again you can easily spot these bear pennants on pretty much any chart by looking for that trademark flagpole candle to the left and then the price consolidating in a tight range to the right so we had that near perfect consolidation range going on and we also had declining volume over time which is something you want to see with these patterns so pretty much q when the price finally had no room left to essentially move up or down and when we saw the Bollinger Bands getting squeezed together on the four-hour charts the most that we had this fairly significant move to the downside and for a moment when we were down in this 3650 range it was definitely looking a little shaky for the Bulls however again as I said this push up here the fact that Bulls did manage to so quickly get the price right back up to exactly where it was prior to that drop down potentially has some very interesting bullish implications here so bearing that in mind I want to cover both the bearish scenario here and the bullish scenario here as far as the bearish scenario goes what would have me worried if I were opening a long position in this market right now is that here on the daily chart you'll notice that with our MACD indicator we just got a bearish crossover so the MACD is this technical indicator here on the bottom and you'll notice that we just saw this blue MACD line cross underneath the orange signal line on this technical indicator so when that happens in technical analysis that is often considered a sell signal and you'll notice that many times throughout bitcoins history here on the daily chart and when we do see the MACD indicator give us a bearish crossover a sell signal it's definitely something worth taking note of as often times that does coincide with new bearish downtrends beginning not 100% of the time obviously there have been fake out bearish crossovers but it's definitely something worth taking note of now if that said that was really the main piece of evidence towards the bearish scenario that I was seeing we did obviously have this bear pennant pattern here but it looks like this was just invalidated by the Bulls with this strong push back up here so I actually think there's more going for the bullish scenario in the short term here rather than the bearish scenario so on that note let me dive into all the pieces of bullish evidence that we have here the first thing I want to bring up is our 100 and 200 moving average here on the 4-hour chart so the 100 moving average is this pink line you see here in the 200 moving average is this white line you see here and what is interesting to me is that we did see the price get fairly close to that too hundred moving average here but just like it did in past weeks here in February again steam to provide some level of support for bulls what's also really interesting to me is the fact that it does look like the 100 moving average is also providing fairly significant support now as well you'll notice that throughout a good chunk of January and also February as well bitcoins price action was definitely respecting this 100 moving average especially in January was acting as very strong resistance for our price action but since we got a confirmation move out of that falling wedge pattern that was developing throughout January and early February with this move up right here we're now seeing the opposite of that and again that sort of makes sense to me remember in technical analysis support tends to become resistance and vice-versa so I think it's very encouraging for bulls here that they manage to push the price back up above that 100 moving average within a very short period of time and on top of that we essentially saw a bounce up off of this 200 moving average as well not to mention that we also found support at this 3650 price level and again take note of how this was a resistance level for Bitcoin back in early to mid February for an extended period of time so once again we're seeing past resistance become support so all of this to me is more evidence towards the bullish case the fact that it does appear like we found some fairly strong support here in the short term for Bitcoin not for me personally the most compelling piece of bullish evidence is the fact that we have a dragonfly doji candlestick and I'm referring to this candle with the long shadow down right here and we're seeing this dragonfly doji both on the 4-hour chart and on the daily chart so what is a dragonfly doji candlestick and why should we care about it well a dragonfly doji oftentimes signals a trend reversal from a downtrend so essentially it happens at the end of a downtrend right before a new Uptrend starts it signals that you're due for a bullish reversal potentially it signals that there was a lot of buying pressure and the Bears were unable to keep prices suppressed at the low level they were able to push them down too so essentially the bearish move downwards was rejected by the Bulls and in the process of seeing that we also essentially invalidated this bear pennant that we were forming over the past couple days here so barring all of that in mind here the fact that we did see Bulls find strong support above the 100 and 200 moving average here on the 4-hour chart we also found strong support above past resistance levels that turned into support here and the fact that we're also seeing this dragonfly doji candle which often signals bullish trend reversals after a downtrend all of these factors lead me to believe that the bullish scenario playing out here in the short term is more likely than the bearish scenario so it's definitely been an interesting day here in the cryptocurrency space I was watching this essentially live when we first broke out of this bear pennant right here and I was definitely surprised to see the strong fight the Bulls were putting up at this price level so it kind of makes me wonder if this uptrend that we've been seeing over the past few weeks is still potentially in play here because at our current point in time we can still mark that latest price move down as another higher low and this also ties into the more kind of macro long-term pattern that I'm looking at here which is that new ascending triangle that we're tentatively forming here on the charts so just like we had the meme triangle the descending triangle for the majority of 2018 which was a bearish pattern that led to a major move downwards we're now essentially forming the opposite of that a long term bullish ascending triangle and those bullish pieces of evidence that I just mentioned have me wondering whether we're going to be testing up again off of this horizontal resistance line around $4,200 and if we do see something like that play out here where we do test this horizontal resistance level then that's definitely going to be very bullish in my opinion again in technical analysis the more often you test a resistance or support level the more likely you are to break that resistance or support level it just makes sense logically you have that many more opportunities to break a trendline if you keep testing it and even excluding a test up here in the near future we already have been essentially testing this distance level much more than we have been testing this upward slanted support line here and I'll remind you that upward slanted support line essentially lines up with the 200 week moving average a very important technical indicator that gave us support at the very end of the 2014-2015 bear market and also more recently at the local low of our current Bitcoin and crypto bear market so the 200 week moving average is this white line that you see right here and it's essentially lining up with this green line that I have drawn let me just hide this so you can see that better for a second so notice how that green line essentially marks the trajectory of the 200 week moving average over the next few months here so bearing that in mind essentially we've already had you know four to five tests of this horizontal resistance line right here versus just two to three down here depending on whether you want to count this is a little test right here so if we do see another test of this horizontal trend line here in the near future that is definitely a strong sign of strength from the Bulls in my opinion and again it's going to be essentially the opposite of this 2018 descending triangle situation notice how with the 2018 descending triangle especially towards the latter half of the year we were definitely testing this $6,000 range much more than we were testing this down were slanted resistance line right here so again as I said earlier the more times you test a support or resistance level the more likely you are to break that level so that is why I think it's so encouraging that Bulls continue to hammer away against this horizontal resistance level and if we do see a confirmation of this ascending triangle pattern with a strong move above that $4,200 level then for me personally I'm going to start considering that this $3,100 local low here was indeed the bottom of this Bitcoin and cryptocurrency bear market that doesn't mean that I think we're going you know straight back up to $20,000 in the near future shortly after a confirmation here what I think is likely is that we'll probably test up against this 6,000 dollar level and sort of range in between this 3 and $6,000 level for quite some time before eventually beginning the new bull run but regardless whether we saw something like that occur or not I still strongly believe that a move up out of this ascending triangle pattern here would definitely be bullish in the short mid and long term for Bitcoin and crypto currencies as a whole and it would essentially just be another very odd similarity between our current bear market in the 2014-2015 bear market just like we're today tentatively forming a sort of long term ascending triangle pattern back in 2014 and 2015 during that bear market we also saw a similar pattern form on a long term timescale and I think most of you can clearly see how that played out in the long run so regardless of what happens in these short term here whether or not this bear pennant is completely invalidated or not my main focus is definitely going to be on this bullish ascending triangle pattern that is now tentatively forming on the charts but what do you think do you think Bears are going to have another test at this thing with a move downwards in the near future or do you think we're headed back up to retest resistance at this $4,200 level 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 crypto enthusiasts just like yourself also if you want to learn the crypto strategy that passively turned 5,000 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 on the financial space that I find interesting always do your own research before spending or investing any of your own money all that said thanks for watching and I'll see you next time

24 thoughts on “Bear Flag REJECTED In Bitcoin & Crypto Markets?! BTC, ETH, XRP, Cryptocurrency & Stocks News!”

  1. Cryptographic investment is quite difficult, but not as difficult as it sounds if you follow the basic rules and do not like or feel emotional with your parts. This is sometimes unstable and scary because things can go up and down at extreme speeds. If you are not careful, you risk great losses. To ensure sustainable profitability, be sure not to listen to the nonsense of most crypto merchants on YouTube and other forums, as many market speculators tell you that XRP is intended for the market or BTC are in their place. falling and crashing are safe and even more money loses in coins because they say so. In my personal experience, daily trading is much safer and more profitable than Hodling with so much uncertainty on the market. For a year I lost more than 5 BTCs worth of HOD and for less than two months I got more than 12 BTCs, which is, I'm sure, a dream for most hodlers. However, you must be careful and extremely good at your T.A., read the news and correctly understand the trend. I would also like to point out that if you are not 100% sure, you should contact someone with good experience and business experience to help you. Dominic Connor ( [email protected] ) is a person I highly recommend. His analysis is good and his trade signals and strategies are among the best ones to follow. It helped me to recover my losses and make money for which I find it difficult to believe.

  2. To whom it may concern…if you are looking to make money off cryptocurrency… i dont advise HODLING.. it is very stressful and mind scaring…i rather trade..i make a whole lot of profit trading between currencies.. just saying

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  4. Bitcoin, the first largest cryptocurrency, has had it rough since it reached its peak at $4,100. After the 2018 December to 2019 January frenzy ended, everyone was expecting BTC to recover. Unfortunately, it didn’t recover and things only got worse. Right now, BTC is hovering above $4,000 and there is no saying when another bear grip will take the price below this level. For me, i don't think i can bear the lost i have been loosing anymore due to the fall in price while waiting for a bull to run, Before them month started, I made research on how i could recover my lost due tot the fall in market price , On making research I came across a channel on youtube and saw lots of positive comments about Mr Darren Allan, So i contacted him how much i need him to help me recover my lost and also make good profits from trading. It has been 2weeks since i came across Mr. Darren,and I have recovered my lost and increased my portfolio from 2btc to 6btc. I'm so thankful to Mr. Darren Allan for his help reach him at *(([email protected] .com ))*, If you need help recovering your lost i advise you go to him for help.

  5. Finnaly i see a good trader analyses. You are the only one i seen in crypto space who use candle signals. Also MACD is an important signal. Good job man. It is also some weird RHS formation , it shows up in ethereum chart, we are about to close right shoulder if we go test 165 price top resistance.

  6. Great analysis. I´m manly a ETH trader but atm both graphs looks pretty much the same so i think they will behave in a very similar fashion. I think that bears will push the price down on the short therm (due to the bearish macd crossing on the daily) but not for too long and then bulls will take over again and we gonna have a great pump and i´ll sure be longing that 😀

  7. Hey Money Authority, What do you think about being rejected by the 20 day moving average on the weekly chart? It happened in 2014/2015 chart and I think that might be happening soon??!?

  8. No new money in the space. Sure we may go up, but sure as hell going down again. At some point in the year 2000-2500. And if stock mkts take a dive even lower.

  9. Do you think the bear pennant rejection was a strong show from the bulls?

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