Bitcoin DECISION TIME! Can BTC Reach $6,000? (BTC Technical Analysis)



hey guys how's it going it's the crypto analyst here and I hope old because they're having a good morning evening where you guys are from and welcome back to another Bitcoin technical analysis and it is the session time for Bitcoin because as its contradicted its previous pennant it has now set up an ascending triangle with a bear flag inside of it so it's time to decide which one of these is actually going to play out so today I'm going to be giving my personal technical analysis talking about which one I think is probable and where I think we're actually going from here so if you guys are interested go and stick around for the video and do not forget to hit the like and subscribe button as it does how about the channel a lot but that being said let's go ahead and dive on into this because there is a lot of crucial information to discuss so as I mentioned there is both an ascending triangle and a bear flag on Bitcoin right now now this bear flag is in the form of a rising channel and so we can see that pretty clearly over here and if I go ahead and and I delete this our blue support line what we can see is actually a very nice and clear parallel Channel has shown over here we can see the hard line playing it in effect and we can also see one the two touches on support and one two three touches on resistance the most previous one on being a beautiful rejection and also a double top now what does this mean well with the fact that it's actually a double top with climbing levels of resistance what we can actually see is that a potential ascending triangle is forming which is a bullish formation and continuation pattern now this seems to be a little bit contradictory because how can we have a bear flag inside of an ascending triangle if they are essentially opposing forces you know one being bullish and the other being bearish well this is one of those unique scenarios where things are getting drawn out and elongated and consolidating in a very very weird and hard way you know originally I was actually shorting the top of this and I actually said you know I want to get out because it was looking risky you almost look like you even have a form of a double bottom over here um you know give or take a you know a couple of dollars but for the most part this is a difficult area to be in because what you have is you have on this topping you know again a double top looking like it's climbing still like it's still an ascending triangle but also the bear flag playing out so which one of these I guess is the real question which one of these is actually likely to play out here and I think that's the real question that a lot of people are asking themselves pardon me getting this back on my chart but we this happening I think that is really gonna come to you watching support and watching this heartline because ever since that it broke down over here it's really been dancing Allah Allah around excuse me the heart line of this area in deciding really where it wants to go and it still really just hanging on by you know a limb on this heart line so it's really gonna be a decision time when it gets down into this further price because if there are not buyers in this area if the price will fall to a to a place where there are buyers and so I think that's really going to be where we're going to need to watch is when the price actually does get a little bit lower here now personally I do think it's very possible that we come back down over here but that's gonna be the do or die time if it breaks down I think it's gonna break down pretty fast to the 50 EMA on the 4-hour and if it you know if it bounces I think it's gonna bounce pretty fast as well and you're gonna see this climb until we start retesting this upper level of resistance once again and if it can do that I think it that it will break out and if we can actually break out of an ascending triangle like this I think that 5500 would be my next price target and if we go ahead and switch this over to the daily we can go ahead and see why so if this is just a beautiful ascending triangle my next area of resistance is going to be right over here as I pointed out fifty five hundred five thousand five hundred dollars is gonna be my next significant level now if we were able to break that I think what we're gonna do is we're actually gonna come over here see the previous bottom of this ascending triangle start hitting this around five thousand nine hundred to five thousand six hundred now this is the heavy resistance for me that I do not think that we're gonna be able to pass I think it's just too heavy for us to pass now and just too heavy for us to pass in a single go but I do think that it's a potential to pass in the future probably not at our first take on it down moving this back I do want to talk about a couple other things the RSI for one is really not giving us any kind of information it's just bouncing within this you know nice little region from 58 all the way up to around 71 but the MACD is where things actually get a little bit better and you can see on the MACD it is losing levels of negative momentum very slowly here and this is just kind of fading off so as this is happening the price is also climbing but with how elongated and extended this is I am getting a little bit critical on what's happening over here because generally as you guys can see the MACD doesn't you know kind of lag on like this while it is a lagging indicator it doesn't usually do this and with this one being such a large long consolidation and lagging out P the MACD I think that it is telling me you know one of two things one a very large move is actually coming I want to say very large I mean that in consideration probably a couple hundred dollars um so probably a couple hundred dollar move is coming option A or option B all the volume in selling pressure is all moving away and option two would be that we just go so that we're gonna just start going sideways again and there's gonna be very very little movement in the price action a bitcoin now I think most people agree that that is not going to be it a lot of people are saying okay well it's either going to be a large move to the upside or it's gonna be a large move to the downside and I agree with that I don't think that we're just gonna be going sideways from this range right here you know as potentially healthy as that could be building some consolidation zones I do I just don't see it as a very viable option over in here so you know what I personally believe is that you know what I'm hoping for is that the ascending triangle plays out and that this thing you know continues to break towards the upside however if we are going to end up breaking down here I think that we're gonna be able to hold the 50 EMA around four thousand four eight hundred and eighty dollars right over here this is my orange you know to yellow line and I do think that we're actually gonna be able to hold this so now this is gonna be a crucial zone to hold because if we actually break down through this there's gonna be very little support until we get back down to around forty to forty three hundred and that is not anything that most of us want to see you know most of us don't want to see Bitcoin drop a thousand dollars a lot of us who are watching this video we're probably trading Bitcoin so with this happening over here I these are really just like my areas to watch I'm gonna be watching this very closely for me as of right now you know this is a note rate and you guys can kind of see the volume has been all over the place you know it goes down significantly almost to nothing then it spikes back up and with how easily servers are overloaded and cryptocurrency right now especially on things like bit max where I trade it's not something that I really want to be stuck in again it can go either way I personally believe it to be more so than ascending triangle than a bear fly but we'll find that out very very soon so I hope you guys did enjoy the video if you guys have any questions or thoughts on this I actually want to know your guys thoughts in the comment section below is this a bowl flag or is this that bear flag you know is this this rising channel or is this an ascending triangle you know both makes sense I mean now that we've broken the previous pennant now that we're forming this ascending triangle you still have a case for both the Bears and the Bulls it's not just you know a black versus white scenario obviously there are multiple ways that this can play out but I want to know your guys thoughts in the comment section below is this bullish or is this bearish with that being said thank you guys so much for watching I hope you guys did enjoy the video if you guys did do not forget to hit the like and subscribe button as it does about the channel a lot again nothing I did say in this video was legal tax or financial advice in any way but if you guys did enjoy the video you know show your support and leave a like but until next time guys I will see you in the next video

9 thoughts on “Bitcoin DECISION TIME! Can BTC Reach $6,000? (BTC Technical Analysis)”

  1. Good video, brother.

    Should we just close the computer and return to BTC in a year? I mean… if it's becoming bullish again, dips are going to get us emotional. The BTC infrastructure is far expanded today than in BTC's hayday… so… I know the difference btw investor and trader but doesn't everyone agree on the inevitability that BTC will eventually break through strong, within the next 12mo, and we'll beat previous tops within the next 3 years? Or, are there any pros out there that doubt that outcome?

    I plan to sit on it, like I did the first time around. Bought at 2 coins at 450, forgot where I bought it so never sold (missed that 20k top) and so my unfortunate strategy of losing track of my investment wouldn't have been great if I didn't completely lose track of it. Know what I mean? SHouldn't we just dump a lot of money in and, say, pull it out in 3 years? Seems like that may be the best play given BTCs 4 year cycle.

  2. It may go a few hundred as you said and we will head back down. Next few months if the Stock Market tanks, bitcoin will dump again bottom out and recover quickly..People buying now and close to 6000 will be over commited and panic sell when this happens.

  3. I am using the Community app from Swissborg. Everyday I can make a prediction for the next 24 hours if Bitcoin will go up or down, no need to invest money. I think it's a really nice app and will attract many users! After your video I predicted it to be up for tomorrow this time, we'll see 😉 Nice video!

Leave a Reply

Your email address will not be published. Required fields are marked *