Bitcoin Lower Low As BTC Price Falls

what's up everyone dan here crypto capital venture July 22nd 2019 I am back this is the first video in a while I appreciate your patience I have the new studio almost set up I don't have the acoustic panels in yet so I really apologize if there's an echo I'll do my best to edit the video so bear with me there but we're pretty much set up in the new studio I'm really excited as we grow this channel I appreciate your support let's just jump in I want to talk about Bitcoin what is going on is there a new lower low in play in my opinion there is I've been talking about it for a while now let's start the video let's talk about this tweet from a little earlier as a clip from a video I did on June 28th I said the anticipated Bitcoin falling wedge I talked about on June 28 is on the borderline of continuing to the next lower low in the 8000s watching for 50 moving average support on the daily chart and if I actually just expand this real quick I'm not gonna play this video but you can see this very speculative looking falling wedge on June 28th that I drew on the charts now it's speculative because we didn't know if it would happen however I want to talk about why I thought it might happen because it's looking like it's actually happening now so first here the charts right so a lower low for Bitcoin would look something like visiting that $8,500 potentially $8,100 area down here for Bitcoin right in terms of price range that could be from where we're trading right now you know another 15 20 percent or so to to the downside to that lower low now let's give background to why I talked about this almost a month ago and why I'm tracking it now number one let's zoom out on the charts I want to go back to that last that last bear market to bull market area for Bitcoin it's extremely important I'm gonna keep talking about this until we break this this area in in real time in our current charts so we have our bull market high back in the last bullet market well two bull markets ago to the bear market low in 2015 and you can see Bitcoin got pretty major rejection at the six 1/8 line this long-term Fibonacci chart now I've been calling this channel the six one eight to seven eight six channel up here the the doorway to the Bitcoin bull market and you can see how this played out back then right I'm going to zoom in in the charts now so the reason I've anticipated a falling wedge for Bitcoin off of the current exact same Fibonacci retracement retracement resistance area is because this is what happened last time first off it's a long term resistance area for Bitcoin in really defining the cycles of Bitcoin it's a very important area to watch and here it is here's a six one eight line back in that last bear market to bull market time now what bitcoin did was it bounced off that six one eight line it fell into a potential bullish symmetrical triangle right continuation to the upside it actually broke down right and what it ended up doing is essentially creating and falling into a falling wedge lower lows lower highs and we broke out of that falling wedge and we continued up into the bull market right breaking through that six one eight eventually and just seeing parabolic gains going into 2017 highs now part of that also was Bitcoin breaking through the 50 moving average to the downside hitting the 200 moving average and then finally breaking back above the 50 moving average that took a lot of time for that to happen now if we go to the charts today you can see bitcoins testing the 50 moving average right now as of today right we already broke through it once came back above it and now we're testing it again we're on we're on risky waters right now it's risky territory so for Bitcoin right now I'm watching to see will this hold in the next couple of days are we going to trade sideways what's this going to look like but if we dig into the 4-hour chart this really what I want to talk about I have a key area that I'm that I'm really looking for for support even if we break through the 50 moving average it's an area that gives Bitcoin a chance not to see a next lower low and that is a Fibonacci retracement on the 4-hour so swing low that we had July 17th to a swing high you know visiting the 11,000 again the other day on July 20th and we take that Fibonacci and we have our this green channel a 6 1 8 2 7 8 6 now what you're going to see is that's around 9800 to 90 we can call it $9,500 area that's the area that I'm curious to see if Bitcoin sees support that right because at that point if Bitcoin sees support there then we have a higher low from this previous swing low right so that kind of protects us from a lower low that could potentially be in play this this would be that longer-term falling wedge for Bitcoin which could end up being extremely bullish for Bitcoin but on the very short term this is what I'm looking at this Fibonacci channel right here $9,800 down to $9,500 or so I really want to see what happens in that area obviously right now on the 4-hour chart we're trading below the four-hour 50 moving average if we get continued resistance below there that could be the first sign if we pivot over to the daily chart that bitcoins not gonna really last too much longer above the 50 moving average so that's kind of what I'm looking at it's kind of what I'm watching for Bitcoin right now let me know what you're watching let me know what you're thinking out there I'm very curious of all your thoughts one other thing I want to just point out to you if you look at these charts this parabolic you know move for Bitcoin that have previously had if you look at this first swing high and then this second swing high this lower high you're gonna see a very similar thing happened at the top of the bull markets of 2017 here we had that swing high we had that next lower high and really that was that was kind of a sign of a weakening of this of this long-term momentum for Bitcoin and that's why we fell into the bear market here obviously now I'm not saying anything as dramatic as that might happen however there could be a short-term weakening for Bitcoin that lies within this swing high to lower high and Bitcoin could be on its way to you know some lower lows in the coming days or weeks or even months but this will be the setup for Bitcoin to kind of get its get its bearing get his foundation to enter that next bull market those are my thoughts right now in Bitcoin let me know how you're doing out are you accumulating are you short-term bearish or bullish press 1 if you're bullish press 2 if you're bearish appreciate you coming by I want to throw this out there everybody if you're into litecoin which I know a lot of you are and you're thinking about going to the light-cone summit you can go register on the litecoin summit website right here put in code promo code crypto capital venture you will get 10% off for signing up and using our crypto calpro venture promo code I really want to meet anybody that can go so if you have a chance go save 10% over there get that promo code and I'll see you there if you're here and you're not a subscriber hit that subscribe button I would love to have you as part of the channel I will see you in the next video have a great day and God bless

27 thoughts on “Bitcoin Lower Low As BTC Price Falls”

  1. This may be the last leg of the correction. Gunna get worse before it gets better. I'm bearish now but will be bullish soon. Great job Dan. Love the new studio 😎

  2. Hey Dan, thank for another Vid.
    Sunny Decree thinks he is seeing a Bull flag forming on the daily and weekly charts I think, so is expecting a bounce back up in the next week or two.
    I am sure you are well aware of other YouTubers but because he is a favourite of mine along with yourself and it is a bullish view I thought I would highlight it to you.

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  5. Nice space Dan mate. I bet it was worth the wait! Good insight also, looks to be spot on at the time of writing. At what point are you thinking of adding to your position? Keep up the good work mate I’m really enjoying your energy and channel as a whole!

  6. Short term I think BTC will keep on going sideways. I do not feel that we are short term bearish but only because of all the recent BTC news (Trump's childish rants, Buffet lunch etc etc). I therefore will not sell the high to buy the low. I do think another pump is imminent. IF the downside does occur, I am buying more BTC. I need 3 BTC and then I will HODL. I predict 30k – 45k BTC by end 2019 purely because of the limited supply.

  7. Hands down you are the best TA out there Dan! Followed your LTC analysis more than 6 months ago. Predicting the 500% gains and the drop down leading to the halving. It's been accurate up till now. Thanks for the great tips!

  8. Draw a trend line for bitcoin from bear market bottom dec. 15th, through recent swing low jul 16th under log scale and count the touches of resistance and support

  9. On vacation and left my laptop at home on purpose. Last few weeks have been intense, happy I can not touch my btc and Ltc until I’m back home haha this is such a difficult period in crypto land.. sitting this one out!

  10. Dan, looking at the chart at the 7 minute mark, long term looks like a possible head and shoulder. Time will tell if BTC forms the right shoulder , which could happen within your descending channel (bearish). Short term, looking at the potential head, the lower lows might be a formation of an inverse H&S ( bullish). Once again time will tell. Those are my thoughts.

  11. Your new place looks great!!!
    LTC already touched the 200 ma on a daily, and crossed the 50 few times way be4 BTC
    Eth was very close to do the same after LTC
    Hard to know what will happen but it seems to be BTC will get at least to 8,5k likely 8k
    BTC On the 4hr the 50 EMA already crossed the 200 EMA so a death cross? A pull back of 20% more?

    If BTC crosses again the daily 50 ma I expect a pull back
    Dan I was looking forward to your upload, I noticed you delete one yesterday, thought your studio wasnt ready yet
    Thumbs up!!!!

  12. Tomorrow I see bitcoin closing the day higher than today, after that maybe continue downtrend. also for litecoin. this is my guess as I observed something on the chart

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