Is This The Bitcoin Bottom? | BTC Analysis



hey guys what's going on could all hear Bulls on Wall Street Bulls on crypto Street want to make a video a lot of people have been asking me you know what's been happening with Bitcoin has it finally bottom are we finally going to see like a mega run back into you know the old highs and so I want to make a video and show you kind of what I'm seeing in the charts and what we're trading in our crypto chat room you've had just an incredible last couple weeks with some great swing trades and LTC and OMT and gos and you know we've been getting more and more aggressive now let's take a look into you know the overall picture of the market and what I what's been happening so as we know it quick topped out at twenty thousand dollars and it really just sat around in that six thousand dollar range pretty much all of 2018 it was bore ringing to tray you know 2017 was like the mania we were staying up all night drinking coffee at like 2:00 in the morning just trading and then 2018 is like there was nothing to do and most of 2019 it's been even worse like there's been really almost no range but one interesting that's happened and this happens the stock market to is you know a stock or a coin or a token you know they get their power from consolidation from Beijing action and we got a really a lot of basing action and just kind of 3,500 to 4,000 range in Bitcoin and you know lo and behold on Friday you know last week you know we started to finally make a portion you know what we can see here is if you're looking at like just resistance points right this kind of 4,200 mark was really really important in Bitcoin you know it had been rejected by this level like multiple times and one thing to remember when you're thinking about trading is the more times you test the level the weaker it gets you know same thing that happened at the 6,000 level right the more times you test it the weaker it gets and the more importance you give that level and so when you finally cross over it it can actually start you know a really really nice run so you know we have been testing this forty two hundred level for a while and you know the last couple times we test something you can see here the the pattern was too loose you know one thing to remember like when you're thinking about you know trading anything is you want to see a really tight pattern to cause explosion the tightness of range the contraction of range is what can create the explosion and so if you have too much space between where the breakout is and where your EMA's are then you're not gonna have a tight pattern and so oftentimes they can fail but one thing you'll notice here over the last couple months and notice how you're making like lower highs here and you know as you got into the breakout that ninety m8 croelick right up into it and so what happens is right you've got even like your moving averages which provide a level of demand and support starting to really really push and now you've got yourself a nice breakout and the beauty of like kind of what bitcoin breaks out like this is you know we very rarely trade Bitcoin you know we're going into the offshoots of some of the more volatile names to get the Alpha that we need right bitcoins obviously the leader but there's more fun and so on the alt right so when I see this type of breakout happening I start leveling in to some of the other ones so now that we have this breakout so this this mean that you know bitcoins bottom no it does and it just means that we've been in a really nice range for a long period of time and we still have that powerful you know six thousand level to come up with but on a short-term basis there are a lot of healthy things happen first of all we got over that 40 to 50 then we also broke over the 200s ma which signifies our long term trend and we haven't been over the 200s ma really sans March of last year so it's been twelve months that we have not been over our 200s ma moving averages guys serve two purposes number one is they can provide areas of support in resistance or waste a measure supply and demand but the other thing that moving average can do is it helps you identify trends on particular time frames so you're 200 SMA is how you identify the trend on the long term timeframe and you use the slow for that so you know as this as the 200 SMA starting to flatten out right it's telling you okay that the long-term trend is finally starting to even out and now that we've broke over it you've got this beautiful level of support that we can now build a pattern on and so a one day or two day cop does it make a trend it doesn't really make anything but it is a welcome sight right but two days does not make a trend but it's the start of something we all gotta start somewhere in training and in life and bitcoins got to start somewhere too and we've done some positive things with that break here the break over here and now we're starting to hold here and so what I need to see is right now we got ourselves a higher high and if this first dip old will have a higher look now we can read break out these highs then I think that's when you know we could get into the 6,000 range and get another push and then we'll have to see what happens right we've got this big big resistance point coming overhead and there's a lot of technical damage and psychological damage gosh I feel like I got a trading PTSD sometimes looking at the price of bitcoins so there's technical and psychological damage there but if we could come out of the zone that we're in we'll have a chance to attack that 6,000 zone and from there we'll be able to really get a gauge of what's going to happen the rest of the year with Bitcoin so is the downtrend over it's inconclusive but it could be the start of something we're seeing positive things show up not just in Bitcoin but also in aetherium you're starting to see right the etherium also had a very very key level that it's kind of that right now can't break and hold over that and you could see like the major moving averages are starting to curl up under it it's productive it's constructive and frankly I'm a buyer around here like as this flag starts to form if we can hold over this 150 I'm a buyer in a theory I'm on tips and stuff for the potential for a breakout of aetherium doesn't have you know it doesn't have really any major resistance till kind of more of this zone so you know I would say like 200 so you've got just a look you know we still got some good upside in this up you know potentially one thing to remember guys about some of you guys that have been with me a long time you guys trade the stock market cryptocurrency when it's hot is amazing to trade and when it's not it's the worth but when it's hot you have a lot of advantages number one you can trade it with a small account right most of these crypto currency exchanges slash brokers don't require like big deposits you can put in 500 bucks a thousand bucks which is pretty cool the other portion is range right in the stock market very rarely do you see something go from like 148 say 180 in two days right or like you know we were in this LTC trade and I'm gonna make a video on some of these this thing went from 61 to a hundred and just a couple days right so you don't see that type of action in the stock market but the other aspect of cryptocurrency is when it's just sitting around there's almost nothing to do we're like in the stock market you know every day because you just have so many stocks there's stuff to trade and I in cryptocurrency it's not always like that but when the market gets hot it is amazing to grow small accounts because you there's no Pvt no pattern day trader rule you can open with a smaller account and then you have the volatility so you know is it something you just completely focus in on for like your whole trading career no it's an offshoot of just trading in general I want to go where the trends are and where the money is at and if it's encrypted if it's in stocks if it's in futures if it's in selling bananas I want to be in it but I'm gonna make a couple videos on some of the trading patterns that we've been using which will be up this weekend but wanted to just kind of give you an idea of what I'm seeing with Bitcoin I do think this is the kind of the beginning of something it's not conclusive yet but I see some signs and so I'm a buyer on patterns and setups that you know we trade in our bootcamp classes and you know I've been kind of loading up on some things and so I'm excited hopefully we get a dip in the next day or two and I'll be adding some other positions so stay tuned take care guys and as always you know feel free to leave me any comments or questions I love hearing from you guys on my emails kunal ab ull sonw s if you have any questions just hit me up take care

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