Massive Bounce Up For Bitcoin & Crypto Markets! BTC, ETH, XRP, BCH & Cryptocurrency News!

as I predicted in yesterday's video Bitcoin saw a very big bounce up in the past 24 hours the technical indicators were pointing to it and we got it but do we have more movement upwards coming in the near future or are we gonna see this fall back down and potentially hit new lows that's what I want to cover in today's video 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 now starting off with coin market cap as always you'll see that Bitcoin did see a rather big move to the upside in the past 24 hours about 5% currently in fact it was an even bigger price move up than some of those large giant moves down that we've seen since the crash that took us below $6,000 so as I mentioned in the previous video we hadn't really seen any sort of bounce back up to test resistance despite all that movement down and tons of oversold indicators so a bounce like this was definitely expected and of course when you get movement like this on Bitcoin it's going to lead to massive upwards biased volatility for all coins and you can clearly see that is exactly what we saw here and what we're currently seeing here as we scroll down the top 100 you'll see we have plenty of coins with five to ten percent gains and even higher now the caveat here is overall we're still down big-time from even 6k a few weeks ago and also we have to ask ourselves is this a dead cat bounce or in other words is this relief rally going to end with further drops in new lows so if that in mind let me turn over to the Bitcoin charts and show you what I'm looking at here so we have a couple of technical indicators that I wanted to talk about yesterday I mentioned our bullish divergence with our RSI indicator again that is often an indicator of a reversal after a long downtrend so if you see this pattern here of these green slanted lines that I've marked on the charts here that could potentially be a very profitable trading opportunity so again with this bullish divergence what you're looking for is lower lows on the price and lower highs on the RSI indicator that is often a signal of an impending reversal from a downtrend so we had that and we also had our extremely oversold RSI levels also pointing to a bounce and then immediately after this we did see that price spike up nearly $1,000 although it has dipped back down a bit since that peak so the question is are we due for more moves up well let's look at our RSI again this technical indicator the one down here tells us whether we're oversold or overbought if you're overbought you can usually expect some selling if you're oversold you can usually expect some buying and again that's exactly what we saw we were extremely oversold on pretty much every longer timeframe and it led to this massive rally so looking at our RSI here on the daily you'll see that even though we bounced up about $1,000 we just just re-entered the not very oversold range remember it starts becoming very oversold when you hit below 30 on this technical indicator currently we're hovering right around 31 and remember Bitcoin hit its lowest lows for the RSI on the daily chart ever in the past a month so we definitely don't need to be worried about seeing this RSI hitting overbought levels anytime soon but on top of that on shorter timeframes like the 4-hour charts were also not overbought not even close to it right now in fact now we are closer to that overbought level but to me this signals that this rally could have further legs before we might expect a big bounce back down and additionally it looks like we're painting a bull flag that I've identified here with these white lines and you can identify these bull flags by looking for the green candles that act as the flagpole to the left and then the price trading in a tight consolidation range kind of slanted downward sometimes as you can see here so again by the name when you see a bull flag paint on the charts it tends to lead to more upwards movement eventually once you confirm with a breakout so these two things to me the bull flag and the RSI is still not being anywhere close to overbought suggests to me that this relief rally could still have some however again I think there is a somewhat high chance that we go up test one of these support turned resistance levels that I've identified with these horizontal green lines here and bounce off this back down potentially onto new lows now we could be seeing that here already notice how we did pounce off this resistance level already however again I do think this relief rally could continue on and if we do do that I think there's a high chance that we could make it all the way up to this $5,500 resistance level to test that as well but again I do think there is a very high probability that we will see a bounce off one of these resistance levels and that we will move back down and potentially even on to new lows again thanks to the fact that we did confirm that bearish descending triangle also known as the meme triangle that was a signal to me that this bear market is going to continue on for quite some time so just because we saw a strong balance here doesn't mean this bear market is anywhere close to over yet now I could be wrong and I hope I am but again a bounce here was expected we were overdue for it and I think we have more drops to come before we truly establish our final bottom for this bear market and slowly start climbing back up to previous all-time highs but what do you think am i full of it here and totally wrong about Bitcoin going down again or do you think I'm right and this is just an expected bounce that will eventually start moving down again 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 in the crypto space that I find interesting always do your own research before spending or investing any of your own money before that said thanks for watching and I'll see you next time

4 thoughts on “Massive Bounce Up For Bitcoin & Crypto Markets! BTC, ETH, XRP, BCH & Cryptocurrency News!”

  1. What do you all think of this latest big move up for crypto?

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