Next MAJOR Move Set Up In Bitcoin & Crypto Markets!? BTC, ETH, XRP, Cryptocurrency & Stocks News!



bitcoins both like experiences a fake-out on the next major move for Bitcoin and the crypto markets is now potentially set up that's what I'd like to talk about on the show today so in this video I want to cover our latest price action do some technical analysis and 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 for 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 of our usual crypto market review you'll notice that we're seeing another day of sideways movement as I scroll down this list here we have a fair amount of green a fair amount of red but overall it still looks like we're waiting for Bitcoin to make its next major move here and within the past 24 hours it was starting to look like we were seeing Bitcoin make another attempt up to confirm the bullseye that it's currently in but after briefly looking like we were on the verge of seeing some major fireworks Bitcoin did hit some fairly solid resistance and we saw the price get smacked downwards now despite that the majority of the coins in the top 10 today are in the green but once again we're going to be waiting to see what the short-term trend is here by seeing which way Bitcoin goes whether we get a confirmation of that both like that it's currently in or a breakdown or an invalidation of that pattern now if that said I want to jump straight into the Bitcoin charts as always ladies and gentlemen I look at Bitcoin charts because we're Bitcoin goes the all coins do tend to follow so zooming in a bit here you'll notice that within the past 24 hours we did see a move upwards the test that resistance that has been giving Bitcoin a fair amount of trouble since we started charting this bull flag so we saw the price rise all the way up to 36 20 before getting swiftly knocked downwards and an interesting thing to note here is that we're now seeing the 50 moving average here on the 4-hour chart provide a bit of support for bitcoins price action you'll notice that if we zoom in a little bit farther here this pink line right here that is the 50 moving average here on the 4-hour chart and you will notice that it seems to be guiding the price action upwards right now so there's pieces of both bullish and bearish evidence here the bearish evidence is that we got knocked down from that $3,600 level yet a which in my opinion is a sign of weakness from the Bulls but on the flip side we are seeing that the 50 moving average and the 200 moving average which is this white line right here are providing support for bitcoins price and you'll notice that even though we got knocked down from this resistance level right here the price didn't go all the way down to previous local lows around 35 20 so despite a bit of a fake-out price action that we've seen here in the past 24 hours this bull flag is still in play it has not been invalidated yet so we could still see this thing confirm in the near future there are a couple of other things that I want to point out as far as technical indicators here on the 4-hour charts number one our MACD technical indicator that is this one on the bottom right here is trending closer and closer to giving us a bullish crossover in the near future again that bullish crossover is a buy signal and technical analysis however I do want to stress that the MACD is a lagging indicator so you really need to wait to actually see that buy signal before you make any hard conclusions in addition our RSI technical indicator is now clearly out of the overbought range remember with this technical indicator when you see it get above the number 70 here that tells us that an asset is probably overbought and that you may see a bit of a sell-off occur and you'll notice that that's exactly what we saw right after seeing these big candles upwards here we saw the RSI hit those very overbought levels and we've slowly been seeing the price kind of decline over time over the past few days and now we're seeing the RSI is pretty much smack-dab in the middle it's right around 50 which is very neutral it's neither overbought nor oversold so it doesn't really tell us that we're going to see a move up or down but what it does tell us is that this technical indicator has cooled off enough where we could see another major move upwards without jumping into extremely overbought conditions immediately so I did just want to highlight that now more important than the MACD and the RSI to me right now are our Bollinger Bands so you'll notice that the Bollinger Bands which is this blue shaded cloud shaped looking technical indicator on the charts right now this thing is squeezing together quite significantly and let me clear up these lines so you can see this a bit easier so again notice how we went from a kind of really expanded Bollinger Bands condition to a very squeezed together tight Bollinger Bands so the way Bollinger Bands work is they tend to kind of alternate between those squeeze together and expanded States so when you see this technical indicator squeeze together like this it is a signal that you're likely to see an expansion in the Bollinger Bands expanding is a byproduct of extreme price volatility again look to what we saw back in early February we saw the band squeeze together very significantly then we saw that massive upward candle breakout occur and the band's expanded so you can think of this squeezed together condition right here is kind of like the calm before the storm so we have been consolidating within the flag portion of this bull flag for a bit over a week now at this point so do not be surprised if we see a pop up or down in the next few days here now in the beginning of this video I mentioned that we're getting set up for the next major move for Bitcoin and by extension crypto currencies in general and with that next major move I'm not really referring to what we're gonna do out of this bull flag here regardless of whether we confirm this will they move up or break down out of this thing the next major move that I am concerned about has to do with this symmetrical triangle pattern that you can sort of see here on the charts it's defined by this support line that slanted upwards right here and this downward slanted trendline that has been in place since late November now this support line right here that's trending up this is kind of generated by taking a look at the 200 week moving average and sort of extrapolating out where that 200 week moving average is going to be in a few weeks so the 200 week moving average is this white line right here again you'll note that this thing has pretty much provided strong price support at that local $3,100 low of this bare market it also recently provided us support back towards the very beginning of February and I sort of just essentially extrapolated out a few weeks here where I think that 200 week moving average is headed so I've drawn this bottom green support line to kind of more match up with the wicks that we have here but essentially they're trending in the same overall direction especially in the shorter time frame and as I've said in my past several videos the 200 week moving average was also very significant at the bottom of the 2014 and 20 fifteen bear market provided a ton of support so that is why I like to pay attention to that line and if you've watched pretty much any of my videos since December I have been talking about this downward slanted resistance line right here as well that has been forcing Bitcoin to chart lower high after low or high after low or high over time so the point I'm trying to make here is that regardless of which direction we choose out of this bull flag whether we break down and invalidate that pattern or we break out and confirm this pattern I do think we're essentially just going to see a bounce off of either that resistance line or this support line right here and that is why I believe this pattern this symmetrical triangle is going to lead to the next major move that Bitcoin is going to experience and by extension that crypto currencies in general are going to experience because as I like to say often on this channel the all coins do tend to follow Bitcoin with even greater volatility so regardless of which direction we choose out of this both like here I think we're going to see some bouncing for the next couple of weeks until eventually the price action has no choice but to choose a direction here either up or down out of this thing and just like we saw with the mean triangle in 2018 this bearish descending triangle pattern that we were in for pretty much the entirety of the year I think we're going to see the price action get so squeezed together get so consolidated that we're going to see an explosive and absolutely explosive move and once again this is where the Bollinger Bands kind of come into play you'll notice that towards the tail end of this pattern we saw the Bollinger Bands get squeezed together two levels that we pretty much had not seen for the entirety of 2018 so once we saw that technical indicator get sufficiently squeezed together we eventually had that massive capitulation drop downwards now you'll notice that we're starting to see the Ballinger bands here on the daily chart get squeezed together once again and remember I believe that we're going to be consolidating with inside the symmetrical triangle pattern for the next couple of weeks here so if we see this sort of bouncing up and down where we just consolidate inside this pattern and see the price action get tighter and tighter together we're going to see these bands get very squeezed together just like we saw towards the tail end of November 2018 I'm sorry they be of November 2018 so it's going to be that same sort of coiling spring situation once again in my opinion and it's not just on the daily chart that we're seeing this we're seeing this on the two day we are seeing this on the three day chart so although there is room in between these two trend lines here for some profiting opportunities you know this is a 10 to 12 percent 10 to 13 percent range even that we could see the price sort of bounce in between in the near future despite that I do think that essentially any moves in between these two trend lines are essentially just kind of white noise it's just static until we make the next sort of big macro move out of this pattern here into me the next major move out of this symmetrical triangle pattern whether it is down or whether it is up here is essentially a signal as to whether this Bitcoin and cryptocurrency bear market is over a move down out of this thing signals to me that this bear market is not yet over that we're likely to see further drops before establishing a true bottom here and this is for two main reasons a we're going to be breaking down underneath the 200 week moving average at that point and if we see major moves below that 200 week moving average not just little wicks here and there like we've seen in the past then that's going to be a first ever for Bitcoin on top of that we're also then going to have to potentially contend with a descending triangle pattern that is potentially forming here with the horizontal support being around that $3,100 level and then this downward slant the trendline that has been in place since late November and again that is a bearish pattern we have seen a bearish pattern like that play out in 2018 and it led to a major move to the downside so Bulls really do not want to see that 200 week moving average trend line breakdown they want to see that thing hold a move up out of this thing lets us start discussing this $3,100 level as an actual bottom as the low point of this bear market and we can also start talking about Bitcoin potentially charting some higher highs and higher lows over extended periods of time which again by definition is what you need for an uptrend and it will also mark the first time that Bitcoin has in the entirety of this 2018 and now 2019 bear market broken above a downward slant the trendline that has been acting as resistance over an extended period of time some of you may recall back when I was covering this descending triangle pattern I kept hoping that we would see the price action break above this downward slanted trend line right here and I was saying seeing a move above that was the first step to kind of recovering from this bear market unfortunately that did not happen and I see a sort of similar thing occurring here and I keep hoping that we're going to break out above this downward slanted trendline but so far it almost appears like we're repeating history here now the major difference between then and now is that we do have this 200 week moving average providing support for Bitcoin which just like in the 2014-2015 bear market has so far been extremely resilient so I'd argue that the 200 week moving average is a lot more battle-tested than this horizontal support level we had around the 6,000 dollar range now regardless of which direction we choose out of the symmetrical triangle pattern here there are going to be opportunities to profit in my opinion if we go down I believe there's going to be shorting opportunities if we go up I believe there's going to be longing opportunities my primary goal here is to establish what the overall trend is because again in my opinion and again this is not trading or investment advice here I'm not a financial professional but in my opinion I believe it's much easier to trade when you know the underlying trend of an asset if it's a downtrend it is much easier to short that asset and profit than it is to long that asset and make a profit if you're dealing with an uptrend it's much easier to take a long position on that asset and be profitable compared to opening up a short on that asset so right now my concern is the fact that we might potentially be at a point in time where we're seeing a macro trend reversal for Bitcoin again you have to remember that we're essentially at the low point of this Bitcoin and cryptocurrency bear market you know we're only a few hundred dollars above that $3,100 level so that's really not too far away from the absolute bottom that we've seen so far and the farther we go down I believe the more dangerous it is to open short positions essentially just like the higher we went up during the bull run the more dangerous it became to open up long positions because as time goes on and as the price just goes up and up the more likely it becomes that you're going to see some sort of long-term macro trend reversal take place so we have some signs just like we did back towards the very end of the 2014-2015 Bitcoin bear market that we are potentially seeing some sort of macro trend reversal moving from downtrend to uptrend now have we confirmed that that macro trend reversal yet no but we do have some signs similar to what we've seen in the past saying that hey this could be history repeating itself once again so that is why I am out of any major open positions right now I really want to kind of confirm our next move here before I jump into anything now in terms of my opinion on where we're going to see the symmetrical triangle go when we do eventually get a breakout or breakdown here you know I've been pretty honest about my overall leanings over the past few months and I believe that the chances of a breakdown in a continuation of this bear market are still slightly more likely than a macro trend reversal here and there are several reasons for this I can make an entire video just covering all of those various reasons to be honest but one reason for example is the fact that I don't believe we've yet seen a true high volume capitulation event yes this point in time here did give us some fairly high volume candles but compared to what we've seen in the past from the bottoms of Bitcoin bear markets it really wasn't enough volume to truly convince me that we had established a bottom with a final sort of big capitulation event on top of that just from the technical analysis we do have a potentially bearish descending triangle pattern forming yet again just like we saw in 2018 and we also had a symmetrical triangle which although can be bearish or bullish depending on the context in the context of the preceding trend this thing is more likely to see a break to the downside because again remember this is a continuation pattern continuation patterns tend to break in the direction of the preceding trend so again I would not be surprised here if we did see a final sort of capitulation drop down before establishing the true bottom in this bear market but what do you think do you think we're still likely to see further drops in this Bitcoin and crypto bear market or do you think that we've already seen the worst take place and that we're going to see moves up from here on out 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 doozies 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 that 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 fold I said thanks for watching and I'll see you next time

19 thoughts on “Next MAJOR Move Set Up In Bitcoin & Crypto Markets!? BTC, ETH, XRP, Cryptocurrency & Stocks News!”

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