Point is at an ultimatum as we approach the end of this market structure in this pennant formation
you can see we’re either going to be breaking out to the upside or downside and I’m gonna talk about why I’m seeing some very
important indicators with the 50-day moving average
alongside with what’s happening with aetherium breakout Bitcoin dominance and
Total cryptocurrency market cap compared to gold markets as well. And by the way, sorry for not making a video in over a month
I got into a car accident. Unfortunately, I’m doing a lot better now
I did have to get stitches on my face and a lot of other things were broken
I’m not gonna go into too much depth there because I am doing a lot better and I’m excited to get back on the video
Grind but if you guys are in our free discord
The link is in the description below
If you’re not we do post our daily market updates here, and I’ve been posting every single day
I’m posting all of my trades as well
we have our
Signals here and we have our whole community here engaged on a daily basis
And I’ve been taking this time off to really engage in the discord with our members
So if you guys aren’t a part of that the link is in the description below
But I’m gonna talk about what’s happening with Bitcoin and where I predict us to start heading towards as this is really what my pattern
Prediction is gonna be and I’m gonna talk about why I think that because we’re seeing so much manipulation in this market
We’re gonna see a little bit more manipulation before we see a breakout to the upside
now when you look at this current formation
You can see we saw a very similar area here in the past where we saw
Bitcoin consolidate between that ten thousand two hundred and ten thousand three hundred dollar range
Before seeing a drop to that ascending support level and then we continued the trend up and I believe we’re gonna be seeing this
Exact same formation here
Once again as we start to head towards the end of this pennant
we’re gonna have to come to an ultimatum and in my opinion that’s gonna be the ultimatum because as you can see this ascending support,
level is still active and I wouldn’t be surprised for us to see one more push down and
Allow us to get that final and last entry under ten thousand for us to then see the breakout to the upside
now why I’m still so confident with the breakout to the upside for Bitcoin because a lot of people are saying it might go to
7,000 but I just don’t believe that’s the case and reason being is because when you look at a theorems recent breakout
You can see we went above that 50-day moving average, which is an average
We’ve been trying to get above with Bitcoin for quite some time now and Bitcoin has been back and forth
Above that 50-day moving average we can see right now
We are below the 50 and the 100 a moving average depicted here in red and blue
So therefore I think that’s enough pressure for us to see one more push down before we see the breakout to the upside
but overall when it comes to the fundamentals because when it comes to markets
80% of trading is emotional 10% is technical to the other 10% and fundamental when we see gold in the market structure
We’re having here
it wouldn’t be a surprise for me to see us see a little bit more downside in a
Correction towards that 50-day moving average before seeing further upside with gold
But I’m still very bullish on gold because as you can see when we look at markets like the Nasdaq
which is a traditional market typically when we’re approaching this next recession that everyone is expecting we’re gonna see
capital and liquidity flow from traditional markets to hedges, like gold and Bitcoin and so
Knowing right now that the Nasdaq just saw a quick pump up. We already double top
I’m not expecting us to go ahead and break new highs with the Nasdaq
I think this is gonna be one last push up before we start to see a
real push down here with the stock market
And I think that’s when we’re gonna see gold come into play and that’s when Bitcoin is gonna have the chance to see a major
Breakout, but before we see that breakout, I do expect us to see a little bit more downside
but this may be the last time that we see Bitcoin under the
$10,000 level and if you guys are a part of our discord and you are staying in touch with our market updates, you know
I did post a recent market update talking about an extreme opinion that I have about Bitcoin and why I believe
That Bitcoin may never see prices under 10,000 at one point here soon
because of the whales wanting to keep it in the five digit
Numerical values and if you guys haven’t seen that post it’s in the market updates here
You can see it starts off here. Is this a bit of an extreme opinion on Bitcoin?
But this is more based on fundamentals alongside some technicals
I would check that article out if you guys wanna have a good standing of what I believe
This market is heading towards over the next few months, but overall I wanted to make this video
so you guys have an idea of where I’m expecting bitcoins ahead because everyone is looking at this etherium breakout and
Expecting Bitcoin to also breakout which I was also expecting a Bitcoin to break down
but as we start to see more and
Momentum here with aetherium and Bitcoin staying stagnant for me that shows us that the Wills have something planned
they have a move ahead of us and we’re not just gonna see a quick break out here with Bitcoin because if we do break
Out right now that everyone is gonna be jumping on to Bitcoin
knowing the fact that we’re gonna be above the 50-day we’re gonna be above the 108 which will act as strong support but more
Importantly, we’re gonna break above this major trend line that everyone has been following for quite some time now
And I just don’t expect that to happen out of nowhere. But because we saw the breakout with aetherium over that 50-day moving average
What I’m expecting is for aetherium to go ahead and bounce on that 50-day moving average
Which you can see it likes to bounce on the 50-day if you can see these previous points in which it’s bounced on the 50-day
that right there is gonna be enough room for Bitcoin to see that final last drop as we saw here if we pull up a
One-hour chart you can see how similar this market structure is here to previous market structure. Sorry
I just drew that by accident because I’m using a computer that I don’t typically use by the way like and
Subscribe to our YouTube channel if you guys want to support my work here
especially on our youtube channel you guys mean a lot to me and I wanted to make sure to put this video out even though
That you know, I don’t have my front two teeth right now
I have a retainer on I have stitches and I just went through this car accident and a concussion totaled my car
But at the end of the day I’m staying positive because I am behind my charts and we’ve actually had almost
No trades hit stop
Lots of you guys are Nordisk or you can see all these targets it just day after day bit mechs target’s aetherium
Bitcoin and gold being my main
asset classes right now to trade but anyways to look at this market structure you can see
This is where I’m seeing very similar structure. You can see we had this consolidation here and then we saw this fake breakout
10 3 before we sell the big drop you can see right here same exact consolidation here. We actually
Dropped all the way down to 9800. That’s exactly where we dropped right here as you can see
Before we saw that push back up and then we saw that consolidation
Fake up to 10 3 and then we pushed all the way back down to 10 5
I think we’ll see that same exact structure here where we went down to 98. We saw this push up now
We’re staying below 10 3
We may see a quick fake out above 10 3 and then that pushed down but I don’t believe we’ll hit that
9400 I think the perfect entry if you guys are staying apart into our discord and looking at those market updates is gonna be around
that 96 to 99 hundred dollar dollar level and if I were you I would just say
stop-loss around that ninety two hundred dollar mark because if we do break down there, is that possibility
Then we are gonna be most likely heading towards the 8 and seven thousand dollar levels
but I’m not assuming that opinion as I am overall bullish and at the end of the day when looking at any sort of technical
Analysis, you want to go with the major trend and as we can all agree the major trend here is still up
We have a lot of room to go when we look at the weekly chart here
You can see we have all this room here from previous market structure that we have start heading up
And I’m not necessarily worried about these lower amounts of volume because you can see even with the low amounts of volume
We still see good momentum and price action. I’m more worried about price action
Overall market trend and then market structure when it comes down to the daily and 4-hour chart
So that’s what I’m looking at here
Another confirmation of this analysis analysis would be looking at Bitcoin dominance when we pull up
This weekly chart you can see we’re heading towards these known resistance levels
When we pull up the daily chart you can see we’re still overall trending up but we just broke below that 50-day moving average
so I wouldn’t be surprised for dominance to see a
continued drop possibly towards that 100 day before we see a bounce up because you could see in the past we have
went towards that 100 day and you can see it’s acted as a
Area of support before a breakout in the past so that will allow Bitcoin
Quick drop down that will also allow
etherium to correct towards the 50-day moving average and that’s when I think it’s more appropriate to assume the breakout for
Bitcoin and so hopefully you guys enjoyed
analysis in this video if we were to pull up total cryptocurrency market cap just to finalize this analysis what I want you to realize
Is where we see major volume right now
We’re at this area of major volume, but you can see just below we have still a lot of volume here as well
And so for us to break down towards that
240,000 total market cap would it be a surprise to me before we see the breakout to the upside?
But I just don’t believe we’re gonna see any bear market here soon
I don’t think we’ll break below 240 billion in total market cap
You can see if there’s enough volume there to hold us
And this right here is gonna act that as a safety net
And I think that’s where the whales want to take advantage of the manipulation and take advantage of this little gap of volume here. So
hopefully you guys enjoyed this video if you guys
Support my analysis like this video
And other than that, thank you guys so much for tuning in here on traders profit club
And I want to see you guys
Active in the discord cuz I’m there every single day and if you guys want to get my trades as well the discord
It’s free. The link is in the description below and there’s a mobile version as well that you could just utilize on your phone. So
Hopefully you guys enjoyed this and with that being said that’s it for today
Thank you guys so much and I will be recovering and back on the YouTube grind here fairly soon
but once again that this Court has been a great place for us to communicate and engage and I can’t wait to see more of
You guys there? Thank you guys so much and until our next one