bitcoin has officially just closed its
ninth straight week with bearish candles
so if you're anything like me you're
wondering when is bitcoin gonna start
going back up so essentially in this
video i'm gonna tell you why i think now
is the time that the reversal is going
to start and what the last thing that
i'm waiting for to happen in order to
get into long leveraged positions
[Music]
welcome back to the channel everybody my
name's artie and this is the moving
average a show where we discuss
everything day trading to keep you
profitable i'm gonna try to keep this
video super short no fluff no talking
about the history of bitcoin just show
you the two things that i'm primarily
looking at
actually it's like four things let's get
into the charts
all right so i've taken bitcoin out to
the daily chart and what i want to do is
clear all of my markups on this just
absolutely remove everything when you've
been staring at a thing for far too long
it's best to re-analyze from the start
and get a nice clean scope on things so
as you can see here we have one two
three four five six seven eight
nine bearish candles in a row that's
literally i don't think that's ever
happened not since december 2019. yeah
the last time we had that was right here
where there was four weeks that it was
negative in june 2020. so essentially
just glancing at the weekly right here
what i want to do is draw a support and
resistance line right here where the
price has touched the most and where it
is currently rejecting off of
as of monday may 30th 2022. we've had
one two three four
five points on this support line and i
wanna mark this zone up right here and
we're gonna call that a liquidity zone
being aware that it might drop down here
just to get a little bit more you know
um i don't think that's gonna happen
though because at that point people will
just start panicking and the whole
market will just be really really
chaotic unless there's some dude sitting
down here with like a hundred billion
dollars and he just wants to buy up
everything now looking at the chart
since friday over the weekend bitcoin
has launched up seven percent which is
absolutely amazing so if you got into a
long position on friday you're
in the green and the area that i really
want to focus on is this consolidation
zone that it's been wicking in and out
of this is the last thing that i'm
waiting to happen is a break out of this
zone a retest of this zone and a
continuation back up what that move
looks like
is
this this is probably going to continue
to go down a little bit but this is the
move that i'm looking for the reason i
say that it's probably going to go down
from here is because right now on the
hourly uh rsi is sitting at about 80.
expecting a small pullback at this point
is completely logical for me okay now
the main thing that i want to show you
guys right now is why i think that this
is the bottom because you guys know that
i'm a huge fan of divergences
and when you're looking at a much higher
time frame your market structure isn't
these little spikes up and down
market structure on a much higher time
frame
looks like this
okay the same goes for this like these
large swings are the market structure so
looking at market structure right here
this is our low this is our lower high
and this is our lower low if you look at
this point and this point drawing
vertical lines across these two then
zooming in on the rsi
you can see at this point right here
we were at 20 and currently that bottom
that we just hit was a 24 meaning to me
divergence and that's a very very big
divergence if we look at the last time
the price was in this zone you saw these
like lower lows being formed right here
and the whole time the rsi was going
back up creating divergences along the
way so just to give you a baseline of
how long you should expect this trade to
play out if you get in at this area to
the point that it was before you
shouldn't expect anything sooner than
the previous swing up to that that whole
swing up to
basically 68 000 took 113 days so
looking at that exact same time frame
from now you're looking at the 25th of
september
2022. now the other thing that i'm
expecting to happen
right as this is breaking out of that
consolidation formation that it's been
for the last what week and a half sorry
20 days is a major
publicized news event about
some billionaire investing into
cryptocurrencies
some massively large platform accepting
cryptocurrencies as a form of payment
now or being like paypal being able to
accept purchases or whatever in paypal
like you can buy it on that platform
something big like that is going to
lightly touch the news and within a few
days all the other news stations the
24-hour news channels like cnn cnbc fox
news all of those things are going to
pick it up and it's going to start to
project the price forward i think this
huge liquidation grab right here was the
bottom and this low volume death
consolidation zone is just keeping
people out of their positions and once
it breaks this range it's just gonna
take off again i'm not saying it's gonna
you know moon in three days but from
this point you're looking at about a
hundred and twenty
from now until september which kind of
correlates with what we saw last year
where this was the summer season so
summer is here let's start going up
bitcoin also just quickly looking at
ethereum um i've had this parallel
channel up on here for quite a while
broke out of that got into the first
half of the next channel above that so
right now what i'm expecting like it did
right here came down broke through to
the previous channel i think it's gonna
do
this number and break out of that which
would be perfect because that would
perfectly correlate with a smooth move
up and then a rejection at the gold zone
the 0.5618 coming back up to the top
anyway that's my scope on what's going
on in the crypto industry i think
there's going to be a big news event and
it needs to break out of that
consolidation channel those two things
need to happen because we've already had
a massive divergence and i'm almost like
i'm at like an 87 percent positive level
that this was the bottom and we're just
gonna go up from here so for all those
aunts and uncles and friends and
neighbors and whatever
frat brothers send them this video and
let them know to stop freaking out about
the price of cryptocurrencies that we
probably hit bottom and it may be a good
time to start buying now and if you guys
want to learn more about how i mark up
these charts uh check out this playlist
right here and make sure you have a
notepad with you because you got to take
notes and you got to study hard thanks
so much for watching and we'll see you
in the next video