Guys, I'm not a lizard person. Okay?
Lithardth. Lithardth perthon?
If you see me doing that, I'm not a lizard.
I am not a lizard. Okay?
Let's go ahead and take a look at the charts here, guys.
We do have some interesting things to look at.
Obviously, Bitcoin getting a little bit of a move down here.
Let me just get rid of this little circle here.
And basically what I want to talk about--
shout-out to the candles in chat.
I see you guys and I appreciate you guys very much.
But I want to talk about a few things today
because if you guys had watched my live stream on Monday,
or even, you know, all of last week,
there was one thing that we were looking at
that was indicating a potential move to the downside.
But to be completely transparent here,
there were a lot of mixed signals,
especially on Monday and towards the end of last week.
We started getting some bullish signals, some bearish signals.
If you guys watched my live streams, you will know what I'm talking about.
But I kind of want to talk about what happened here
because I am still looking here with the 4-hour money flow here.
This is the main thing that I was looking at.
And if you guys are interested,
after I finish up here,
I did put out a quick market update on my channel
where I go way more in detail into the exact levels I'm watching.
I won't have time to talk about it on this show.
So when we're done here,
or when you guys are finished with this show,
definitely go check that out if you're interested.
But one of those main things that I was looking at
that was making me think that we could potentially
come to the downside here was the 4-hour money flow.
Now, when you get the 4-hour money flow
cruising to the downside so consistently like this,
especially,
especially when you have a confirmed bearish divergence,
and this is specifically on the 4-hour timeframe, guys,
but-- whoop, that is a Fib.
That is not what I wanted.
But you can see here,
we had higher highs on our price action here
into a key level of resistance,
which I will show you guys in just a second.
But then we have lower highs here on our momentum waves,
giving us that bearish divergence.
And again, a lot of times, that does mark a significant top,
especially when you have money flow.
That's kind of a key aspect of this when you have money flow coming out as well.
Again, like, I feel like I'm beating a dead horse here
because I've talked about this so many times in my live stream.
But I'm going to go through this. And I think it's important.
So money flow coming out.
This was the main bearish case here.
This is what was making me think we could see some short-term downside.
Now, I will just say this.
I am still long-term bullish.
I'll actually show you--
in my market update, I show you guys kind of a line in the sand
where I flip bearish in the long term,
but I am still bullish at this moment.
I do think, at this time, we could potentially see
a break of the highs into some higher prices
closer to about $33K.
But again, in that short term,
we were watching this money flow come out,
expecting some potential downside here, guys.
And again, especially with that bearish divergence,
a lot of times, that could mark a significant top.
So, where is that level of resistance that I'm talking about? Right?
Because this is kind of our key levels that we have to be watching now.
No. 1, obviously, if you guys watch this show,
we've been looking at this range for quite some time,
just kind of looking as price ranges around here.
We have our value area.
Now, I will--
you know, I have kind of been pulling this range from here
and I will pull it back here from time to time,
but, essentially, what happened here, guys,
you know, we left the value area.
This was obviously somewhat of a bull pennant, bull flag.
A lot of people were talking about,
"Oh, my God, do you see the bull pennant on the higher timeframes?
Is this going to break us out?"
And it totally could have,
but bull pennants and bull flags, guys,
don't always break out the way you think they are, right?
It's only--
usually, it's like just above 60%.
Sometimes, it's above 70%
that they break up more than they break down.
But it's not guaranteed, right?
And again, with this money flow coming out,
this is what was making us anticipate this move.
However, basically, we broke out of the value area high here, right?
This level here at about $30,962.
We popped out,
deviated away from the value area high,
and then we broke back down below this level.
Actually, come down to a lower level,
lower timeframe,
so you guys can see a little better.
And then we finally broke below the value area high.
Once we break this level,
we know that it is much more likely for price to revisit the value area low of the range.
Now, this is actually--
I did put the short setup from up here at about $31,000,
I believe $31,250.
Right up from about here.
We did put the short setup in the Premium Discord to go short here.
And then we were basically targeting near one of these value area lows.
And again, it is the power of the value area low--
I'm sorry, the power of the volume profiles that allows us to predict these moves
and where price is likely to go.
So beautiful move there.
But again, our key levels to the downside at this point,
I'm going to extend his range a little bit further out here,
and if we do continue down, guys,
we do have this other value area low down here at about $29,989.
This would be a level I will be keeping my eye on.
And these are basically just the local levels, right?
And then I will give you guys kind of that major level to the downside I am looking at
if we get a much bigger breakdown.
But the two local levels I'm looking at if we continue down here
is going to be right here at about $29,989.
And if we lose that level,
I will look to potentially come down to revisit
where we kind of wick down
down to here on, I guess, it was Friday
down here closer to about $29,422.
So this is kind of the two local levels that I'm watching.
However, if we wind up getting a bigger break down here--
let me come up to a little bit of a higher timeframe.
We'll take a look at the 6-hour.
If we get a bigger break down here, guys,
I'm not going to--
again, if you want to see, like, the exact levels and where I got them from,
you can check out my market update on the Frankie Candles YouTube channel.
However, real quick, I'll just kind of eyeball them here for you guys,
a big level to watch is going to be the level between about $28,800, or $28.8K,
and about $28.5K.
So that is going to be a major, major, major level of support to watch.
So about $28.8K all the way down to about twenty-eight-point--
at about $28.5K, I would call it.
28
Pull it right there.
Right? So this is going to be a very, very big level to watch.
It's a previous value area high.
And again, I don't want to spend--
I don't have enough time here to go over exactly where these levels come from.
However, this would be the next major, major level of support I would be looking for.
If we wind up losing these levels,
I will expect some more downward price action for Bitcoin in the long term.
Another, just to add insult to injury here, guys,
this was one of the major bullish cases, you know, on Monday and last week,
was that daily green dot here on this momentum wave.
And it got invalidated. Right?
It basically got immediately invalidated with this red dot.
And I was saying on my live stream on Monday, like,
"Hey, we got this bull pennant.
We got that green dot on the daily.
We don't get these very often.
If we're going to break out of this bull pennant,
this might be the time that we're--
this might be the thing that could bring us up.
So I will be watching it closely."
And then, obviously, if that weren't to happen,
it would be a little bit more bearish
because we did have that money flow on the 4-hour coming out.
So the bears were kind of lurking as the bulls were like,
"Hey, we're going to try to push this up.
The bears were kind of lurking a little bit.
And then this green dot got absolutely just stepped on here.
We got a lackluster pump,
just ripped around right back to the downside.
Now, we are printing this red dot on the daily, guys.
And this could potentially print a bearish divergence.
And when you have a bearish divergence on a timeframe like the daily,
it could wind up being pretty bearish, right?
So this is something we've got to keep our eye on.
If we confirm this red dot,
money flow is also starting to come back out here.
Now, again, I'm not seeing this and being like, "Oh, my God. It's all over. We're going to zero."
I do remain bullish in the long term.
I do think even if we do come down a little bit more,
I am looking to put in higher lows on the higher timeframes
to be looking for long positions.
Now, when it comes down to it, guys,
before I hop off here, I will leave you with this,
I will essentially be remaining bullish really until we start decisive--
even if we get accepted back into this range that we were trading in,
and we keep bing-bonging around here,
I will still be looking for longs at these lows.
It's not until we decisively break this low from back here on June 12,
or, you know, between these, these two weekly candles,
it's not until we start breaking these lows that I am going to flip more bearish
more in the long term, right?
So even if we come down a little bit deeper,
even to the white box that I was just showing you guys,
I will be looking for longs here.
I would be looking for longs here.
I'll even pull this range
so you guys can get an idea of what this actual value area looks like.
So, yeah, we start coming down to this range low.
Still not really freaking out.
It's not until we decisively really break through this 382,
where I am thinking, like,
"Hey, maybe this was the end of the bear market.
Maybe this was the end of the bear market rally.
And maybe we do just kind of start ranging around to accumulate here.
But again, I just don't want anyone getting freaked out right?
There's da-- if that daily bearish divergence confirms
and it does wind up bringing us down, which wouldn't be uncommon,
we still have a decent bit to calm down
before I really start flipping bearish in the long term, right?
Because you want to remember
this weekly money flow did cross over into the green.
Let me pull that up a little bit right here.
That weekly money flow crossover into the green is occurring right now.
It's not confirmed,
but it will confirm on Sunday if it is going to stay there.
So this is like long-term, very, very bullish sign, right?
We've already faked out into the green,
so I do think if we can confirm this crossover here,
it could be the crossover that brings us to much higher prices,
but again, it's on the weekly timeframe.
These timeframes take a long time to play out,
so there could be a lot of noise in between.
A lot of times, I'll show something on the weekly,
and then we'll dump the next day,
and people be like, "What happened? I thought you were bullish."
And I'm like, "I still am. That was on the weekly timeframe."
You know, this little dump today is just noise in the market.
So that's what I'm looking at, guys. Still bullish in the long term.
I do think we can continue down just a little bit based off of the things
that I was just showing you.
And don't forget, guys, our chart section is brought to you by Bitget.
If you guys want to sign up and long and short your favorite coins,
go ahead and sign up for Bitget.
You could use that link.
I'm sure Tim will drop it in the chat.
I'm sure it's in the description down below.
And with that being said,
back to Deezy.
I'm going to go calf walk back to my desk or my office.
As pasta.
Bing-bong.