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Guys Bitcoin is hanging by a thread right above my red line and today I am going to talk about this pullback why we are seeing it right now what the next major potential move for Bitcoin is and also a bit of a trade opportunity so Bitcoin has been going down because the

Traditional markets have also had a big red candle here in fact we are now approaching my support line here for traditional markets as well guys a lot of things to talk about today we do have the FED talking about what they expect for the foreseeable future and much more

So guys make sure to stick around from the beginning until the end of this video Welcome Back everybody my name is Chris bringing you cryptocurrency videos every day teaching you how to make money in this market if you’re new to the channel then make sure to subscribe and

Activate the Bell right now so what can we see here well just like I said we can see that Bitcoin is right now on the daily time frame hanging by a thread right above my red line you can see that my red line is trying to support the

Bitcoin price we went down first okay to my red line we did have a bounce maybe this looks better on the 4H hourly time frame actually let’s check it out so here on the 4 hourly time frame you can see we had a pullback we had a bounce

And then we had another pullback right here we had a little bit of a bounce and then we had one uh 4H hourly candle actually closed below this and now in fact we are struggling with getting above the red line here on the 4H hourly

Time frame now this is the 4H hourly if we look at the daily it is looking like this you can see the daily candle and you saw on the four hourly candle we did have two candles uh closing below and then the current four hourly candle was

Trying to break through uh in fact let me go back real quick so this 4H hourly candle right here let’s see if my internet managed to catch up yes uh so this 4H hourly candle right here is trying to break through this point so that is why on The Daily time frame it

Is looking like the full candle is trying to be supported by the red line here now on The Daily time frame we really do want this level to hold we want the red level to hold here because this is a very defi like Trend defining uh support and resistance level so if we

Can hold this red line that is huge and also in fact um I would consider taking a trade here assuming that the red line was going to hold maybe add a stop loss at the um previous swing low here so potentially a little bit of a trade here

Anticipating the red line to hold up the Bitcoin price on the four 4 hourly time frame at least and that also would mean that on the 4H hourly time frame sorry I said the daily time frame to hold up the Bitcoin price on The Daily time frame

But on the 4H hourly time frame that would mean that this candle needs to break through this point right or if this closes like this the next candle will need to break through it so that is kind of what I am watching right now for Bitcoin for ethereum after going up here

On the daily and having a rejection of this point you can see we’re having some more pullbacks for ethereum and for traditional markets you can see a big red candle for traditional markets why because the FED uh kept their rates unchanged yesterday that was anticipated but then uh in the conference thereafter

He said that uh they are are not really indicating that they are going to start cutting now as you know guys it was about 5050 that the fed the market expected the FED to uh cut the rates in March but what Jerome Powell said there is that that is probably not good going

To happen so this is exactly what he said I don’t think it is likely that the committee will reach a level of confidence by the time of the March meeting to identify March as the time to cut but that’s to be seen so he left the

Door open a little bit but at the same time said it was pretty unlikely that they were going to cut the rates in March so that led into the traditional markets having a pullback and then of course also that translated into Bitcoin now what he did say apart from that is

If if there is unexpected weak weakening in the labor markets the FED would cut rates sooner that gives us some more information about uh what to anticipate here and also as a final bit of news the UK has seized $1.4 billion worth of bitcoin now yesterday I reported that

The German authorities had seized more than $2 billion worth of bitcoin and we do not know right now it is close to I would say $4 billion that have been seized the last two days and uh here is the thing we do not know what they’re

Going to do with it uh they haven’t announced anything but yeah of course if they start to dump these ones and especially if to do it at the same time um yeah that could lead into some more downside for Bitcoin in the short term at least but um yeah so this is

Happening right now at the same time also Celsius are starting to distribute their crypto to their customers so you do have a little bit of a more Supply entering into the market here the next few weeks and uh potentially um months as well but I do think in general

Bitcoin looks really really bullish and um any dip is a good buying opportunity in my opinion guys that is what I got for you thank you so much for watching this video and I will see you in the next one