Bitcoin Under Fire! Chainlink Triggers Ethereum & Cardano Signal!

In this video, I delve into the intricate patterns and movements within the Bitcoin and altcoin markets, particularly focusing on the significant role of Chainlink (LINK) as a precursor for broader market trends. I start by highlighting two pivotal macro patterns on the Bitcoin chart: a multi-year falling wedge targeting $55,000 and a rising wedge aiming for $70,000, both of which are currently active and suggest significant upside potential. I also discuss Bitcoin’s recent struggle with a formidable resistance barrier and the critical nature of its current movement, emphasizing the importance of this juncture for the altcoin markets. The spotlight then shifts to Chainlink, whose current uptrend could be indicative of upcoming movements for altcoins, drawing parallels with its role in the last cycle. I further explore the macro patterns and potential forecasts for Ethereum (ETH) and Cardano (ADA) in the context of Chainlink’s movements, suggesting that these patterns could inform our expectations for the altcoin sector. Throughout the video, I underscore the importance of key resistance levels, moving averages, and Fibonacci retracement levels in forecasting market movements, all while inviting viewers to subscribe and engage with the content for more insightful analysis on cryptocurrency trends.

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Intro 00:00
Bitcoin resistance recap 1:00
BTC price now vs. 2019 1:25
BTC price above support 2:10
Be careful at this Bitcoin level 3:45
A lot of room for BTC to fall 5:40
Chainlink breakout 6:55
Chainlink last cycle 8:00
Ethereum & Cardano 8:30

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Bitcoin just hanging out on the daily chart you can see two macro patterns right now one is a multi-year pattern the bare Market pattern basically a falling wedge breakout Target 55,000 we have a rising wedge to Pivot out of the bare Market 70,000 these both of these

Patterns both in play right now these Targets in play we have this huge barrier of resistance Bitcoin has been contending with recently I want to break down what is going on on the Bitcoin charts especially on the zoomed in this move that’s happening right here is incredibly

Critical link breaking out to the upside this is a very important move for the altcoin markets this is a move that actually happened last cycle in terms of Link acting as a leading indicator for altcoins so I want to break down the link move that’s happening and I want to

Kind of use ethereum charts on the macro and Ada charts on the macro to give an example of what we might be able to anticipate and because of this link move and that applies to all all coins so hit the Subscribe hit the like let’s jump in the video let’s start with Bitcoin

Zoomed out on bitcoin I have to do it everybody cuz I know there’s going to be some new people watching this video bull market High bare Market low Fibonacci bull market doors didn’t paint that very well but there it is that that green rectangle right there this area of

Resistance is the bull market doors 618 resistance right here Bitcoin hit it around a month ago which is pretty crazy it’s already been a month the same exact thing happened last cycle bull market High to Bare Market low you can see 618 right here there’s a very specific

Reason I’m breaking this down right now because as we zoom in on the daily chart and what is currently happening on the daily chart there are key similarities that are that are in play right now on this daily chart below the 618 resistance and the daily chart all the

Way back then at the bull market door resistance you can even see the similarities right off the bat in terms of Bitcoin starting to fall off that off of that resistance so one thing we’ve been talking about in terms of Bitcoin recently on the zoomed in as we start

Really zooming on these charts one thing we’ve been talking about is the 20-day has fallen below the 50 right after we get that major resistance the 20 has fallen below the 50-day moving average and we’ve been really tracking can Bitcoin close daily candles above these moving averages and and maybe more

Generally so the the 50 to the 20 just this General range right we’re looking at like 42,000 to around 43,000 just under 43 and Bitcoin has not really made it easy to to track how how solid of support it is right what we want to see

And I say this a lot in moving average areas is we want to see separation an explosive move away from the moving average area Bitcoin has just been like consolidating at this area for around a week now and there’s not been it’s been very sideways right so we haven’t had

Too much of a Hint it is good to see we’re getting daily candle some daily candle closes above the 50 obviously support above the 20 that is good but here’s the thing if we go back right remember we’re comparing the macro move if if I zoom out on the weekly we’re

Comparing this resistance that we just saw on this weekly to the resistance back here on this weekly if we zoom in and we look at the daily chart back then check it out off of the 618 resistance right there what did Bitcoin do exactly what it’s doing right now we fell into

This 20-day moving average Crossing below the 50 and then we saw Bitcoin actually pull back above the 20 and the 50 so remember this range that we’re tracking kind of right now is like the 20 and the 50 if we look at it real quick the 20 and the 50 we’re looking

For Bitcoin to to explode out of that area the 20 and the 50 it actually did break above that area last cycle obviously one of the things last cycle that that we’d want to look out for is man what happens at the 61 if it gets tested again but the very first thing

Really is to analyze out of that breakout what happens at a Fibonacci on the short term so we’re looking at a swing High consolidation to swing low low and just this retracement area what happens there right and you can see Bitcoin didn’t even make it to the macro

618 bull market doors it failed at the lower High um area which is that lower high Fibonacci now the same exact thing is what I’d be tracking right now for Bitcoin so if we’re getting a move away from these moving averages if it actually happens I’d be looking at the

Swing High 618 resistance the bull market door resistance to the swing low support at that trend line you see there because remember Bitcoin has broken out of this upper trend line of the that yellow Rising wedge $70,000 Target to the upside 608 resistance and throws right back down to the trend line right

So we’re we’re allowing Bitcoin to consolidate between the two areas the 618 the upper trend line I would absolutely love to see an ascending triangle right here in play but all the while if Bitcoin is going to do this we can’t just say let’s wait for the 618

Let’s see first if Bitcoin can closed candles above the moving averages which what we’ve been tracking but also let’s see if Bitcoin from the 618 to That Swing Low that retracement the shorter term Fibonacci let’s see if Bitcoin can even break above that right so this is

The next area of resistance if Bitcoin moves to the upside right now and I don’t know that it will but if it does we have a $45,000 area to around 467 so 467 down to 45 is an area of resistance for Bitcoin it is exactly what happened last cycle after 618

Resistance at the bull market doors it just kind of tested that as a lower high and then it continued falling cuz remember on the zoomed out we have room for Bitcoin off of the 618 we’ve talked a lot about this off of the 618 to consolidate into the 20-day moving average right around

$38,000 and you can see it kind of it it Wicked really briefly just above but we have the 20we moving average and then the 50e moving average are key areas that I’ve just been tracking for a potential just throwback for Bitcoin maybe prior to the having and then we’re

Entering the bull market breaking bull market doors we’re still in the middle of answering that question is it different this time and it really is all taking place on the daily chart it’s not something that happens overnight I know we’ve been talking about this a lot and

You can even just see on this chart it’s just kind of like it’s just been sideways everybody I mean look at this this is December 5th two months ago Bitcoin was at the same exact price it is now it’s just been faking us out a little bit to the upside and downside

But these are some of the questions I’m waiting to get answered for Bitcoin we’re going to track it we’re waiting for that breakout a breakout through this Fibonacci would be massive to test this macro bull market door 618 area but time will tell if that even happens all

The while waiting for potential support if it falls around 42,000 at the 20-day moving average and this upper trend line right around $ 39 to $40,000 so going over to link let’s check out what chain link has done recently just very briefly bare Market low formation it interesting

To see all these altcoins having different bare Market low formations in terms of link I don’t know one of the most healthy looking just a side a simple sideways Channel low drama channel for for link chain link and you can see it hit his breakout Target uh in

That last kind of a little altcoin run that we had for altcoins and it Consolidated in the general area and obviously above but that breakout Target around 13 to4 now what chain link has done is it Consolidated very sideways low drama once again into key moving averages

Support above the 200 the 20 is approaching the 200 the 50 obviously all the way down here which is which is normal but we’re getting this this kind of moving average consolidation to the upside and chain link just broke out right in this last week or so and even

Right now as we begin this new week and this is something we were looking for I covered chain link the other day if it continues higher what could that mean for for altcoins this could be an early indicator an a leading indicator for altcoins what I want to point out this

Is where things become so interesting if we look at the last cycle pre- Bitcoin having look at this move May 2019 for chain link out of as you see just this kind of formation this bottoming out formation May 2019 chain link breaks out right now

And this is all preh having and it’s pre having this time pre- Bitcoin having if we go to something like ethereum I wanted I want to point something out to you ethereum last cycle right it was kind of and I’m I’m talking about pre Bitcoin having before ethereum broke

Into it its own parabolic bull market you can see the bottom formation and and just the formation in general for for ethereum looked nothing like chain link chain link was was way more powerful looking look at this breakout move look at this higher high move for chain link

Back then and then go to ethereum and just look at it looking weak looking almost like man something like chain link is going to have an amazing cycle ethereum’s not it’s putting in a lower high and then we fell into covid and all the while you go to the chain link chart

It’s kind of like man right before Co here’s Co on chain link link just put in so much gains so many gains same thing for Ada if we look at Ada in the last cycle also very similar to ethereum lower high in terms of pre- Bitcoin

Having lower high area pre uh pre-co you can see there’s the co dip Ada just looking so weak all the while once again chain link was just acting as this powerful looking altcoin it’s kind of like man chain Link’s about to just go crazy ethereum Ada they’re not going to

Do anything this cycle and that is not what happened it took a little bit longer it took more time for Ada and ethereum but what happened ethereum had a phenomenal uh bull market last cycle and Ada had a phenomenal phenomenal bull market last cycle as well so here we are

Once again here’s Ada charts and this is what I want to point out in terms of ethereum and Nat let’s actually start with ethereum we we just noted how last cycle chain link was was looking even stronger we had these lower high right here’s a lower high on ethereum look at ethereum

This cycle around no lower high making a more powerful move this cycle around prior to the Bitcoin having we go over to Ada same thing we’re putting in a higher high the shift out of the bear is happening sooner for for Ada this cycle pre Bitcoin having and that powerful

Move that we’re looking for I think for Ada for ethereum because remember we still have these macro patterns here’s ad’s macro P pattern 85 Cent Target to the upside here’s ethereum’s macro pattern 42 4200 to the upside we’re still waiting for those to play out well chain link

Right now could be a leading indicator that again we’re needing to wait a little bit longer for some of these other altcoins but chain link leading indicator saying you know what the pump is coming the targets will be hit link doing it sooner this cycle around so

This is what I’m watching on chain link it’s what I’m watching on bitcoin right now we’ll see how the week gets started everybody let me know your thoughts in the comments below I appreciate you cruising through hit the Subscribe hit the like I’ll see you in the next video God bless