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All right so we have seen that correction begin right here on this crypto chart Bitcoin managed to top out at pretty close to $53,000 and we’ve now dropped by about 4.2% within just a day down to the 50k area so uh there’s still a lot more that
This thing can drop uh the way I see things uh and and that’s primarily because and we’re going to get into this in depth in this video it’s primarily because we didn’t find any resistance on the way up either now or back in 2021 2022 so naturally there’s not much
Support on the way back down but that doesn’t necessarily make this a doom and gloom video there’s still factors that go in both directions I want to discuss them with you guys in this YouTube video uh this has been a pretty good market for Traders and I think that it’s about
To open up even more with some even more spectacular opportunities you already know the deal if you want to trade where I’m trading you can get up to 30k for free when you start trading using buit link down below that’s free money you can deploy any way you like any profits
Of yours to keep deep coin and a no kyc exchange uh also giving you over 100k in bonuses we’re going to talk about them in a sec but that’s absolutely beautiful let’s focus on bitcoin here and uh you know what we’ve had here are some really nice series of kind of parallel channels
Here uh which we’ve pumped out of you know this was a bit of a Bart pattern but then we we came back up and now we’re kind of doing it again uh you know I really like the look of this one and the reason I like it is because we uh
Showed that this particular price range which stretches between 51 .6 up to about 52 is significant for support or now possibly resistance for a period of 3 days right and so that means that I mean look we haven’t really like this was a very quick pump right from the
Time that we broke 44k to get up to this High it only took 7 days and that’s an $85,000 pump you know and and by the way I mean we’ve got to put this in perspective because a lot of you guys are just really starting to completely lose perspective of what this actually
Means in this market but don’t worry that’s why I’m here that’s why you guys showing me love on this YouTube channel thank you all so much for smashing that subscribe and like button uh if you haven’t done so already I do really appreciate that to put this in perspective Bitcoin within this entire
7mon uh period only managed to move up by $6,200 right and that’s 222 [Β __Β ] days of price action ladies and gents that is a really really long time for the price to only move up by 6.2 uh and then we’ve done more than that within just a week I
Mean you know seven months versus seven days it’s it’s absolutely insane and when you start to like view the market and and I haven’t told you guys an opinion right I mean like this is just straight facts previously we moved up by 6K and it took 7 months now we’ve moved
Up by 8K and it took 7 Days uh these are only facts right and you can do whatever you want to do with these facts but you and I are probably you know fairly reasonable at least we’re going to understand that that’s a lot of price action right and so you know that’s
Going to be difficult I think to recover from uh you know or or more likely more specifically not not not to recover but to sustain uh you know and because of that these kind of price ranges become really interesting because uh you know if this was really good support then it
Becomes a very predictable possible resistance area for the price to continue dropping down and this is definitely uh a kind of position that I’d be interested in trading because it’s a really nice clean level it’s quite easy to set a stop loss either Above This Wick or above this price
Action and both stop losses are pretty narrow uh and there’s really good downside potential here uh you know for a quick little trade this isn’t the kind of trade I’d want to be in for a very long time but definitely something to uh you know keep me busy uh if the market
Does end up coming a little bit lower because we do have uh you know a fair bit of uh a drop to come before the next key zone of potential support for Bitcoin the way I’m seeing things uh lining up here at the $444,000 level now
Again I’ve got to make one thing very very clear to you guys uh who are watching I am not here telling you guys that I’m a Perma bear uh just looking for the market to crash and everything just absolutely going to [Β __Β ] uh because that simply could not be further from
The truth your boy is still sitting in a, 1400% uh profit on my Bitcoin position a 750 per profit this is even more than last time I showed you guys uh on my Tron position uh and these are both Longs you can you can see that right they’re both long positions pause it
Analyze it whatever you like uh and uh and and and so I’m definitely making money on the upside but that’s not going to stop me from making money on the downside as well and that’s not the only one I’m seeing by the way I think there’s other similar opportunities
Across other coins there’s salana as well uh you know I mean it’s got this area of support right here at about you know the low hundreds if it falls below this it it has a long way to drop and uh you know I mean if you think that these
Altcoins are going to be immune from that then uh good luck I think you’re going to be in for a bit of a shock uh these altcoins can definitely drop there’s a long way to go uh and salana is especially interesting because you can trade it for free with a $500
Position on byit uh literally you know zero risk on your part you just got to meet these little conditions here uh and you can you know whatever you like long short your business uh but it is free money from buybit and any profits you make are yours to keep and the same with
Decoin again no kyc they’ll double your deposit if you put in $100 and you trade up to 10K which you can do in one trade using leverage so that can happen pretty quickly uh so definitely check them out for all that free capital I think that this is starting to look really really
Cool um I think there’s even better opportunities than salana potentially uh I think you know other coins like Matic look potentially good here I think you know Bitcoin obviously is it’s just an easy one and this doesn’t necessarily mean that the only thing to play is
Shorts in fact to be honest with you guys we’re in an uptrend right so this is actually potentially a little bit aggressive to be playing shorts um and I and I’ll cover why as well there’s another couple reasons I want to cover with you guys later on in this video but
One of the key reasons that it’s potentially even aggressive to be playing these kind of short positions right now border I don’t want to say like gambling cuz it’s not but uh like it it is trigger happy um you know is because in an uptrend typically you
Actually just want to be long as much as you can right like you don’t necessarily want to be short and just like play every little move because you know you’re fighting an uphill battle it’s it’s not easy there’s manipulation and Bots and all sorts of other you know
Factors at play that are you know just genuinely going to make it quite difficult for you the average person me the average person to uh to to trade successfully but where we have a much higher chance of success is simply just the retest right so I mean the the next
Obvious very very obvious level for Bitcoin is that $44,000 level and this is quite a bit lower than where we are right now it’s about 14% down from here and about 17 from the high but this is a really nice potential bounce zone for Bitcoin basically 44k here or this
Little pocket of 42 or or this support area at 40.7 these are each uh you know pretty pretty good I think key levels across the chart that Bitcoin could be uh coming down for if if it’s going to capture some support there’s also some talk about Bitcoin just kind of coming
Down to 50K uh this key psychological price area and maybe some bounces off here and uh and then up maybe grab some liquidity here and then go up uh you know look I I don’t necessarily think that those are bad ideas but to me uh it’s a little bit too obvious uh you
Know going long off 50k I don’t like I don’t even know where you’d set a stoploss it’s uh it’s it’s just too wide really like there’s no key level there that I think looks particularly clean there is 49.3 we had some kind of you know resistance and support over here so
You know you could argue 49.3 but these are weak levels to me compared to the 44k level uh you know and uh I don’t know I think too many people have been talking about it really uh you know for for me to be super super confident in it
Uh and of course you know we can’t rule out the possibility that Bitcoin is just in a uh deviation right now right uh because this is this is very very normal uh that Bitcoin is in a deviation and really our real price action is happening between these two price levels
And we’re just kind of doing this but we’ve had a quick little you know dip and then we’re coming right back up into the range we’re going to do something a little bit like this come back in and then maybe we blast off right and obviously if you’ve been paying
Attention that is exactly what Bitcoin did just here we had a deviation up and then the deviation down uh but for the most part we were just trading sideways and then we continued the direction of the trend if you’re a bull uh then honestly you’re probably saying what I’m
Saying which is that we need a retracement but if you’re a more trigger happy bull uh then then you know you might be expecting that uh you know but my question to you is well how long can Bitcoin sustain that for right I mean it
Could do it and it has already done it so you know it wouldn’t be completely out of the norm for for that to happen again uh you know but uh pullbacks serve Bitcoin really well I mean you know one of the key things I’ve been telling you
Guys this entire you know last year uh is is that uh you know one of the key reasons that I was expecting such an explosive rally to 30 to 40 and Beyond uh was because we had a Relentless downtrend right so you pay if if if you’re if you’re you’re a bear doesn’t
Really matter if you’re a bear or a bull but the market pays you it it either uh you know it it pays you for being you know absolutely [Β __Β ] like this uh or you pay the market for enjoying it like this I mean it it’s it’s always going to
Be that way like there’s always a yin and yang there’s always a a positive and a negative right and um and it it just it just comes like that you know and uh and I think a lot of people really struggle to kind of digest those ideas
But that would be at your own Peril I really wouldn’t want you guys to be falling into that kind of trap uh and we’ve actually by the way just on that note I want to highlight this uh this guy’s comment right here we’re going to
Talk about this in just a sec uh sorry not this one this one but we’ll come back to that one I show that the majority shorts doesn’t match that everyone is bullish uh this is a really really good point and I actually posted this on my free Four Flies gold telegram
Channel which you can join by clicking the link in the description down below right here uh this is the link to my free telegram Channel where you get more analysis from myself and my team Around the Clock for free uh even updates on my positions and stuff like that so that is
Super super cool definitely check it out if you ever need to directly contact me for anything maybe you’ve got a problem with an exchange that I’ve been working with or whatever uh you know or or literally anything this is a direct link to me as well so please do check that
Out I’m always available for you guys uh but uh you know I do want to take a look at this long and short ratio thing because it’s actually like the only thing which I seriously you know regularly consider uh and and it’s completely working against me in fact you know for
The last little bit really I mean you know if we go back to very early days of February uh we were kind of majority long for retail Traders here but since then it’s been majority short every day uh you know and and even today we’re still 60% short uh for retail Traders
Right and Retail Traders are typically wrong so this is a very clear indication that actually uh you know I I’m uh I mean this this is a key metric that I you know typically like to look at regularly uh which which is which is working against me here which is telling
Me that actually uh you know if most of these people are usually wrong uh then uh you know uh this this might not be the way we’re going and we’re actually going to continue up now granted I mean While most Traders were long over here the
Price was still going up so this isn’t 100% right and I think a lot of people struggle with that idea is that uh you know every indicator has to be perfect 100% of the time that’s not realistic and you’ve got to you’ve got to be able
To keep that in mind uh in in in fact you know when everybody every body is piling on in the same direction like when Bitcoin first broke above $20,000 or when Bitcoin crashed below $30,000 that’s when we get the most extreme bits of price action so there’s
A lot of nuance here and what I just said might be challenging for some people to kind of wrap uh their heads around and kind of comprehend and if that’s the case that’s totally okay I understand that it can be a little bit confusing uh but you probably just need
To brush up on your understanding of market dynamics and stuff like that uh there’s a lot that we go into with the four FES Academy course for you to kind of really wrap your head around that kind of nuance because it does take some understanding and just really patience
And just being in the game uh it’s it’s that like I don’t know what it is that Mojo that intuitive whatever you know that that you really just kind of get over the years as being of of of of being a Trader but for some people this
Is intuitive and you just kind of get it right off the bat uh some people just straight up cannot understand this and uh you know those are the kind of people that we make money off uh but you know if you are one of them uh then yeah you
If if you are one of the guys that you know can get it then you know just just put a little bit of time into it and and these kind of Concepts will come to you I wouldn’t worry too much about it and my response to this guy was yes but it’s
One data point you know it’s definitely an important one but when everything else is stacked against it I can’t reasonably rely on just that one data point and that’s my issue with being dependent on any one indicator right when you use these kind of things which
In this case does tell me that I might be wrong my problem is that I can’t find anything else that confirms that we’re still heading up right I mean other than the fact that we’re in a downtrend which is arguably the single most important thing to keep in mind so you I’m not
Going to Discount that but other than that to me everything else is lining up to show that we should be ready for a job I was saying that uh for a little bit and we finally seem to have stuck in a high I don’t know if this is a
Temporary high or if it’s actually going to be high that takes us a little bit lower obviously that is yet to be seen uh but I think that’s really important I also uh this is another post that I shared inside of forly gold I want to
Touch on James uh here and the comment section from one of our recent videos he mentioned that if I keep the position open am I going to be super pissed with myself if it takes a dump knowing that I should have uh actually you know closed
The position or will I be annoyed uh that I closed that too early uh and and not getting the last 10 okay A little bit of of a strangely worded question there or maybe I read it differently but he’s basically saying would I be annoyed that I didn’t take profits up here uh
You know and uh and and and and and that I closed that uh you know that I closed a lot of positions uh before we even got there and you know I had to I had to just say it straight guys I was like look it’s a good question but I
Definitely wouldn’t and I can’t be annoyed either way I make the best decisions I can at each given moment with the data that I have available up until that point and I follow a well-built refined system for my trades and I’m very happy with where it got me
So far this is the most important line ladies and gents and I really need you guys to keep this in mind as we’re heading into a new bull market because if you you fail to keep these kind of things in mind you’re going to stumble you’re going to fall you’re going to hit
Your [Β __Β ] head on something and you’re going to lose a bunch of cash like this is this is how this is what happens in the trading game if I pinched pennies I if I argued with my system if I got upset that I took profits too early even though it’s the strategy
That’s been working for me for you know like I’ve been in the game for seven years it hasn’t been hasn’t been working for me for seven years CU I haven’t had the strategy for seven years but you know I’ve been in here for a long time I’ve arrived at this because of
Everything that’s kind of led me up to this point if I bought that I would have broken things apart a long time ago I wouldn’t have even gotten into this position in the first place right this is something which I think is really important to keep in mind is uh like you
Don’t know necessarily if a certain position is going to be a 30% profit or a 3,000% profit or a, 1400% profit like this one and if you hope that every single one of them will become a home run you might never actually stack those compounded gains along the way uh and
Then you’d be losing out on the real the real gold of being a Trader the real uh like return the real just I don’t know what that what the word is just the magic of being a Trader because the magic of being a Trader isn’t in these small gains it’s undoubtedly in the
Compounded returns right if we look at a you know $110,000 starting balance and we managed to pull a 30% profit on here this is an example I’ve given you guys a lot that’s absolutely fantastic you’ve turned it into 13k but if you do that just three times just three times uh
You’ve doubled your money and you can apply this to any account balance we can run this for $22,000 and you’ve doubled your money just with three of these in a row and uh you know just to put this in perspective for you guys you know let’s let’s say uh
Let’s say this is a short position right that I want to take for example uh you know just just cuz it’s easy and you know it’s it’s pretty close uh you know if I’m trading this on 10x leverage I just need the price to get rejected here
And drop down by $1,500 I just need a $1,500 drop on a $50,000 asset I need a $1,500 drop on a $50,000 asset it’s a very small move I mean you know if we zoom out I’m not asking for a lot I don’t need a miracle to take place on
This chart whatsoever right I mean this is a small move by any measure uh and it would still be enough to get me that kind of 30% Profit just you know just just a quick easy example of what I’m talking about uh you know compounding is really where this stuff becomes very
Interesting and if you start doing this I mean granted we’re talking about you know in a row so this is completely unrealistic but you get eight of these in a row and you’re at $2,000 right you’ve nearly 10x your capital I mean it it’s it’s just absolutely insane and
Again these numbers work for any account balance the 10K account becomes 81,000 if you’ve pulled eight of these in a row completely unrealistic that you’ll do it eight times in a row of course but also not the point we’re just talking about the power of compounding here uh you
Know and if I were to start to trip over things like this I wouldn’t be able to tap into any of that magic right because I’d just be too scared of uh of of things potentially going wrong so really really good stuff there I really did uh
You know I always read your comments obviously but um you know I did decide to uh kind of post these in the forflies gold telegram Channel as well uh if you guys like this kind of segment and like that kind of content on forflies gold then please let me know and I’m super
Happy to do more of that uh but let me come back to the analysis here and and by the way we can do even more Q&A just kind of scrolling through the comment section if if you guys like or especially if you have specific questions that you want me to cover I
Mean it’s super easy for me to uh you know throw them up on video and uh and you know just dedicate like a nice little five six seven minute segment of each video to your questions and if that’s what you want to see then drop
Them right now uh in the comments and I will definitely do that for you guys I want to talk to you a little bit about some macro uh traditional Finance factors which could have some influence on the markets here’s the dollar uh actually now potentially forming a potential fractal uh where it’s forming
A similar kind of chart pattern to what we did before uh where previously this actually allowed the dollar to Rally up quite nicely and that could be the case again right now so uh lately we’ve had a positive correlation with uh the dollar the dollar has been going up and Bitcoin
Has been going up which is obviously unusual uh I think again this is more of an exception and nothing particularly strong to read into but I do want to highlight this to you guys because uh the analysis here is if the dollar goes up that is typically bad for Bitcoin
Lately hasn’t been the case I don’t know what conclusion you want to make off it personally for me this is not bullish I’m not going to bank on the positive correlation staying that’s actually out of character so I don’t know why I would place bets on that kind of thing uh for
Me this is still a negative sign however the S&P 500 to me does still look pretty good uh you know we cleared that all-time high absolutely beautifully uh and we’ve stayed up and now we’re kind of consolidating and coiling up potentially getting ready for another
Move up so uh you know that’s a really really good kind of climate for the market in terms of potentially finding some sort of a continuation obviously we’ve been keeping an eye on the fear and greed index which is uh Russian bar in Dubai just weird ads coming up I don’t even
Know like how my cookies are getting this off me uh but I don’t even red cars like it’s it’s so Random uh but Extreme greed right here on the fear and greed index uh you know and and I mean of course this hasn’t updated it’s going to
Be a little bit lower probably when we see the updated reading but I mean it’s still pretty high so definitely not ideal uh you know and and these kind of things to me do kind of indicate that uh yeah I mean you know this is this is one
Of the key Reasons I’m not super optimistic about the short-term strength of the market it’s it’s purely because like you know I mean if everybody’s bullish then and and like I said I mean the long and short ratio does contradict this uh granted this is only on binance
And the data is not uh it’s it’s not what it looks like at face value like this this is just accounts from today right so it doesn’t really take into consideration uh uh NE necessarily the communative effect of what happened before especially because this is retail and Retail flip-flops really quickly
Right so top Traders have been pretty consistent for a very very long time uh you know but uh but retail haven’t so uh you know I think that there there is a good amount of nuance to apply here uh but if we do end up dropping I want to
Show you this as well there are some really interesting potential Fibonacci levels here the 618 level is breathtaking the 618 level is more beautiful than Madison Beer Karina cof all of these beautiful beautiful specimens uh that that uh that we’ve been blessed with on this planet put together multiplied by
10,000 uh and then slap some AI generative uh you enhancements for Beauty on them and and this chart is still more beautiful than it ladies and gents because we’ve got a daily EMA right here uh we’ve probably got an ichimoku Cloud which I’m going to pull
Off in a sec we’ve got a horizontal area of support we’ve got a psychologically charged price level and we’ve got a 618 Fibonacci retracement I mean I like Christmas came early I guess I don’t know uh it it doesn’t mean that we have to bounce off
That level right I mean you know it it’s just a really nice you know buildup of Confluence it doesn’t have to mean anything but to me that’s a really really nice way to uh to kind of see that there is a lot kind of going in that you know particular direction if if
The price ends up falling down there let’s actually take a look at the ichimoku setup as well because to me this is an amazingly reliable indicator on the 4 Hour it’s all the way up to toward about 48 49 now but if we take a
Look at this on the daily uh yeah it’s right there so we’ve even got ichimoku support on The Daily time frame here so I mean if the market does end up dropping down here this is such a phenomenal place for the market to bottom out at uh you know and and for me
It could be anywhere I mean this is the nicest you know like happiest place for the market to come down to and then continue on up but maybe there’s a little flash crash maybe it goes down here maybe the flash crash goes down here and we set a kind of double bottom
And then we continue up and uh you know that would be totally fine too I mean you know I wouldn’t really have a massive problem with that either we actually kind of did that over here right like we kind of swept the high but only a little bit so not nearly as much
As this uh and then we just kind of came back down to the same low but it was only a double bottom and then just Off to the Races right so you know are we going to do that again I I don’t know but uh definitely looks really good to
Me as a setup on the charts so uh you know I can’t you know not pay attention to that right like to me uh that is pretty good that is a super super healthy sign in this market uh you know our shorter term indicators are looking strong here’s the 4-Hour EMA ribbon
Spanning a beautiful 4% range I mean it’s definitely got a nice spread right now definitely telling us that this thing is still fairly bullish uh if we’ve got a bit of a bearish scenario then it’s like I said we’re probably looking at something a little bit like
This maybe drop a little bit lower come back up for resistance and then back down I showed you this Orange Box uh you know but it’s only uh you know just just an example I mean I could just as easily move The Orange Box up here and it would
Still be completely valid or I could stretch it all the way up and it would still be completely valid so uh you know this is going to be down to you know your own individual kind of judgment on what this kind of stuff could end up looking like but uh that’s basically
What I’m seeing uh right here so there you go guys I hope you have enjoyed this video uh if you have you know exactly what to do uh show it some love subscribe tick the bell all that that good stuff hit the like button of course you’ve got a beautiful set of bonuses
Waiting for you all in the description as well with bybit you can get up to $30,000 to trade with completely free of charge just got to start trading using my link and that is it deep coin is a no kyc exchange giving you over 100k and they will just double your deposit if
You put in $100 uh and start trading as well up to 10K so that is absolutely beautiful uh and it is a no kyc exchange you just get $10 by the way just for signing up which is super super cool bingx another great alternative and these guys actually offer uh stock
Trading which is super cool like apple and Tesla and they even do Forex and commodities like gold so uh very diverse indices S&P 5 like very diverse exchang there a lot of different cool [Β __Β ] you can do on Bing X so definitely worth checking that out as well while you guys
Are down there but with that ladies and gents I hope you have enjoyed this one uh it’s a it’s a fun Market I’m I’m liking what I’m seeing and uh man if I mean this is nowhere near being done I mean this is going to stay good for a
Little while that’s uh that’s definitely my scoop on things all right guys thank you all for watching and I’ll see you all in the next one cheers
35 Comments
The commitment to delivering quality content is evident in every aspect of this video.π
This isnβt a dump
Crypto is the best future where people makes money and generate good returns.
Dip is almost over. Back up after Sunday
Great content buddy. Have been following your content for 4 years
Thankbyou
500000000 per day in does straight facts
bitcoin halving, dont short after that happens
Be carefull shorting in a bullmarked π
Good analysis. Iβm predicting games on HugeWin casino games this weekend
BPFRWVWKAA
every drop is getting bought up quickly. It's already bouncing back.
The free 500$ solana position isn't available anymore, for me atleast it says "event ended"
ππ Hi from Belgium,
One of the most honest channels !! Straight content. ππ
My mistake in crypto that keeps repeating is 8 out of 10 say itβs going to drop and 8 out of ten say the ATH is going to double. Did ok not complaining . X2 would take like 50 years in bondsπ
Coming back to 52k now with another pump out of nowhere. Looks like it is still rising, BECAUSE so many now are thinking, there must be a big correction coming. Pain trade for many (Shorts and FOMO) would be UP, as far as I'm concerned.
Could you talk about some promising AI projects in crypto. Thanks
I am getting error for free 500$ solana position. The page says that "event ended"
Etf demand is absorbing all sell pressure. Up only bra
Just whale games dip not here yet
The ETFs are responsible for the price action…why not cue in on that ?
Crazy how Chiliz (CHZ) going 10X. Because of the European championship. A big swift is coming this months
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Xeventy's presale is gaining momentum β early supporters, let's seize this opportunity together!
Diving into Xeventy's whitepaper β the innovation and technology behind this project are mind-blowing!
Kudos to the team for Xeventy's comprehensive ecosystem. Easy 50x soon.
Presale excitement building up! Xeventy's project is making waves for all the right reasons.
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It already bounced off π
Short and you'll get burnt… I did when bitcoin was at 43K…
Wow, I'd suggest everyone continues to hold though, don't get scared of!
Hey man when should I sell my Bitcoin so I can buy again when the dip is onππ
Yes i kike this kind of content. People on youtube afraid to give good advice on shorts. Too much bull, not a good sign.
agreed my HODL TO ZERO. hats are still popular… on the back it says …. Buy the Dip