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Have Nvidia earnings and Nvidia is at these trend lines of resistance the upper boundary right here and on this longer term one we’re just slightly below it and again right below the Pitchfork and around the low 800 area uh here we are at the you know the 700
Range here but if with earnings we begin to see the ey bubble begin to pop because Nvidia has marked the turns in the stock market Bull and bare phases the selloff we had in 2022 when NASDAQ and S&P sold off Nvidia peaked and turned and sold off with NASDAQ bottomed
With NASDAQ it was one of the reasons HBY October bottom was Nvidia but I’m just telling you this because look if the stock market starts going down and if we start turning off these levels with the invid earnings Bitcoin which has a positive correlation could go down
As well remember of 2021 Bitcoin and NASDAQ peaked together at just a few days after Bitcoin late 2022 Bitcoin bottomed first and shortly thereafter in October NASDAQ and S&P bottomed a positive correlation so if Nvidia the NASDAQ is following uh begins to turn long-term CH
Chart since its IPO uh but uh again um video starts to turn off of these trend lines of resistance The Accelerated Channel or the longer term Rising channel here of our FIB Channel this parallel boundary uh again we very well see a sell the news event with earnings the markets could get rattled
And so could Bitcoin Bitcoin can turn this week now go a little higher talked about is the Elliot wave count done or not they go above count sell signals a little bit higher daily time frame than I count sell signal it’s going to turn
It and I told you if it did go higher it may want to form a Divergence in the week uh the daily time frame on the RSI we have a triple negative Divergence in the weekly time frame but just something to pay attention to as we go into the
Next week of trading with Bitcoin watch Nvidia as it’s at Major resistance it’s just below this upper Channel and if even if we overthrow it Bitcoin did overthrow the upper Channel a little bit uh you have the expanded boundary of the Pitchfork in the low 800 area something
We’re paying attention to if if Nvidia tops with earnings did last August and sold off us a pullback in the market uh if it produces a reversal we could see a reversal with Bitcoin Bitcoin has a positive correlation with the NASDAQ NASDAQ has a positive correlation following Nvidia conductors also got a
Topping tail um so far that high is holding be watching these things and what happens to them in their relationship with Bitcoin just some things I’ve talked about with Bitcoin again we hitting and slamming up into this up upper boundary of the FIB uh Pitchfork and the expanded boundary 1 a
Half% boundary from the midpoint right here um and we are stalling there we fell shy of it there with the launch of the Bitcoin uh ETFs but we did hit it back over here and again this is from from this high down to this low and we
Slammed right into it we may slam into it again we may even overthrow it a little bit that’s possible uh if we go higher if we’re cons consolidating with wave four but again I’m looking at this area even if we overthrow it I’m looking at this area to act as resistance and I
Think we’ll come back down also now has potentially if we do come back down sharply a head and shoulders that may begin to try to form with the uh launch of the ETFs the Bitcoin ETFs being the left shoulder the head formation and then again possibly a right shoulder uh
That again Bitcoin has set up The Head and Shoulder shoulder patterns uh at turns we had it down here at the bottom we had a big one we had the inverse head and shoulders right there okay and that produced a higher low and a higher high
For a reversal with the breakout we had uh the larger uh Head and Shoulders uh back over here wa you got one right here that could be a neckline for that Peak or right here this uh smaller one which again I think is more likely because again we
Broke down and then we back tested it but Bitcoin sets up these Head and Shoulder patterns this is a pretty big one here here’s a smaller one here uh at this top right here and again this was surrounding the coin the launch of the coinbase IPO and again Bitcoin sets up
These Head and Shoulder patterns so that’s what I think is likely going to be the case what you right here that we either going to get when we call the bottom here at the midpoint of the Pitchfork and Fibonacci support levels and our our 38,000 level I told you
There was key support at 38,000 that we were going to bounce off in our 100 period moving average uh so I called a bottom there I was correct called the top right here correct told you because there was no confirmation in the weekly time frame with the candlesticks we
Could still go and hit this upper boundary here and the upper boundary uh of the uh FIB Channel done that and now we have a peak is that high going to hold or not are we going to start to turn or are we going to go a little bit
Higher and then turn and that’s what we’re going to be watching I was looking for a topping tail in the weekly time frame this week we did not get it I was looking here originally uh for a possible smaller Head and Shoulders that we would come up here and get a lower
High that was my lower high scenario my signals remained bullish weed distance levels and again we challenged that high and we moved higher so now we’re looking at this larger potentially larger head and shoulders because Bitcoin is famous foring those patterns so whether the high holds from Thursday or whether we
Go a little higher again the move is going to fail candlesticks mean everything and we did not get a topping till this week and we’re going sideways so there’s still risk and there’s no confirmation of the daily bar from Thursday yet talking about this video so
There’s still risk of going to the 53 ,500 area again notice Bitcoin is halted so far at the upper boundary the expansion expanded upper boundary of the Pitchfork bounced off the midpoint of the Pitchfork didn’t quite reach the upper expanded boundary here we have now reached it so we’ll be watching this
Area and again maybe we overthrow it and then come down but we’ll be watching this area uh the same with the FIB Channel again here’s our parallel Channel perfectly parallel with the lower boundary here we we have again the upper boundary right here and we’ve slightly overthrown that but then turned
Off with those highs and so we’ll be watching again we may overthrow it even more and if we do and I still expect the move to fail there’s major resistance in this area and be that this is wave four we get one more push for wave five but
Again uh we hit this level and sellers showed up maybe we overthrow it a little bit and then That’s All She Wrote we’ll be watching but I do expect uh that we’re going to get reversal here uh here again we you saw we bounced off of the midpoint of the Pitchfork here we
Bounced off of the uh midpoint of the uh the FIB Channel and again we hit our 100 period moving average and that’s why I predicted that we would get a rally there and have a short-term bottom 8,000 and I told you if we came up here and
Stalled right there you get your lower high if we clear it then you can go up and hit this upper boundary and you get your higher high scenario and we talked about that because again the candlesticks in the weekly time frame were not confirmed so I told you there
Was risk that we still go up and flirt with this level some more in the upper boundary of the channel the parallel Channel at these Fibonacci resistance levels and uh again show you the OT wave count do go try to go a little higher we can push up above this area and again
Towards the 53,500 area or so and OT wave is speculation okay it is total speculation and counts get invalidated or validated all the time and I told you again I thought that we had a one a two maybe this is three four and five and we’ve completed the Peak at that upper
Resistance but I’ve also told you again that maybe the four the three is over here and the four is here and we’re consolidating similar to this and we get one more push higher into the 53,500 area or so so again that’s still possibility so this is a question mark
Right here as to whether this was done or not again you had the negative divergences could we confirm a lower high yeah we can confirm a lower high right now Bitcoin is down about a tenth of a percent starting the new session and trading for just over 1 hour do we
See a strong reversal and this High holds as I thought it would or because the candlesticks in the daily time frame were not confirmed with our topping tail from last Thursday our dogee Candlestick on bitcoin’s daily chart from Thursday looking at in this video there’s still
The possibility that the five is up here and then we turn and then you have 1 2 3 4 five so it’s possible that it plays out that way as well so you get one more reference point of a Divergence on the RSI and then that’s likely to produce
The negative Divergence with the reversal probably near 53,500 or so it happens the mccd can turn back up and get a lower high they had a diversion kind of develop here kind of slightly higher on the mecd so it’s almost like a a Class B diversion kater gets almost two equal
Peaks and price moves higher but again what’ll we watching do we get another reference point of a Divergence or is that all she wrote does last Thursday’s High hold again I’m looking for a five leg push higher to complete my wave C okay and again about it possibly being
Done over here with 1 two three this is the 4our chart 3 3 4 five and again that didn’t play out again Elliot wave is speculation I never trade it I told you we could still go higher and get the final fifth wave if the because the candlesticks were not confirmed in the
Weekly time frame now the wave count 4our time frame is 1 2 3 4 and then now I’m looking for five five legs higher for the fifth Wave 1 two three four five if our high holds or we get one two three this is four and then we get five
And we go up to like the 53,500 area or so and then we turn and that completes this move completing wave C completing wave five this five leg push here and this uh larger five leg push here so again of the fifth we’re seeing the pring parameter roll over at these
Levels so while we didn’t get the sell off in the weekly time frame we didn’t get a topping tail the high still May hold if if we set up a lower high and start selling off pring parameter though still may form a diversion so again as I’ve been saying it could play out
Either way uh again I told you what I thought thought there was a good chance that that Thursday Peak was it at our Fibonacci resistance levels with the Pitchfork and the upper boundary of the FIB Channel The Parallel Channel we could also I could be wrong and we could
Also overthrow this area if we start consolidating sideways well we’re now consolidating sideways so there’s still the risk of getting one more push higher above our 9 count sell signal that we had in the daily time frame so we’ll be watching that but uh pring parameter I
Just want to talk about pring parameter pring parameter has been uh awesome it has called the move up it called the previous selloff that we’ve had uh and again I talked about above that 200 period pring parameter goes positive the 50 go gets above it good things are
Happening with Bitcoin and when you drop below it uh drop below the 200 he drops below pring parameter goes negative bad things are happening here we had a 21.2% sell off that happened but we didn’t stay there we got above the 200 period as we’ve talked about previously after I
Told you that we had bottomed at 38,000 our 100 period moving average get above the 200 period uh pring parameter goes into positive territory and now it’s rolling over so either it’s going to roll over and market up or you’re going to get a Divergence now the Divergence
Here with the launch of the Bitcoin ETFs only gave us a 21% and a half 21 and a half% selloff that us a corrective move we’re back in a positive territory if this move is going to fail we got to drop back below the 200 and PR parameter
Is eventually got to go back into the negative region and that will signal that the move is done when we take out the 200 and pring parameter goes negative and remains there you got to remain below the 200 here we didn’t remain below the 200 got back above it
Pring parameter got back and positive territory but that’s how we’re going to know move is done so again uh still uh the possibility here that we’re consolidating sideways and that we get one more push higher into the 53,500 area and then you get your dump and again possibly a head and shoulders
Setting up here on bitcoin which is very common at tops for Bitcoin you’re watching Thursday’s High hold do we go a little bit higher the 53,500 area and then turn so far our Peak was 52,800 and change write out some of these Fibonacci resistance levels please support the Channel with
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To make it work so consider following the link below and supporting the channel today again you can uh the channel at a secured location the link is a secured site you can donate any amount you want safely so please consider uh doing that today Bitcoin again forming a lot of divergences in
The weekly and the daily time frame here we are in the daily time frame and you’ve got this Divergence going on again we haven’t quite reached this upper boundary we still may do it and again that would take us towards the 35,000 uh 500 or I’m sorry uh
53,500 area sorry about that I was thinking about the Dow it’s been in the high 30,000 range uh anyways we’re looking at this is this a consolidation that we get one more push higher and this is a five leg a five leg final fifth wave here or is the move done so
Again it’s still possible uh that again we still go higher but again this Divergence is warning that the move if we do go higher is not going to last and it’s still possible that this is the peak from last Thursday start getting a reversal uh Candlestick daily and weekly
Time frames and I’ve been predicting that Bitcoin would stall between the 78.6 Fibonacci at 50,3 to the low 53,000 area around 53,500 or lower in that range a boatload of Fibonacci resistance so I’ve been talking about that range and I expect that we’re going to turn but like I said
Again I was looking for a topping tail this weekend we did not get it I was looking for confirmation of the uh dogee that we had on Thursday we did not get it so there’s still the possibility of pushing higher before we go lower and again this is an important trend line
That I am watching right there up towards that 3,500 area now again as we start the new session for Monday uh again we’re just over an hour into it we’re down uh 3.13% we’re down a tenth of a percent with Bitcoin at the moment on that sideways consolidation again we came up
We hit the upper boundary here uh again our upper boundary of the channel we talk about the FIB Channel and this parallel boundary this parallel channel here uh we came up uh we’re back testing the trend line here could straddle along that a little bit higher overthrow the
Upper Channel again we moved slightly above it previously uh and again we’ll be watching to see if we get rejection in this area to about a Divergence forming in this most recent price action if we do push higher that could happen the Divergence is over here gave us a
Sideways volatility move this diverence right here again gave us the 21.2% sell off now we’ll be watching do we get another one you don’t have to form a diversions you don’t have to but you can Es are often present at turning points we already have a Divergence and you
Even have a larger multiple Point Divergence if that’s all she wrote but I still may form one right here in the most recent price action and again if we try to push above Thursday’s high but we already have divergences on other indicators and in the weekly time frame
We have one on the stochastic and the RSI in the weekly time frame already one thing I’m uh watching is pring parameter pring parameter is forming another negative Divergence price is moving higher PR parameter is not we had the same thing happen in July that gave us the sideways
Correction if Bitcoin does push higher I’ve talked about this trend line right here and again the the 53,500 area is where we’d be coming into if we did push above Thursday’s High which we did not reach that level with this trend line reach other levels of resistance the Candlestick has yet to be
Confirmed as we’re talking about in this video so there’s still risk the consolidation gives us one more pushup into this trend line right here or maybe even overthrowing it into that 53,500 area or so and then turning down so again right now we’re setting up a
Lower high at least so far in the RSI but we’re not moving higher so there is no Divergence if we get a lower high confirmation of a lower high you got to take out the 10 period here and you got to start turning down to see some kind
Of reversal uh if we do push higher again uh it’s still possible that we have a one two three four five come back down and then we get the Head and Shoulder setting up right here near the uh 39 38,000 area this low right here or excluding it right into that 39,000 area
If you include the Shadow or exclude it that’s where the support is so we’ll be watching that and it could be the 200 is right at you know um that level right about the time we reach it and again try to bounce off that area surrounding that
Area but again we’re going to be watching do we go up and hit that trend line or do we just turn down and then again we bounced off our 100 period That’s a pink line right there if we come back and we break it you’ve got the
Horizontal support and if you break it then you’ve got your 200 period that you would be coming into contact with near this horizontal support area 38 39,000 and if you do again Bitcoin can set up that head and shoulders which again it’s famous for doing Head and Shoulders
Inverse Head and Shoulders Head and Shoulders tops it uh it forms them all over the place and surprised to see it happen here but a trend line I’m paying very close attention to should we go higher because we’re not confirming the Candlestick from Thursday and again uh
About this I told you I could be wrong about this being a peak if we don’t get confir confirmation and if we don’t get a topping tail over the weekend but but it’s not going to change my mind because there are still major resistance levels directly overhead right here uh for
Bitcoin to bring that trend line to your attention even if the head and shoulders doesn’t form we’re still forming kind of a broadening formation with the three drives to high 1 two three and again the lower lows and the higher highs and if we go up and hit this level uh again uh
You still have this potential broadening formation so even if we don’t end up setting up a head and shoulders and you just come crashing down uh not really getting a right shoulder but maybe just a a rebound and and keep going as something uglier towards 32,000 here uh
Again you still have a potential broadening formation uh which is a reversal pattern with Bitcoin uh as well with a three drives to a high being in the broadening formation which is also a fivepoint reversal Point forms those Head and Shoulder patterns so I think you probably got a good shot at it
Forming here coming back to the 38,000 39,000 area and 200 will probably be up there at that level uh by the time we come into contact with it again I told you these lows could be pointing to the next high I think that is likely here again stiff resistance directly overhead
Just as these lows over here we’re pointing to the high when we call the top back at 69,000 but we’re still in this area right here so again it’s still possible we reach 50 thou 53,500 I do expect rejection uh in this neighborhood and again near the upper
Boundary of the channel uh our parallel channel from the lower boundary in order for Bitcoin to go lower it has to drop below the 100 period moving average it bounced off of there that’s why I predicted that we would get a rally lower high or higher high if we’re going
To turn we’ve got to drop below the 100 period and stay below it if we form a head and shoulders we’ll probably drop below it get back above it again show a sideways move much like what we had uh much like what we had had back over here consolidation Bitcoin drops below the
100 period moving average and stays below it can’t get back above it it will signal the move is done I’ve talked about the stochastic and the RSI in the weekly time frame and again we predicted a rally over here at the 100 period in the daily lower high or a higher high
We’re getting the higher high we watching and see if the stochastic ends up setting up a lower high with another reference point of a Divergence by the end of the week what’s going on right now with the stochastics looks very similar to what we had here and over
Here and over here it looks very very similar to that I’m also watching the RSI again it was a bullish hidden diverence that gave us the rebound back up off of the 24,900 area negative Divergence over here at the July Peak bullish Divergence down here at the October 20 or the
November 2022 bottom uh negative diversions back over here at the top 69,000 and the first Peak there uh in the first half of the Year there in 2021 now we have negative Divergence again we had negative Divergence with the launch of the Bitcoin uh spot ETFs but the Candlestick failed to get
Confirmed we’ve come back up and we’ve slammed now into the upper boundary of the channel and you’re forming now triple negative diversions here uh on the RSI so this is likely going to play out and produce a reversal in this neighborhood right here here and again could form a head and shoulders pattern
If that is the case looked at in this video you expect uh the negative Divergence on the RSI here uh to play out going forward will get rejection as I’ve said in the Fibonacci resistance areas again the 53,3 or the 50300 area to about 53,500 the resistance levels are we hit
Upper end of our Target level on Thursday at 52,800 said we may go up into 53,500 or so before the advance terminates so possible that the high holds from last Thursday we’ll be watching to see which way it plays out again as we’re going sideways uh my signals remain bullish again we
Predicted that we would bounce off the 100 period moving average which we did and we saw the signals turn bullish signals remain bullish after having turned bearish currently in order for them to to show signs of weakness of turning we got a drop below the 47,000 area here
Critical mass this is a critical mass Cloud the critical mass line of support is currently at the 47,000 area signals remain bullish and again believe that we have a bare Market rally my signals have been consistently bullish as I continue to point out they turned back to bearish
Here they’re now back to bullish my signals have to turn bearish remain that way and we have to drop below the 100 period moving average in the daily time frame if we’re going to see the rally come to a conclusion reversal occur and my signals remain bullish predicted a
Rally off of this low as I predicted a sell off the Bitcoin uh future or the Bitcoin uh spot ETFs being launched and a possible top here but so far no confirmation with the candlesticks as I’ve talked abouts remain bullish likely not going to last very much longer but
But the consolidation can still take us towards 53,500 now again I do expect that Bitcoin is going to turn up the 50,000 to 53,500 area the levels I’ve been talking about high in the high 52,800 area if it goes a little higher I’m looking at the
53,500 area or lower I told you we got a nine count with the nine count you either get the turn so far that high is holding or you go a little higher wrong about the high as I said and we could still go a little higher and then
Turn but again I have the guts to tell you what I think but again I’m looking at both scenarios as possibilities that we just top at the topping tail start to reverse or that we consolidate sideways the fact that we haven’t firm the topping tail in the daily time frame is
Showing that we could still get a pop higher if this is a consolidation for a wave four then we get the wave five as I’ve talked about in my last couple of updates if that that happens if the consolidation pushes Bitcoin a little bit higher into my target range into my
Target range at the 53,500 area then we can see green and then turn this is the 4-Hour chart of Bitcoin Futures here as we just start the new session for Monday again look at the green it’s going from green to Red to Green currently green we’re still holding with the 20 period
Moving average in the 4H hour time frame so there’s still that possibility if we turn back and drop below the 20 then we can get the move right now and move into negative territory with the awesome oscillator so again we’ll be watching to see how it unfolds regardless of whether
We go a little bit higher or whether we have peaked and turn again is likely going to get a very sharp reversal we could start over the weekend I also told you I could be wrong and we get that one pop higher because we’re not confirming
The Candlestick we tried we got a 3% sell off on Saturday but we didn’t close there we ended down 1% but just something I’m watching here with the awesome oscillator in the 4-Hour time frame should we break to the upside with this consolidation and if we
Do then again I’m looking at that uh 53,500 area look at the daily chart I do expect to see a red awesome oscillator bar here in the next day or two uh again May pop a little bit higher first but again we’ve uh got really a multiple Point diversions we had this diverence
That gave us to sell off with the Bitcoin uh the launch of the Bitcoin ETFs and now we have another reference point of a diversions here where we we we were moving slightly lower getting a slightly lower high oscillator is doing what it’s doing with um other indicators
Like the RSI RSI has a triple negative diverence the awesome oscillator here has a negative Divergence uh that is forming with Bitcoin so again these divergences in the weekly time frame are are going to play out you can see the same uh Divergence here with Bitcoin Futures with the stochastic very similar
Divergence that we have with the Bitcoin price Bitcoin does have a lot of divergences here in the daily time frame look at Bitcoin Futures Bitcoin is moving higher but yet momentum is not okay and again these divergences have called turning points over here we had a
Divergence that gave us this sell off we had a larger conversion here that gave us this 20% sell off and then we formed a larger multiple Point triple Divergence here that gave us this selloff moved into negative territory and then we’re back in positive territory again we had a bullish
Divergence here we got above the 20 period moving average signals remain bullish up until we topping tail with the the uh launch of the ETFs the Bitcoin ETFs and then we turned back to bullish and we caught a bottom right here at the 100 period moving average and now we pushed higher
That we’re either going to set up a lower high ahead and shoulders or we’re going to push higher and slam up into the channel line which we’re doing right now and again we may overthrow the channel a little bit more if our high does not hold and again directly above
Our high at the 52,800 area upper end of the resistance is the 53,500 areas but we’re forming this negative diversion it’s going to uh turn the question is do we consolidate and pop a little higher and then turn or is the top end and we turn in the reversal
Going into our new week now so we’ll be watching that but the Divergence here is going to play out uh the diverences in the weekly time frame that we’ve talked about with the RSI uh are going to PL you have a triple negative Divergence uh same thing with the stochastic but
Wanted to show you momentum here with this negative Divergence with Bitcoin if bitcoin’s going to turn it’s got to drop back below the 20 period moving average uh here with Futures it’s at the 45,500 area now last Thursday Bitcoin got a ount sell signal in the daily time frame
Again I told you I was looking for confirmation of that bar within about two or 3 days it did not happened we tried to do it on Saturday we were slightly higher on Thursday or Friday uh but did not move to new High we had a 3% selloff on Saturday but then
Recovered either a bottoming tail for a hammer or a hanging man Candlestick depending on which way we break from the consolidation do we break below it or do we break out above the high there which we could still do I told you with the nine counts again Target level is 50,000
To 53,000 500 that range right in there is where serious resistance is but you get these nine counts and sometimes they Mark the top other times you go a little bit higher and then you turn and we’ve talked about that at Great length and Detail in our last couple of updates
Told you I was looking for confirmation in the weekly time frame we did not get it get a topping tail this week and we didn’t confirm it here in the daily time frame now the last nine count that we got was a 139 and we had price go a
Little bit higher and then we corrected but we corrected sideways really in a trading range we popped higher got the launch of the Bitcoin uh spot ETF ETFs and then we got the topping tail and we’ve got that sell off of 21 a 12% we’ve now rebounded back up but again as
I said my Elliot wave count still may not be done we still may just have one two three four and then get five and then get the dump and again that could take us to that uh 53,500 area if this is a wave four so do
Keep that in mind but as I’ve said again the nine count wi price exhaustion and again because we corrected sideways the last nine count this nine count will likely lead to a reversal will the nine count hold as a peak and we start turning down or do we
Go above it and this is a four like this was a wave two and we go a little bit higher now again it is possible five way push is already done stated in my previous updates but again lay wave is just speculation and it could I’ve shown
You on the 4-Hour chart this sideways move right here that could be happening could give us one more push higher into the 53,500 range or so the nine count is saying hey prices are getting tired but sometimes you move above those nine counts and then you turn other times
That marks the peak so we’ll be watching to see which one this is now after that Peak that we had on Thursday we rebounded on Friday to test it and it failed and then we just started going sideways here on Saturday we ended down um just under 1% we dropped 3% but then
Rebounded with that potential bottoming tail for a bullish hammer or hanging man if we break to the downside that would be that we’d have to push lower it is a sideways consol idation that could still take us and give us one more push higher again as I’ve stated when we got this
Candle on Thursday it has to be confirmed candlesticks are meaningless unless they are confirmed and the topping tail May mean that we’re only going sideways and we get one more push higher you know to to the 53,500 area and then we get the dump L8
Wave count is not done yet so I don’t know which way it’ll play out but again told you in my last video I have the guts to tell you what I thought you know what I’m thinking and again I thought there was a good chance this is
The peak if it got confirmed it’s not getting confirmed we didn’t get a topping tail over the weekend on the weekly time frame there’s now risk that we go higher and into that 53,500 area of resistance now we just closed we just started the new session
Here less than an hour ago okay and we closed out 7.90% higher for the week no topping tail was looking for something like this or something like this that we would give back the gains and move towards the peak right here at 49,000 just above it or
Just below it that’s what I was looking for we did not get it but you it was likely that if we got confirmation of the daily Candlestick which we did not get the topping tail that we had on Thursday the dogee Candlestick that we could see that happen we did not get
Confirmation candlesticks have to be confirmed in the daily and the weekly time frame the reason why we’re up here is because this Candlestick was never confirmed here with our topping tail you got to get confirmation you got to get a confirmation bar and a follow through
Add that to the downside but then we called a bottom here expecting a rally at the 38,000 area at the 100 period moving average in the daily time frame and we did get confirmation here and now we’re getting a follow through but key resistance again I told you I I thought
Prices would stall between 50,000 which is a it’s ,300 is a 78.6 Fibonacci and the Fibonacci resistance levels that are just above it 50,000 and 53,500 or so so we’ll be watching do we get a big ugly Red Bar and the high holds or do we
Go a little bit higher and then we start to reverse this week and again I do think you’re going to see a reversal but we did not get it this week we were up again 7.90% previously we were up 13 12% for the previous week’s bar told you
If we move to a higher high above 49,000 the resistance levels that I was looking at again below 50,000 area that’s where all the Fibonacci resistance is Bitcoin got that nine count last Thursday in the daily time frame at the launch the week of the launch of the Bitcoin spot ETFs
We got a 99 signal which again is showing price exhaustion Candlestick was not confirmed it supported 38 000 I told you we were going to get a rally for a lower high or higher high signals turn back to bullish again with the nine count here in the weekly time frame
Again it will either mark a top or you go a little bit higher and then you’ll get the turn which is what’s happening right now so again I do expect rally is going to fail it doesn’t happen immediately then people get led into a false sense of security topping process
Takes its time go oh oh bitcoin’s just going to go to 200,000 we’re in a new market and again right about that time when people are LED into the false sense of security it’s your rug pool major negative divergences that have set up in the uh in the markets the traditional
Markets S&P 500 the Dow and the NASDAQ and uh you’ve got hitting major resistance and apple just closed below its 200 period moving average it’s resting right on a major trend line so again you start breaking the trend line on Apple you start reversing off overhead resistance on Nvidia the
Markets are going to start moving lower the AI bubble is probably not going ready to pop if we get rejection at the resistance levels that I’ve been talking about for NVIDIA go to 800 first with the Pitchfork expansion I did a whole video on Nvidia uh talked about that previously expect the 99
Signal to produce a reversal and again I just think we’re in a topping process and I’ll refer you to my last video I was talking about the topping process uh again looking for either a big topping tail or a big ugly Red Bar reversal bar that takes place to produce a reversal
See what this week’s close looks like but again uh I think by the end of the week Bitcoin could break the 4 we winning streak looking for a topping process and as I’ve said it can unfold in a couple of different ways we’ll see if our high from last Thursday holds or
If we go again a little bit higher like I said I’m looking for resistance in the 50,000 to 53,500 range to stall the Bitcoin advance and extremes this is the the ATR the average true range of price and Bitcoin is at the third ATR it’s bounced off the 100 period
Moving average and we’re at the third ATR we stalled there previously twice again this is uh showing the Bitcoin is at extremes it was Bitcoin topping at the third 18 at the first Bitcoin top back in 20 early 2021 it stalled and topped at the second
ATR uh here in uh late 2021 at 69,000 this is telling us first all that Bitcoin is at extremes and likely to pull back secondly an area where sellers might pounce on bitcoin at the third ATR this B boundary right here the third ATR Peaks tend to develop at the second or
Third ATR on bitcoin also again I’m expecting rejection in this area as I told you between the ,300 area to the 53,500 area or so because we are hitting key resistance levels here I have bitcoin’s average price I’ve marked the standard deviations here we’re hitting the green line which is the 1.61 one
Standard deviation above the average price of Bitcoin it’s a Fibonacci resistance level 618 standard deviation above bitcoin’s average price this is where we stoed here this is where we stole here okay with the Bitcoin uh few uh the Bitcoin uh uh spot ETF being launched that’s where we sto previously now we’re here
Again again just overthrowing it like we did before this area that marked the peak back over here at the top when we hit 69,000 we stalled twice at that 1618 standard deviation above bitcoin’s average price we stalled there when we topped over here we stalled at three standard deviations above bitcoin’s
Price it marked uh a sell signal reaching that level we came back down to bitcoin’s average price we bounced and we stalled and we broke notice the expansion 16 one the 1.61 standard deviation of the price we broke it we balanced off average price and we found rejection at that
1.618 deviation above the price it was resistance we broke it over here we found resistance over here we tanked 78% and now we’re back up to it right here this is a major level of resistance in order for Bitcoin to go higher we’ve got to clear this level and stay above it if
We get rejection here that would be very very meaningful and if we come back and take out bitcoin’s average price around $32,000 right now then that would be very very bearish indeed if we take out um average price Dro below it we did over here after we got rejection off of the
1.618 standard deviation above the average price so we would be doing the same exact thing again this is why I’m looking for uh rejection in this area right here here is because this is where we’ve seen the rejection nothing has changed my mind I still believe that
Bitcoin is to go back and test 15,000 I believe you’re going to see another uh leg down that’s going to look very very similar to this and you’re going to have the measured move uh lower talked about my Elliot wave count and again another reason why I believe bitcoin’s going
Lower currently we’re just above that level I was looking to see if we would drop below it with a topping tail over the weekend we did now again we’re consolidating either a stage three top or consolidation for one more push higher and then we go uh again for
Rejection at this area here uh like we got over here the launch of the uh Bitcoin ETFs and like we had over here 44,000 area looking for rejection here so I said the Elliot wave count may or may not be done if this is four then we
Get five and then we go uh and again that could take us to the 53 3,500 area see what happens here but again I do expect rejection uh eventually in this area even if we push higher I still expect rejection get above it and remain above it see like the weekly charts
Validating that the weekly charts are sure forming negative divergences triple negative Divergence on the RSI as we hit this 1 Point 618 standard deviation above the uh average price of Bitcoin and as we’re hitting the Third ATR and these resistance levels that I’ve talked about
