BITCOIN WARNING! Major BULL Shift Forming!

BITCOIN WARNING! Major BULL Shift Forming!

this will be a pretty straight to the
point Bitcoin technical analysis because
I want to just really talk
about my healthy respect that I have for
the Bitcoin charts right now and just
for crypto in general and a lot of this
video will probably be discussing kind
of the potential for downside but I just
really want to point something out
that’s just very much on my mind this
applies to bitcoin charts it applies to
all of the altcoin markets obviously and
it just generally applies to this entire
crypto cycle so hit the Subscribe smash
the like button your support everybody
it means a ton to me so thank you if
you’re here and let’s just jump into the
Bitcoin video again I’m going to make
this very simple but it’s just it’s just
something that’s on my
mind here’s here’s the formation here’s
what’s going on with Bitcoin it’s been
cooling down since all the way back here
right just this swing high it was
overextended we bring up this Lux algo
indicator you can just see this reversal
Zone in red when it gets there it’s a
good sign that maybe Bitcoin won’t crash
but it’s going to form some type of
consolidation some type of structure it
that happened now we’re in the structure
and from a technical analysis move
there’s a symmetrical triangle broke to
the downside there’s there’s a story to
be told for upside for bullish potential
for Bitcoin and I’ll I’ll talk about
that in in this video but when I look at
what’s happening here you have the
20-day Crossing below below the 50-day
right now and if I zoom out I just want
to zoom out and I did a video on this
the other day because there’s one key
difference in what I’m about to say but
this is why I say I have a healthy
respect just a caution that is just
there at at a at a very surface
level in my mind because when we zoom
out this is the healthy respect is
because on this daily you can just see
the move this this crazy move to the
upside and then right now the 20-day
Crossing below the 50 if we do look at
the last
cycle there’s the 20-day Crossing below
the 50 here’s the the 20-day Crossing
below the 50 that’s where my healthy
respect lies it’s just in the fact that
maybe we’re not entering a bare Market
okay that’s not what it is but it’s very
much found in the fact that this move
this overextension move that Bitcoin has
been crypto crypto markets in general
Bitcoin broke all-time high before they
having that’s a lot that’s the first
time that’s ever happened so what is
very much in play I’m not saying is a
bare Market but what is very much in
play is just a little bit of a longer
term midterm type of consolidation and
with that might not just be sideways in
a really beautiful looking consolidation
pattern it could be it could be down it
could be downside and so if we if we go
and we look at the chart now this is
what the daily chart looks like and then
if we actually go I wanted to bring up
March 2017 because if we if we zoom out
on the daily chart right here’s this
cycle there’s our bull market doors and
I I talked about this in a video the
other day there’s the last cycle bull
market doors Bitcoin breaking the bull
market doors after the Bitcoin having
that line that you see there and then
here’s 2017 March 2017 want to point
something
out Bitcoin this was after the having by
the way which which even the move that
I’m looking at in 2017 happened months
after the having so that plays even more
into the into the case that Bitcoin very
much could put in a similar
consolidation because Bitcoin broke
alltime high before the having this
cycle but here’s a move in 2017 check it
out that 20-day moving average is
falling below the 50-day moving average
right there right at this all-time high
level and what did Bitcoin do it pretty
much retraced down to the the 200 day
moving average it retra to the bull
market doors that you see there and then
it very quickly bounced to the upside so
what I want to point out a couple things
on this move and then we’re going to
look at the daily chart now and and
we’re going to start talking about what
to anticipate so first things first I I
I just want to point out when it did
bottom and finally reversed right here
and then continued into the bull market
after that very big dip and it’s a big
dip if we measure this dip from that
like swing High there to swing low it’s
like a 33% dip for Bitcoin
Bitcoin on the RSI did not get oversold
you can see it right here but it got
very close to oversold so it cooled down
and it cooled down quite quickly now the
other thing I want to mention is this if
you study and look at the moving
averages cuz here’s the move 20-day
falling below the 50 right there look
what Bitcoin did and this is a key thing
Bitcoin fell obviously below those
moving averages just above the 200 but
that move back back above the 20 and 50
that was key and it’s always key those
moving averages are such a crucial
indicator in finding the bullish
confirmation the reversal switch the
reversal shift and Bitcoin is there
right now on the daily chart so my
question and this is where my healthy
fear comes into play is
this not saying we’re entering a bare
Market at all I think the bull market is
is like just beginning in a very
different way this cycle for the first
time
but is there room for just one more
swing low on the RSI to get at a very
similar level that we saw in 2017
doesn’t have to be oversold down here
but one more swing low and then the
other question is along that Journey
right does
Bitcoin is it well I should say is it
because Bitcoin fails to do what bit
what Bitcoin did back in 2017 get back
above those moving averages right you
can see after this 20-day crossing the
50 this first test at the moving average
area right there just key technical
analysis resistance Bitcoin failed and
we’re we’re we’re coming down now it
could test it again and we break it
that’s the move we want to see that
could very much disqualify the move to
the Target of around the lower 50s to
mid-50 it’s not even that crazy but if
we measure it as a total from from
all-time high so far to a Target like
that we’re looking at around 30% that’s
a move similar to what happened back in
that last uh 2017 cycle it’s in play
that’s where my healthy fear healthy
respect I shouldn’t say fear healthy
respect comes into play and and if we
look at
this this move in 2017 that’s very
similar right we’re talking coming
coming all the way down to a Target like
that just above the 200 day moving
average if that played out it’s playing
out very close to the Bitcoin having
back in 2017 this was playing out you
see this months after the Bitcoin having
that gives a sense of how bullish
Bitcoin is while I’m discussing downside
and this is why for me everybody when I
when I look at these charts yeah I have
a health of respect for Bitcoin on the
shorter term but I’m I’m so bullish on
crypto right now and it all has to do
with when I zoom out on a Bitcoin chart
this is what the Bitcoin chart zoomed
out looks like and you can just see we
are testing this area that normally
doesn’t happen this early and if we
actually even we’re we’re talking about
the 2017 move in uh March 2017 that’s
what we were just looking at on The
Daily right here look at even the
similarities in the consolidation of the
monthly Bitcoin back then was overbought
and it took a seconds it took a breather
and then that’s when the real bull
market really really begun began and
check it out such a similar move on the
RSI right now on the
monthly I think we’re just getting
started that doesn’t mean this move on
the on the zoomed in is over and it
doesn’t mean we might not go lower in
terms of downside if we’re going to hit
a Target I don’t know what the what the
time frame might look like but we could
be looking at another almost 20% move to
the downside or Bitcoin that’ be very
volle for crypto markets a lot of people
I think will be saying that we’re we’re
answering the bare Market that bull
market was over and I’m going to be over
here
saying I don’t think so I think this is
a a normal
consolidation that demands again some
respect and healthy respect but I think
we’re we’ll be going higher so I wanted
just to give that sense because this is
where my head’s at right now watching
these markets and I’m a little bit like
doing content right now is weird because
I’m just waiting right I’m waiting even
on the short term to see if we can test
this these moving averages what happens
there there if it does or if Bitcoin can
just fall just a little bit to like
$60,000 test this upper trend line just
test a key area right now it’s just like
hanging out and and I’m just waiting to
see what Bitcoin does so the Market’s
right now a little boring for me but at
the same time on the zoomed out kind of
getting exciting as this story plays out
so let me know your thoughts in the
comments below again I appreciate each
and every one of you I hope you’re
having a good day hope you have a good
start to your weekend I’ll see you in
the next video God bless

In this video, I delve into a concise Bitcoin technical analysis, emphasizing my considerable respect for Bitcoin charts and the broader cryptocurrency market. Throughout the discussion, I focus on the potential for a downturn while also highlighting potential bullish signs for Bitcoin. I introduce the Lux algo indicator, which indicates a consolidation phase following an overextended period. I analyze a symmetrical triangle pattern and the crossing of the 20-day moving average below the 50-day moving average, suggesting a need for cautious optimism rather than outright pessimism about entering a bear market. By comparing current patterns to those from previous cycles, particularly around the 2017 Bitcoin halving, I point out similarities in market behavior that suggest a possible mid-term consolidation rather than a significant downturn. I conclude by expressing a bullish long-term outlook for cryptocurrencies, grounded in technical indicators and historical patterns, despite the short-term volatility and uncertainty.

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Intro 00:00
The BTC price structure 00:35
Healthy respect for Bitcoin dip 1:15
Understanding how bullish a dip would be 3:00
Watch Bitcoin moving averages and momentum 4:45
Bitcoin and crypto just beginning bull cycle 6:45

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