CAN WE TRUST THIS BITCOIN BOUNCE? THIS CHART REVEALS THE ANSWER!

CAN WE TRUST THIS BITCOIN BOUNCE? THIS CHART REVEALS THE ANSWER!

Bitcoin is having a balce but the question is can we trust this well today guys I am going to talk about exactly that I am going to talk about what I see happening next in the crypto markets I am going to talk about some major developments happening at this very moment which is going to have a big effect on bitcoin moving forward as well as about $2.5 billion worth of crypto is on the move today so yes big stuff to talk about today guys I also have this massive ref fractal I want to show you so make sure to stick around from the beginning until the end of this video Welcome Back everybody my name is Chris bringing new cryptocurrency videos every day teaching you how to make money in this market if you’re new to the channel then make sure to subscribe and activate the Bell right now so let’s get straight into it guys so as you know guys I have been saying that I do think it’s a likely chance that we see a boun of The Orange Box at $58,000 but also that there’s a decent chance that this could could actually be the bottom of this move and that we are going to go up higher here from this point now uh I have been updating you on Twitter here so what I said initially is that my Orange Box will defend the Bitcoin price and since then we have actually seen The Orange Box push up the Bitcoin price and then I said the next major test is for us to break through the orange line here which is $59,000 and we have now managed to do that so so we managed to break through the orange line and now we are retesting it at support so slowly we are starting to reclaim some of these levels you can see that we went all the way up to $60,000 here had a pull back down to my orange line again but yeah slowly we are starting to creep back up here but a lot of people have been hurt on this move especially with alt coins a lot of people have been radically hurt and uh it’s going to take a little bit of time for the market sentiment to be come bullish again in general but uh yeah so far things are still looking pretty decent and uh if you uh looked at my kind of questions and answers I did yesterday on Instagram a lot of the questions were surrounding if this is the bottom or not and just like I’ve been saying all the time here as we went down here I said that I think it’s a 50% chance that we see a bounce of of The Orange Box down here and if we fail this level I do think it’s a 40% chance that we find support at $51,000 so that makes it a 90% chance that we are not going to go down below $51,000 so that is just my rough estimates and there was a lot of other questions as well yesterday on Instagram so uh make sure to go to my Instagram account and uh it’s it’s such a pleasure to to be able to uh receive these questions and answer them because on YouTube and Twitter it’s completely impossible because the socials are just too too big but on Instagram it is much easier so if you want to check that out you have the link right here and there was a lot of good questions asked yesterday but back to bitcoin I do think that we are slowly going to creep back up here but we need to reclaim these levels we reclaimed $59,000 so the next one will be 61 and then you have the big one this is the massive test at 63,500 so let’s see if the momentum can now start to take us up towards these points now what I want to point out though is that uh and I said this when we were going down as well in general a 21% pullback is typical so right now you can see that the pullback down to the body of the candle was exactly about 21 uh% from the highs now yes on the wick it is 23% but on the bodies of the candles which coincides with the orange box right here so that was 21 % and 21% is a recurring theme you can see here boom body of the candle is 20 but to the wick 21% so this year alone we have had this pullback even in January we had this pullback right here again 21% let’s look at this one right here so here you have again 21% so this was actually in 2023 let’s continue so you have this one right here this was 20% so we have this one right here this was 22 23% so you can see how 21% is a recurring theme this was more but the last major pullbacks have all been around 21% so this why I told you like I’m not selling my like if you’re selling your Bitcoin right here um you need to have a plan like are you going to stay in Fiat are you going to buy back and anticipate lower prices well in that case you are taking a big risk because chances are are that we’re not going to see lower prices and in that case what are you’re going to do so to each their own obviously if you’re over leverag that’s another thing everyone has different circumstances but to sell here expecting lower prices I am not so sure you are going to see much lower prices than where we are actually at right now so that’s just my opinion we will see if that works out or not but uh the next major point is $51,000 so are we going to go down below $50,000 I wouldn’t give it a massive chance that we’re going to go like I said I only think that it’s a 10% chance that we go back below $51,000 okay so that is my opinion now when you look at traditional markets this is really interesting because you know that we were talking about this trend line for traditional markets and then we had this price action right here and then I extended this extended it like this and said hey guys look the previous uh resistance the price is actually respecting this uh even right here when we were on the way up got rejected and then we got supported of my orange lines and now we if we extend this further to where we are at right now we’re seeing something like this so we’re still like well you can draw it like this you can draw it like this uh I would draw it like this so this means that this resistance level is still being respected and if we can manage to break through this that is a very good and bullish sign for Bitcoin if we can manage to do that actually so I will keep my eyes on this for sure now today you have options expiring 23,000 Bitcoin and 330,000 ethereum so the value is 1.4 plus $1 billion so that’s about $2.4 billion worth of options expiring today now the max pain point is $61,000 for Bitcoin $3,000 for ethereum so the price in which most most uh people are going to lose the most amount of money is at 61 and at $3,000 ethereum so expect volatility today as these whales are going to try to influence the price to be at a certain point when these options expires so let’s keep our eyes on that as well now there’s some big things happening right now first thing is that black rock has been saying that they are seeing uh Sovereign wealth funds pensions are coming to bitcoin F and that they have been educating people educating Pension funds endowments and Sovereign wealth funds about the new spot Bitcoin ETF products so this is what the head of digital assets said at Black Rock so what does this mean and what’s the takeaway here it means that the pump you’ve been seeing here for Bitcoin with the spot Bitcoin ETF being approved it’s not really from the sophisticated the kind of Pension funds and weal fund and whatever it’s mainly from retail and maybe some smaller institutions um but when these things start to get interested and they start to accumulate that is when things could get really really crazy okay so that’s why I’m saying like even at these prices I don’t see this as a bad opportunity to accumulate more if you’re just going to do it for the long term so that is the first thing I wanted to say second thing I wanted to say the second largest European Bank B&P Paribas bought Black Rock Bitcoin ETF shares now it was not a lot it was less than one Bitcoin worth at current prices However the fact that they bought they’re tipping their toes into the pool and this was obviously a test and they are most likely going to buy more in the future so now they’ve already bought a little bit they know how it works and they’re most likely going to at some point buy even more so you’re starting to see things things move here right in front of our eyes if you’re paying attention now let me show you also this so this has to do with the S&P 500 which we know has a big effect on the Bitcoin price as well now what we saw the pullback you saw in April was 4.2% which is actually the first monthly drop since October but it’s the worst month since September of 2023 okay so let me enlarge this so this was September 202 this is where we are at right now the interesting thing is that after this pullback in 2023 in September you had another a candle of pullback the month after that and then a big big bounce right so we had a so that would mean that essentially May is also maybe going to be sideways or a little bit of a down candle and then boom straight up the months after that in fact you had five months of constant price action towards the upside after this now what’s interesting here is let’s look at the months in the S&P 500 where you have had negative months so the candle before these ones were this one well after you had a negative candle the month after we had a big green candle you had a big red candle right here big green candle after that two decently well this one was a big red candle in SE September of 2022 two huge green green candles after that you had the these candles right here a huge green candle so what this shows us is that in general whenever you have pullbacks like this we typically see a big bounce in the candles after that so this obviously goes against the S May and go away thesis because if you’re having a red candle right now then that would mean that uh the next couple of candles if the thesis is still the same that you see a big bounds in general after a big pullback after a big pullback that would mean that uh if this plays out the same that you’re going to see some pumps in potentially June July and August right which goes against the Sal may go away thesis so just wanted to point that out finally I wanted to show you this now this is a fractal posted by techdev it’s Bitcoin however one big caveat this is the on day chart to the left and the two-day chart to the right however just looking at the price action here we do see some crazy similarities so I just wanted to point that out anyway so first you have this consolidation right here you have it at the same time where we were in 2023 so this is uh 20 um 20 and until kind of mid 2021 so consolidation rounded top round the top right here accumulation and rounded bottom you can see this teal line rounded bottom break through the previous swing High you you have a big pump towards the upside consolidation you have this kind of little bit of consolidation right here big pump big consolidation and the question is is this the phase in which we’re at right now just look at this and also look at the RSI it looks absolutely identical even though yes it is on the day one day compared to the two day but still can we see something similar to what you saw here in 2021 let me know down in the comment section guys and also guys don’t forget that I have the best deposit bonuses out there if you want to start trading up to $30,000 on buybit by clicking on this link right here up to $60,000 on okx clicking on this link and up to $40,000 on bitat by using this also the best trading toolkit available out there is this one Lux algo up to 20% off so make sure to uh check these exchanges out with the links in the description and if you want to check out all of the questions I replied to yesterday you do have the Instagram uh Instagram account here as well guys that’s what I got for you today thank you so much for watching this video and enjoy your weekend I will see you in the next one

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Timestamps:
00:00 – Can we trust this bounce?
00:44 – Bitcoin analysis
03:31 – We have seen this before
05:42 – Key level to watch
06:33 – Beware this $2,400,000,000 move
07:19 – This is huge

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**Disclaimer**
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