Bitcoin Could Trigger a Signal Not Seen for 9 Months

Bitcoin Could Trigger a Signal Not Seen for 9 Months

how does le you hope you’re well welcome to this Bitcoin update in this particular video I want to take another fresh look at the chart of Bitcoin especially at this recent pullback here to some important support levels uh we came very close in fact that trend line support that we see on the chart so we’ll have a quick look at the daily chart and also this weekly chart of Bitcoin and examine what these particular charts are telling us about Bitcoin and whether the uptrend is still intact or not all right guys join me all right guys welcome back so in this video I want to talk briefly about what’s going on here in the daily chart but also importantly in this video I want to bring to your attention an important signal that could potentially trigger on bitcoin on the longer time frame chart I’ll talk about this in a few minutes first of all let me just mention this so you may remember in the middle of March about the 15th of March I made a video and in fact you probably saw that video right about here I said look be careful we’re about to see a potential pullback or correction in Bitcoin because of overbought conditions here’s the video very short clip will come back but I think given how the macd indicator has now become extremely overbought within the same range as we were back in November 2021 should be a cautionary signal that perhaps we could see some kind of pullback or weakness or correction all right guys welcome back so as you saw when I was in Iran on the 15th of March I was warning of this so this is the chart I showed and I said look we’re reaching extreme overbought conditions based on the macd not seen since 2021 November 2021 and that usually follows a major pullback some kind of correction in fact in the price so while most people out there were calling for Bitcoin to go to the Moon we were saying no be cautious because this usually follows a pullback or correction in the price which is essentially what we got here as we can see now I should say I did not know exactly how deep this pullback in Bitcoin was going to be but nonetheless I was warning in the member videos of some key support levels that Bitcoin could come down to here’s a clip then the seawave would be the 100% projection of the a-wave which would take us down to approximately this level the c-wave could be within this region between 59,00 or let’s just say 60k approximately here to 57,4 which is by the way convenient because uh in the middle there is the 100 EMA usually during pullbacks uh especially at a strong extended rallies we we usually do see a pullback to the 21 weekly moving average this blue line we’re seeing here and I think that is a concerned because we did not test that support but at the moment I’m not convinced just yet that the ABC correction is completed that the seawave is bottomed so as long as Bitcoin as long as Bitcoin stays below resistance at 68300 we may see the seawave extend a bit lower to maybe the support 57,4 to 56k all right guys as you heard in the member videos in April I was warning that Bitcoin could quite likely come down at the minimum to test this support level you’re seeing here uh this Brown Line on my chart 57,4 which is just near this trend line support and more recently as you heard in the member video video last week I said look Bitcoin could actually come down and test this 21 weekly moving average this blue line in my chart which I should say it came very close to testing it it came extremely close near 56k didn’t quite touch it exactly but nevertheless it came extremely close to that 21 weekly moving average and in case you’re wondering well so what what does it matter because you see guys the 21 weekly moving average is a key level of support that Bitcoin usually tests even during uptrends so while a lot of people out there are screaming oh my God Bitcoin is doomed no we said as a matter of fact this support at the 21 weekly usually gets tested in a healthy pullback in fact let me show you this this is Bitcoin during the big uptrend from 2016 2017 notice how many times Bitcoin came to test this 21 weekly moving average here as a matter of fact twice here um third fourth and notice it bounced off from here as well okay so it came down test the 21 weekly moving average here bounced off tested it boom bounce stff tested it boom bounce stff tested it boom bounce stff tested it boom bounc stff and so on and so on you get the picture okay by the way in just a few minutes I’m going to talk about a second important signal on this chart we’ll cover this in a few minutes now so as you can see here on the chart of Bitcoin so far beautifully okay beautifully Bitcoin came down came very close to the 21 weekly and now we can see it’s bouncing off it’s bouncing off at the moment from that 21 weekly moving average so you can think of this as the 21 weekly moving average saying to bitcoin no you know what I don’t want you get out of here so in other words Bitcoin is getting rejected uh by the 21 weekly moving average here as I’m making this video Bitcoin as a matter of fact is up as we can see nice green bars here so far uh from that support as well the support at the 57,4 the 2618 Fibonacci golden ratio extension okay so so far so good uh and again guys to me as I’ve been saying for the last several weeks even my previous video last week I mentioned again that I’m seeing this pattern I’m seeing this structure on bitcoin still as an ABC correction as an ABC corrective pattern which means that once this ABC correction completes we could see much higher levels towards all-time highs that still is my view by the way that has been my view for the last several weeks that still is my view today so in summary we just zoom back a little bit here so when Bitcoin was at the beginning of March okay right about here this chart of overbought conditions on macd I would say this was the first shot that was fired against Bitcoin you could think of that as the first major warning sign bullets were fired against Bitcoin and we can see that Bitcoin did finally pull back here as we can see as we’re expecting and in fact came very close to that trend line it came at the very minimum to the 57,4 support that Brown Line at 26 month extension so far so good and remember guys as I’ve been saying for the last several weeks as long as Bitcoin can respect and remain above the trend line and also importantly above 50k Bitcoin Still Remains in an uptrend so there’s nothing in my view scary about this pullback or correction unlike many other analysts out there who are calling for doomsday oh my God we’re going into a bare Market no we haven’t broken the trend line we have not broken key support so again as I’ve said before in previous videos usually when you see a consolidation pattern like this when you see a lot of um pullbacks with overlapping structures like this overlap you can see how many overlaps we got here by the way when you see a lot of overlapping structures like this this is indicative of consolidations or corrective patterns and corrective patterns are still long-term bullish for Bitcoin okay so that’s why I’ve been saying for the last several weeks I consider this pattern still to be some kind of an ABC type correction okay so before I talk about this particular signal uh down here on my chart which is quite important by the way which is that as long as Bitcoin remains above this key trend line support is about 56k and also as long as it stays above 50k 50k key support okay these two important levels are going to be extremely important for Bitcoin okay I would say anything from the 21 weekly moving average the lows we made recently near 56k to about 50k this is going to be an important support zone for Bitcoin which means as long as Bitcoin can protect and stay above that support zone between 56k and 50k Bulls still remain in control and this uptrend could continue in the next several months towards all-time highs and by the way tomorrow in the members video on Sunday I’ll talk about the potential Target targets for Bitcoin should we continue this uptrend which I think is quite likely now the only thing that would change my mind about this bullish picture on bitcoin the only thing that would make me bearish on bitcoin which again remember guys I am not bearish but the only thing that would make me change my mind is as I’m sure you guessed it is if Bitcoin were to break down impulsively by impulsively means in a five-wave structure if Bitcoin were to break below these two important support zones again 56k near this trend line support and 50k key support key psychological support in other words if Bitcoin were to break down below both these support zones both 56k the trend line support and 50k then I would have to change my mind and become bearish why because breaking those key support zones would be like Bitcoin saying Ari goodbye I’m out of here because that would be breaking key structural support key Market structure so what I’m saying is if Bitcoin were to break Market structure or breaking below the trend line and Below 50k then I would have no choice but to change my mind and become bearish because that would be a break of trend now let me say this that is not something I expect is going to happen so I think that’s a lower probability so personally I’m not bearish on bitcoin as I’ve said in this video so far I consider this pullback in Bitcoin to key support like a 21 EMA and we’re still above the trend line support as well so I think this is a healthy pullback an ABC correction okay nice pullback to the 21 weekly moving average here and I still think Bulls are in control and we could see potentially all-time highs in the next several months again as long as Bitcoin respects and remains above key structural support levels I mentioned the trend line and as long as it stays above 50k support now one last thing I want to mention here about Bitcoin now I’ve mentioned something about this indicator about the stock markets about the S&P but I want to talk about it now in regards Bitcoin which is pay attention very closely to What’s Happening Here on the stochastic RSI now you can see the stochastic RSI has gone into oversold territory now let me say something about this I only use this indicator in the way I’m going to show it to you today in an uptrend I would never use this methodology in a downtrend okay it’s very important but because Bitcoin is in an uptrend obviously it’s above the trend line here as well okay therefore we can put the stochastic RSI on the chart look at where it is right now notice that the stochastic RSI currently is below 20 which means it is now currently oversold now that is not the signal on its own what’s important is what happens when the stochastic RSI climbs out of oversold territory and moves above 20 let me show you an example notice what happened here in I think that was yeah in September October of last year so notice stochastic RSI went into oversold territory okay that was when Bitcoin dropped down here into the 25k I think 26k 25k region here so notice what happened the stochastic RSI went above the 20 region there 20 Level so when the stochastic RSI rises from oversold territory and goes above the 20 Level that is when the signal triggers a potentially bullish signal in fact on the price okay and notice what happened Bitcoin then rallied for the next several months okay all the way from September October last year to of course the levels we reached recently so here’s an example for you from the yeah this is the uptrend the great uptrend we had on bitcoin from 2016 2017 so again remember I only apply this methodology this stochastic RSI in the way I’m showing it in an uptrend I would never apply it in a downtrend why because in a downtrend you’re going to get a lot of false signals a lot of whipsaws now going back to this particular chart on the weekly time frame we can see that Bitcoin currently is we can say stochastic RSI is once again oversold okay below the 20 region but I think it’s quite likely in the next few weeks next several weeks that this stochastic RSI is quite likely to rise and come out of his 20 region now I don’t know when that’s going to happen but all I would say is let’s be patient and let’s see when the stochastic RSI triggers a bullish signal in the next few weeks and when that happens as long as Bitcoin remains in an uptrend which I think is likely so as long as Bitcoin holds above the trend line and above 50k and then if the stochastic RSI then gives us a nice signal above the 20 region here that would be a very bullish sign a very powerful bullish sign likely for Bitcoin in the next several months potentially the rest of this year okay now again I don’t know when that’s going to happen but we’ll just have to be patient and wait for that stochastic RSI to eventually fire a signal above the 20 region above the oversold condition region all right guys so thank you very much indeed for watching this video make sure you watch my members video tomorrow on Sunday because we’ll cover stock markets gold Bitcoin and I think we may have time to cover ethereum tomorrow briefly as well and of course if you’re not a member you can join that link you see right there all right guys thank you very much indeed bye for now cheers

Bitcoin could trigger a signal not seen for 9 months (and what it means for 2024). Back in March we warned that bitcoin was extremely overbought and due for a pullback or correction. Since then bitcoin has pulled back to key levels of support as we had anticipated last month. Also, recently bitcoin has bounced off support levels. We look at what the daily and weekly charts of bitcoin are now saying plus one key signal, which if it triggers, has important implications for bitcoin’s long term trend. #bitcoin #btc #alessiorastani

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