BITCOIN CRASH!!! (Important Update)

BITCOIN CRASH!!! (Important Update)

what Sumer crypto Legends the price of Bitcoin getting a huge major drop I going to explain in today’s episode why we’re holding the $57,000 range if we do not consolidate in the next coming hours at this level we are likely going to go to the next big level of support that will be explained in today’s episode of course we’ll be talking about the major levels of resistance as well what levels we need to claim to even start to think to become bullish we’re going to take a look at some very interesting news as well that is going on we do have the interest rate decision today which is likely not going to be any cuts at all and we taking a look at the dxy the dxy is looking very bullish we just broke here from this weekly descending Channel resistance today and we’re likely going to go to much higher levels and we know that if there’s a strong dollar then of course it’s a weak Bitcoin and stock market now guys for anybody that is interested in trading make sure to check out bluffing they are going to be no kyc for a long long time and you do have an exclusive bonus of over $80,000 with my link in the description let’s dive in here right away into the content guys because we did get a huge major collapse during the last few hours over $3,000 of a drop and I want to explain why is this level holding why are we actually getting a reaction at this $57,000 range well we did speak about this on yesterday’s live stream it would be the first level of support to get a reaction so far the price is consolidating here during the last hour it is getting a reaction we are pumping a few hundred I’m going to talk about a possible trading setup that could happen and if we do lose the lows then obviously I’m looking at the next level of support main reason why we are holding this range just getting a small L reaction it’s because it’s this massive high volume node from 2021 and 22 and we are just about to hit the 50% Fibonacci from this pivot low okay to the pivot high from alltime high basically we almost hit that level that level is hitting $ 56,2 we haven’t quite hit that level and I’m going to explain here on the lower time frames how we could hit that level hit today’s lows and possibly get a bounce the Bulls are probably going to try and maintain this level of support for a very nice bounce so we’re going to explain what we need to see on the chart because this level might be lost and of course you don’t want to be getting into any long positions on a falling knife only if you do get a reaction of course we’ll be talking about the short trading setups as well of course we are in a very very strong downtrend and there is a lot of resistance okay supports that have been broken will be turning into big major resistance so let’s go on the lower time frames this level here where we are consolidating at the moment moment during the last hour is also because we had a naked point of control this is the last week of February we got a high volume node right there and the price is getting a reaction it’s also a daily low that we had here from the 28th of February when we go to the daily chart and zoom in we can see here how that daily level is acting as support so we basically just tested that daily level that we had from the 28th of February and if we do zoom in we’re just testing here that level and getting a reaction if this level is lost I would be looking here for this daily high of the 26 of February that is a very very strong level as well if we do manage to just test that level we might consolidate and get a bounce but first of all we need to break through the 50% Fibonacci retracement from this pivot low to the alltime high now I’m just going to leave the Fibonacci here from this pivot low to this pivot High because no doubt look at this we’ve been seeing reactions at the 382 236 sorry we got a major bounce okay from alltime high 236 did get a big big bounce next Fibonacci level 382 big reaction right over here we got a couple of Wicks but it was maintaining as support big major rally the next Fibonacci level is the 50% which is round about 56,2 250 approximately we haven’t quite hit that level just yet if we do hit that level can we get a reaction just like we did with the previous FIB levels we’re going to zoom in on the lower time frames and analyze that situation what I would be looking at here on the 15minute chart to see if we are going to get a major bounce well of course I would want to see that double bottom okay I want to see that double Bottom I want to see that level of today that low being claimed again and if we do claim that low then no doubt if we do recover from that low we could be seeing a much larger relief rally now no doubt that we’ve had a you know major downtrend during the last few days and it’s very difficult to speculate on a long position I know those swing Traders out there that are in Long positions and looking to add to their position they are obviously getting absolutely wrecked right now we do not look to add to a position and hope for a bounce on bitcoin we react according to the technical analysis right so if we do get this low taken here in the next coming hours no doubt that we could see a reaction at the 50% Fibonacci we’ve seen the rest of the FIB levels 236 382 getting a huge major bounce during the last few weeks 50% hasn’t been hit yet we almost slightly had a front run here just today we’ve been getting a bounce of a few hundred if this low is claimed it is very close to that higher time frame 50% Fibonacci so no doubt a movement to the downside here this is the moment where we can speculate on a potential bounce why because the price has got a major waterfall and now is going sideways now is the moment where we can speculate in a long position when the price action is getting exhausted okay when the price action is slightly going sideways now we can think of a potential day trade long position if you are trying to catch a falling knife here you just going to get absolutely burnt so this is what we are waiting for here this is my possible plan if we do come to the lows here we got the 50% Fibonacci from the higher time frames right where we’re looking for that possible reaction just like we did during the last few weeks where we had the 382 okay getting a big bounce right there this is this uh greeny horizontal line the 236 okay the red horizontal line big major bounces from those FIB levels 50% has a chance okay which is sitting around about 56250 and it could turn out in a swing failure pattern from today’s lows we are getting the price just slightly going sideways today so that is the most important level of support we basically at that level right now A reclaim of that Lev of today today is going to be very interesting if this low is going to be lost then obviously we are looking for this Candlestick right over here is the one where it could act as support slightly and we’re going to be analyzing very very carefully here if we are going to start consolidating and then speculate for a long position now let’s talk about the levels of resistance no doubt we’re going to zoom in here on the lower time frames and the monthly low from March and Al also from April are the levels that we need to take into consideration this is going to likely be very strong resistance however if the price does blast through the previous month lows we can see here March right over there and we can see April also and when we zoom in on the lower time frames such as the 1 hourly time frame we can see how we got that bounce yesterday exactly from that level that is the March low and of course with the closing of April we have the low right over here as well if we were to see a reclaim of that level it’s only a pump of $22,000 it’s going to be very difficult no doubt we’re going to see a lot of resistance we could be seeing some shorting opportunities I’ll zoom in here on the lower time frames so you can analyze that potential lower high to come back down no doubt that shorts are in our advantage with this movement to the downside but we could be aware of a short squeeze there’s a lot of selling pressure coming in here there’s a lot of liquidity sitting above us right now when we do take a look at the liquidity heat map we can see that there is lots of liquidity building up above $60,000 so we just need to be aware you don’t want to be the last guy shorting the market but there could be some short scalp trading setups no doubt because we are in a downtrend and we want to follow the downtrend but overall looking at the potential bullish case scenario we need to reclaim the March and April lows which is sitting at the $59,000 range if we suddenly get a bounce and we’re starting to reclaim this level with a huge amount of volume really nice price action this will actually look pretty bullish we could start claiming some lower highs here at the $61,000 lower high from yesterday also this lower high right over here from Tuesday this is this is today’s lower high actually because we’d have this major drop this lower high right there this lower high over here and that could be definitely kind of a short squeeze we could be getting a huge major pump only if we reclaim the two monthly lows from March and April which is they are both at $59,000 so a big recovery above that level no doubt we can start thinking of the market getting a recovery for the moment Market is looking bearish it looks like that we could go to lower levels so far we are holding this level by a thread so we got that possible long setup here hitting the 50% Fibonacci let’s zoom in on the lower time frames such as the 3 minute time frame because no doubt we want to take a look at some shorting trade setups if we do come all the way up to this lower high right there from this major collapse that we had today this lower high is going to be a crucial pivot that is no doubt a level that I would consider looking for a short position why I’m going to explain right away it’s the first Dead cap bounce high that we have from the major drop of today and that is a classic level for the Bulls to reclaim and then the Bears have massive power if it does end up in a swing failure pattern claim that level and get a major pullback of several hundred or even coming all the way back down to the lows of today that is definitely a possibility there a very very good technical level the first deadcat bounce high from this major drop very very technical that is sitting at $ 58,60 Fibonacci is just above the first dead cat bounce high of today so this zone is going to be a great Zone to reclaim hitting the 618 if we do get that Wick above that level hitting 618 there’s no doubt that if you fail to break Above This lower high right there on the 5 minute time frame we’re likely going to get a pretty pretty decent pullback so I’ll be analyzing that level here to see if we do get a rejection that is a great trading plan right there to get a pullback of several hundred or even coming back down to test the lows of today that is basically it here for the technical analysis we’re going to take a look at the dxy dxy is looking bullish however we are testing the highs here from April and no doubt that this could turn into a double top that would be a bullish thing for Bitcoin to get an instant recovery here in the next coming hours and days no doubt that we could get a pretty decent pullback on the dxy because we just testing the highs we do have interest rate decision likely there’s not going to be any cuts at all so maybe maybe this is priced in already we’re probably just going to get a bit of volatility locally I wouldn’t expect a huge massive pump or a drop either on dxy just a volatility in uh the local range basically and if we do break the highs of April then no doubt that the October highs from 2023 are going to be tested and of course this will be bad for the stock market it will be bad for Bitcoin as well I am looking for the October highs of 2023 to be tested and this would be the last hope basically for Bitcoin and the stock market if we do break through that level then obviously it is kind of game over for the next coming months a bullish dollar Index obviously will be devastating for Bitcoin and crypto and the stock market in general however we need to give it a chance could it be that we are going to double top from the October highs of 2023 and then we’re getting a huge massive recovery we need to know that this year is an election year in November usually election years for the last decade have been quite bullish for the market so let’s see what happens however we do have a possible interest rate cut coming in the next coming months possibly it’s going to be in November maybe October we do have the press conference today from the Federal Reserve maybe is going to give the exact dates the exact month where we are going to get those rate cuts and when we do take a look at the previous cycle back in 2019 when we did have the rate Cuts we did have a major major collapse just before the rate Cuts so is something similar going to happen rate Cuts is not bullish in the short term this means that the economy is not doing well and the money printer should go on but it’s going to take a bit of time for that money printer to go on so usually you have a major crash just slightly before the rate cuts and during the rate Cuts potentially and once the money printer goes on obviously we can be looking for that recovery so another interesting fact of course we’re going to take a look at the bullish things we have um the uh Hong Kong ETF just bringing 121 million on the first trading day yes this was more than the US inflows during the last six trading days but like expected the Hong Kong ETF was really not going to be much on the short term we’ve actually got a big major collapse because of the the the the live trading going on since yesterday was very much expected that this was not going to move the market okay like a lot of people were saying okay this is the next thing this is the next hype just like we did see with the US ETFs and absolutely not guys this is not too much volume is going to come here here on the Hong Kong ETF so overall wouldn’t pay much attention on the short term for this because this is bullish for the midl longterm taking a look at here at the previous cycles of course we got a little bit of Hope a little bit of bullishness no doubt that the next coming months don’t look that great when we take a look at the economy the uh the rate Cuts uh however a little bit of hopium here for you we have seen major corrective moves where on the previous harving okay just post the previous harving we have been correcting significantly on the previous cycle so we can see the harving here back in 2016 we did get a major drop just after the harving also back in 2020 we did correct quite a bit and right now we are seeing the correction here from the harving just um just happening a few weeks ago so is this natural like I said on the higher time frames it’s uh not looking too great we need to start consolidating to even think that we are going to be bullish and get a recovery we need to reclaim some certain levels such as the monthly lows from March and April that will be looking pretty bullish if we do reclaim those monthly lows it looks like that the recovery can be pretty nice at least days after hitting that monthly level and recovering from that Zone on the other side if we start losing the $57,000 range no doubt the next level would be the 56,7 which is a daily high that we had on the 26th of February potentially that high is going to maintain a little bit and we are going to consolidate and if we start getting into a big massive waterfall the strongest level is the 618 no doubt that the price is going to get a reaction at this level it’s the $52,000 range where we also have a huge massive volume node this level no doubt is going to get a reaction whether that is a few hundred to the upside or a couple of thousand to the upside but if we start breaking down here guys we do have a big gap in volume on the volume profile and we could see that major collapse till we get a reaction here at this 618 Fibonacci and this high volume node from the consolidation of February guys thank you very much for joining today’s video update make sure to subscribe to the channel check out my buybit tutorial if you want to learn how to trade on that platform thank you and I will see you in the next one

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