Bitcoin [BTC]: A Major Shift Is Coming For Crypto.

Bitcoin [BTC]: A Major Shift Is Coming For Crypto.

[Music] hey guys just a quick update for you today as there hasn’t been a whole lot of price movement but our pivot Points are still doing their job so I’m going to be going through all of that on the short term and the bigger picture as well but before we dive into it please remember that I’m not a financial adviser so always do your own due diligence and research and past results and not indicative of future performance all right before we jump into bigcoin a quick look at the US dollar that key support level beneath the market is around 105 on our index chart here and for just a bit of a reminder there anytime this chart is going up it’s going to be very difficult for us to see long lasting Trends in Bitcoin also in the same direction there’s an inverse relationship so this Market going up will be bad for crypto this Market going down will be good for crypto just in very simple basic terms but that’s what I’m tracking here and the signal I’m looking out for to suggest this Market is rolling over being the US dollar putting in a macro lower high is breaking back beneath this Zone and starting to hold starting to see some closes and lower highs and then we can start to expect some better upward momentum in Bitcoin and crypto now Bitcoin on the hourly chart I’m going to start here and then step it up into the higher term time frames we were rejected away from that 50% level exactly it was just beautiful just over $65,000 you can see this pump up into the line we had the selling pressure pick up as we did approach it from the underside then of course the market rolled over and we’ve now fallen down to that Pivot Point beneath the market again almost perfectly just beneath $63,000 now these yellow lines on my chart haven’t changed for probably well over a month now since I started showing them to you on YouTube and just to keep things really really simple I expect selling to pick up when they approach from the underside and buying to pick up when they approach from the overside and when the price does slice through one of these levels I’m just anticipating it will continue down to that next level now I’ve added another couple of pivot Points on the chart for you being this orange dotted line at just beneath $62,000 and also our new 50% level coming from this recent top down to that correction low and that comes in at a price of $61,000 so do mark them up on your chart as well they are new pivot Points they weren’t in yesterday’s video it was impossible to get this 50% level until this high was printed and just to recreate that for you so you can see what I’m doing I am just using the FIB retracement tool I’m turning off all the settings other than 0 0.5 and 1 and that gives us our halfway point and just by default 50% levels are pivot Points I’m always watching them to expect some kind of price reaction from so while we’re not trending down yet we are still holding the line at $63,000 just a little bit below there if we do break through it and we start to see some more selling pressure pick up I would be anticipating that buying will come back into the market around that zone and again if it doesn’t I just go down to that next line got to keep things really really simple that’s about it for the hourly analysis you can see this range very clearly between these two pivot Points there so it’s going to be interesting to see over the next 24 to 48 hours if we can get some price resolution on either side of these lines here up now to the 4-Hour analysis we can also see that rejection away from the 50% level a little bit of a double top as well as you can see by this top here and of course we’ve had another top here and we are just starting to correct somewhat now in isolation it’s not the end of the world we have seen selling pressure pick up a little bit in that recent session but we are still holding the line and we still have the potential for another higher low to form so for the Bulls out there that’s the bit of hopium that we are going to be printing a higher low but of course I always come back to the price action and the trends and actually back on the hourly chart there you can see we don’t have any definitive Trend our Trends are neutral on the Tia G swing indicator they’re neither green nor red you can see this expanding price action to showing the general indecision in the market now typically these patterns here lead to sell-offs or at least they more likely distribution I’m not wed to that I’m just talking about this one little pattern in isolation but we don’t have any definitive trend on our hourly time frame as for our 4-Hour time frame you can also here we have no definitive trend on our one bar or two bar charts our daily time frame is also just looking a little bit suspicious right now as we are currently neutral too we don’t have a clear trend on The Daily time frame so do keep that in mind in terms of your Trend indicators there we are just in a bit of an indecision period right now with lower lows and higher highs selling pressure is coming into the market at that 50% level for now but until those Trends can actually start to flip green I’m not anticipating anything big out of the north side of the market so do obviously keep that in mind when we’re looking at Trends price action and resistance cuz that resistance overhead is very clearly established now at 65 Grand up to the daily chart here where we’re still getting support beneath our orange Pivot Point at around $63,000 so using this one Pivot Point alone we are sitting in slightly strong territory while still stuck beneath our 50% level now I have marked up here this little Monday fake out as you can see it’s been playing ball almost every single week for the last nine weeks now now other than this week here which is still unconfirmed to be a fake pump where we’re going to be getting a larger selloff the last eight occasions there was around a 10% decline or more on each of these fake Monday pumps now if there’s one thing you pick up from this it’s never trust a Monday pump it doesn’t mean the market can’t continue from that point it just means it’s more likely a fake pump and there will be a larger correction to take place sometimes it happens immediately other times it takes a few days for the price action just to try and grind higher before getting the actual selloff so even if we do continue up from this point here but we don’t see any closes above that previous top and the price actions really struggling beyond the top of Monday’s bar there’s an increased chance we’re also going to be getting another decline from that point forward so it is one interesting little pattern you may want to be paying attention to now doesn’t always happen sometimes you do get a nice big Breakaway on Monday’s bar but you have to read it in the context of what was happening before that but in terms of Monday’s price action and where price currently sits we are still on top of Friday’s bar on top of our Pivot Point the Market’s really trying to make up its mind which way it wants to go which is very evident by these higher highs lower lows and indecision on the market both in our lower term time frames and higher term time frames but we may get some resolution in the upcoming session be prepared for a breakout in either direction as the market is winding up for something we know that the market spend around 80% of the time making up their mind which way they want to go and then 20% of the time getting there and you can clearly see in this period here the market is trying to make up its mind which way it wants to go so we will let the price action lead the way up now to our weekly chart here we can still see rejection away from this weekly Pivot Point this level has also remained unchanged for quite a long period of time that’s at 65,500 bucks we are still beneath that previous weekly swing bottom as you can see here so that is a sign of weakness but beneath the Pivot Point coming back from the previous cycle tops so there’s a lot of resistance overhead which is also lining up with the 50% level I shared in my previous video so do keep in mind that we’re technically weak on a number of indicators while still holding above that all important $60,000 so there’s also a chance that we just end up ranging within this period here while the exchange volume does continue to drop off as well because as I’ve been showing you that has been falling off a cliff lately and there’s still no signs it’s going to be coming back to life anytime soon now an early sign that the market is coming back to life on the north side of the market is getting back on top of this 50% level and seeing some daily Clos and higher lows and you can even go down to a 4-Hour time frame to get an earlier lead that strength is coming back into the market but we’re not there yet and we still have that other level overhead at 69k being the previous all-time high so do keep that in mind in terms of your macro levels but for earlier lead that’s what I’m looking out for on the daily chart and also the 4-Hour chart as well until that comes about we have to respect that resistance which is at around $65,000 as for the altcoin space we’re getting very close to being technically strong on a number of indicators above our 50% level and above our trend line to give us an early lead that the allcoin season is going to be starting we’ve been waiting a very long time for this allcoin season we still have no confirmation of it yet and this now is one of the earliest leads that we’re going to be getting a little bit of momentum to the north side and ALS are going to be outstripping the gain of Bitcoin but we’re not there yet of course we be tracking this really closely so time will tell us to whether we get this signal or not and we’re also going to be getting a little bit of a lead on the true Bitcoin dominance chart which we haven’t seen a breakdown of yet we have the 50% level and our trend line coming in at around 58% on the true Bitcoin dominance but we have removed stable coins out of the equation so do keep that in mind in terms of that key signal I’m looking out for to be an early lead the altcoin season is starting but we still don’t have that yet so that’s it for today’s market update just a little quick one for you guys as we are still trading within a range but we have those key pivot Points to be tracking both on the overside and the underside we can also be getting a lead from the US dollar and our true altcoin and true Bitcoin dominance charts that’s it from me today if you do want more from us in Tia crypto hit that link at the top of the video description wishing you more health wealth and happiness and until next time I’ll catch you then [Music]

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⏰ Timestamps
00:00 Pivot Points
00:27 USD Dollar
01:02 BTC Hourly
02:41 Bitcoin 4-Hour
04:04 Daily Analysis
05:40 Weekly Analysis

#cryptonews #bitcoin #crypto

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