CRYPTO DUMP!!! WILL THE BULL MARKET CONTINUE!? (Bitcoin Prediction/Technical Analysis)
This is crucial bitcoin, i dont care. If you hold it or not, this is crucial for the rest of the crypto market. As of now, as most of you know, and if you dont know now, you know bitcoin moves the market when it wants to move the market theres a possibility. Bitcoin could drag the market down even more im going to explain to you. Why were not out of the woods yet just to quickly go over? This is the beginning of 2021 to present the only reason why i havent zoomed out this much is to show you how we made these key support levels, which are these two lines that i made right here. These are huge support levels for bitcoin right now. We hit it at resistance. In the beginning of the year, we came back down and dropped and used support here. We didnt really know that the support line was going to be big just yet until we broke through this resistance. We got this pattern going until we got our all time. High came down, came back up, thought. We were gon na go back up in a bullish pattern, then guess what nope? We came all the way down crashing through the support that we thought we had. We go up down up down. We stay in here, theres. Definitely, some resistance at this level. This is in june, were like okay, youre gon na draw it all the way through for the rest of the year, or something right just to know that thats crucial support and resistance.
We had this little one day right here, holding us back. You know we were hitting that resistance right on the line. Then we broke through it. This is what i really want to get into. We are above that key support line. We actually bounced off it exactly. Okay, we wick down here which ill get into in a little bit, but we closed above the key support level and then had an engulfing green candle. Well, as you know, you can see, this pattern is a descending wedge, because the lower highs right here and the lower lows right here, lower highs and lower lows, pretty bearish right. So when i mean were not out of the woods yet its because we came down here up here, made a lower high came down made a lower low. Now guess what were doing? What are we doing? What are we doing? We could make another lower high. That would be the bearish uh side of things, but we still have key strong support right here, which one is going to invalidate the other. What i mean by that is the descending wedge is its own thing: right were making lower highs, lower lows, thats bearish, but because of the key support level, we could invalidate this descending wedge by coming down here up here down here up here down here and then Guess what the key support level bounces us through the descending wedge? That would be the most bullish alternative right now and it would keep us going throughout quarter four.
This is so important right here, because if we do crash through the key support guys we go down, we go up, we go down, go up, we go down hit the support level right, but guess what we crash through it make another lower low, and this would Be the other lower high? I guess well get something like this and we could stay in this forever until we bleed out into this support line right here. All i want you to worry about is where we are going to go. Are we going to break through this key support level, or are we going to bust out of this descending wedge because of this support so which one is going to invalidate the other? That is the question right now now i want to get into the bearish side of things. So here is the fibonacci retracement, as you can see right now, where we are is at the 382 okay, we are hovering above it on the daily, which is good. Weve been here for a bit, hopefully throughout this day, um im recording here at like 1 ‘ a.m. Hopefully, when i wake up tomorrow and the daily closes at 8 pm eastern for me, we are still above the 382.. If we come below the 382, its just another bearish indicator, which is not good but, like i said, remember the descending wedge, we have the descending wedge and the key support level. As long as we close above key support, i think we are golden.
That could mean that we break out of the descending wedge. Okay, im gon na hide those again and im gon na show you the danger zone. Now the problem is this area. The 29k mark guys bitcoin from the start of 2021. To now, bitcoin has not closed below 29k. We havent closed below this support. You know, give or take 28k to 29k. We have not closed below it, alright, so if we do ever end up closing below 29k on a daily, i really suggest at least for myself. This is a financial advice, i think its time to get the out. If that happens, and we start playing around in this area because we have the chance to bring the fib, probably all the way to 15 000 right yeah. Maybe 15 000 is what this fibonacci retracement is showing. That could mean that if we do ever have this bear market that everyones freaking out about we break below 29k and we close below it, we could see maybe 15k or just in the middle, like you know, play around here, and this could be the area for, Like the next bear market, just this whole area, so all time high is here and if we go into some sort of bear market, i think the area is going to be here, um at its lowest at like 15k. I dont believe we would drop any more than that because crypto in general is on some uptrend its been on an uptrend uh for you know years now, uh steady, steady uptrend, but if were including bear markets as a danger threat, even though, were steadily going up With crypto in general, this is going to be.
The danger zone is closing below 29k. That is when you know i dont want to say exit there, because obviously we want to sell at the top we want to buy at the bottom and the dips. There is a chart that i would like to show you in another video that is showing that bull markets are actually lasting. Longer. Okay, so theres a trend where each bull market that comes is lasting longer than the previous one. All right maybe ill get into that in another video. You know. Let me know in the comments below, if youd like to see some information on that so yeah thats. Basically, it guys right now uh without the fib. We really just have to watch out for the descending wedge pattern and we have to watch and see if we make a lower high. We think, because of these two green candles were out of the woods, guess what we make a lower high were still bearish, so we really want to watch out for that. Uh dont get. You know in like a certain bull trap mentality where you youd think that, because we have an engulfing, green candle were still in a bull run. My prediction: i want to be optimistic, so my prediction is: we do what i was talking about where we make, even if we make a lower high, we come back down to the support and we dont even make a lower low, and even if we do make A lower low and wick down there we have to close above support.
If we stay above support – and i dont mean wicks – i mean closing above support to the end of this wedge. We will break to the upside. That is my prediction for what i think is going to happen, because i think the support is so strong im not here to tell you guys if were going up or down, but i am telling you guys both sides of the story im giving you my prediction On what i think is going to happen, but i cant make your financial decisions for you. So remember, not financial advice, guys that is it for this important crypto market. Bitcoin update video, if you guys want to stay tuned for more crypto updates, make sure you subscribe and turn on post notifications, because this is all time sensitive information. You want to be here first when the new upload goes out, make sure you like to push the video out to more people and comment below to.