Just in a matter of few hours, weve been hitting this crucial support during the past few days. What does this all mean for the bitcoin? Are we going to follow this downtrend all the way down into the crypto oblivion, or maybe wick of accumulation? Pattern is going to finally play out and send us into the crypto stratosphere and also were going to talk about this huge huge cap and handle thats playing out right before our eyes, so without any further ado lets jump in into the chores. All right. Welcome back! Everybody and if youre new, my name is yuri and im, just a random guy who likes to play with some crayons, and today we are talking about this huge and delicious cup and handle thats playing out right before our eyes. Thanks to earlydays.btc. He pointed out this beautiful and nice cup and handle thats playing out on the bitcoin a daily chart so based on this pattern, if we take the top to the bottom measurement, take it from here and put it to the top point. We will get the target of 76 75 000 for the bitcoin. This is a very promising pattern. Thats also lining up with the wick of accumulation pattern that ive been talking for a while. Now we are currently holding this creek as a support. As you can see, we never actually closed below the creek and for the past few days, weve been actually closing about the creek.

This is a bullish sign and i think, as long as we are holding about this creek, the bitcoin is looking bullish and i think eventually we are going to break out of this uh downtrend line that we are experiencing right now. But here, if we zoom out, you can tell that this creek is going all the way back to the january 2021. As you can see, this has been a huge huge support for the bitcoin, especially right now, so the bitcoin doesnt really look that bad uh, especially after discovering this cup and handle pattern thats stacking up on top of the week of accumulation pattern, the bitcoin really looks Like its going to blast off into the stratosphere, but not everybody thinks so, because the crypto inferior and greed index keeps dropping, especially when we testing uh such a crucial support, uh like over here and as you can see right now. Uh people are in a state of fear and everybody is afraid right now. What is going on with bitcoin? Is it going to dump all the way back to 30, 000 or 20 thousand or ten thousand dollars, and this chart itself the bitcoin daily chart? Is the perfect representation of the human emotion and it is really funny because uh nobody talking about dumping bitcoin right here? Nobody talking about dumping bitcoin right here when were pumping or over here only when were dumping only at the bottom of the bottoms we are talking about shorting, bitcoin and all the retail bears comes out and theyre like oh, my god, we are going to dump into Oblivion, this is it.

This is the the time right now, its going to dump and just when everybody thinks that we are dumping and all the bears are getting excited getting their shorts on. We have another pump and the same way we have bulls coming and buying over here following at the top, because it is hard to buy at the bottom. It is hard to have diamond balls at the bottom, its scary, and there is nothing wrong to have the opinion to have a vision that bitcoin is going to dump its totally okay, if you believe it, but again, if you believe that bitcoin is dumping, that short, It over here short it at the top. Why do you think that its a good idea to short at the bottom at the support there was a lot of people who were shorting this? Why are you shorting this short it at the top like over here? The same way goes for the bulls, guys its not okay, to just wait. You know a lot of people wait right now and they think like, oh well. What, if were going to dump lower you, never will catch the bottoms and not everybody tries to catch the bottoms. I know i like to catch the falling knives but thats just me. You can wait for more and more confirmation down the road, but there is people that wait, wait, wait and they never get in. There are still people waiting for the 10 000 bitcoin thats, fine, thats, totally, okay, but personally right now, i am loading im loading up because, right now the bitcoin is hitting a crucial support level, a crucial support level between 40 000 and 42 000.

That ive been waiting that ive been talking about since we jumped across the creek over here, and i was saying like i would really love to see. Bitcoin comes down to the creek, so i can load up more on the sweet, sweet satoshis and finally, i have an opportunity like that right now i might not know everything, but i do know that, fundamentally speaking, the bitcoin is in a very good position. We have a global adoption, we have whales loading up, we have big players like michael saylor, elon, musk, kathy wood, everybody is getting into the bitcoin. Now we have institutions playing this game. We have big players with a lot of money and its easy to move bitcoin with a lot of money, so the big players can create these scenarios where they dump bitcoin to the important support levels like over here like over here. The drops like these are the pure manipulation where the retail gets really scared and selling their coins literally to the whales. All right lets take a look at the important support and resistance level and currently right now we are establishing this nice support over here and personally. In my opinion, anything that comes in this support i would buy. Also if we take the fibonacci retracements, you can see like we are almost hitting that golden packet. Also, if we take even a bigger picture and uh draw a fibonacci retracement all the way from here. You can see that uh right at this support area.

This is was a golden packet as well, where people load up at that 30. 000. All of this looking healthy on a weekly chart lets zoom in into the daily. There is our daily chart and, as you can see, this is a good idea right now to load up on these levels. We have this downtrend going over here and also the money flow is in downtrend, as well as the rsi is in downtrend. The money flow on a daily starting to form somewhat of a bullish divergence, which is very promising uh. If we take this low from here, take it towards this over here we have uh prices dropping significantly, but the money stays at the same levels which is forming this base over here, which is a promising signs for the bitcoin and uh. I would think that we eventually will uh break out of this uh downtrend as uh on money flow as well as and on rsi. Over here, and on one hour chart. We can actually see the bullish divergence on the money flow and we can see the bullish divergence on the rsi at the bottom over here. We can see the price dropping, but the rsi is actually establishing a higher low again. This is just my opinion, but i think that we are recovering from these dips and uh really to me. This looks like a manipulation where whales are literally want your coins, they uh, they are hunting for your stop losses.

They are hunting uh for your orders. I mean we can see on these volumes. I mean when retail selling somebodys buying these and, as you can see, somebodys buying at these levels at this daily level at 40, 000. Every time we drop to these levels, we have a massive volume and we have an automatic rally, automatic recovery and especially looking at the rsi and the money flow. All indicators are really are stuck in the odds in a bulls, favor, so really right now, theres a lot of manipulation going on and really its a good sign because you can load up on the lower levels. You can load up on the lower prices where we dipped into that creek and we dip into like forty thousand dollars for bitcoin. I think its a good opportunity to load up on the sweet, sweet satoshis. So with that being said, thanks for watching make sure you smash that subscribe button.

https://www.youtube.com/watch?v=YP4dVPmE6M4