BITCOIN PUMP TO $50K!!!!!! DON'T CELEBRATE JUST YET… CRASH COMING??? [unicrypt..]
stay tuned, whats up everyone randall here from crypto love, todays video. We are talking about why this bitcoin pump may not be completely. Bullish, were going to take a look at the symmetrical triangle. The bitcoin is in right now and talk about how to trade this, whether bitcoin price will go up or whether the price will go down. Also were going to take a look at what the sec just did today. That could completely change q4 of 2021 and the one willy woo chart that could 30x bitcoin price from where we are right now before we get into it guys make sure to like subscribe. Click the notification bell also todays video – is sponsored by unicrypt network, so make sure you stay tuned until the end for a review now with bitcoin here from the covid bottom back in march of 2021, bouncing off the bottom here in july, and then connecting with the Two tops the one we had at 65, 000 in april and then also at 52 000 in september. We have a symmetrical triangle right here now these can break up. These can break down as of right now. Everybody is very, very excited because bitcoin is up. Ten percent in the last day, im very excited too, but dont count your chickens just yet because right up there, we have the top trend line to break through right at 50, 000, a big even as well so does bitcoin. Have the momentum to break through or will it break down thats the question you have to ask and the reason one of the big reasons: why is what were going to be talking about with the sec coming up in a little bit now? This symmetrical triangle is set to break out by the middle of november, historically, a very good month for bitcoin november, the best month for bitcoin october, pretty darn good for bitcoin december.
Pretty darn good for bitcoin as well. Well, lets take a look at exactly what this symmetrical triangle is and what we can expect now. If we take a look, there are a couple other graphs to look at as well, because this is bitcoin versus dollar. Then we have the total crypto market cap versus a dollar which is a symmetrical triangle, but its looking more like an ascending triangle, and then we have the total market cap, excluding bitcoin, which is pretty much identically, a symmetrical triangle. Now what are these trading patterns? Well, if you just go and search google for basic trading patterns, thanks to baby pips youll find something like this, and this has basically all the trading patterns. You need to know to be a very, very good trader. Now they have reversal patterns things that weve talked about like head and shoulders or rising wedges. There are continuation patterns like falling wedges, bullish, pendants, bearish pendants, and then we have bilateral patterns. Now the difference between these ones and the bilateral patterns is that the reversal patterns and continuation patterns are predictive, whereas the bilateral patterns are not, they can break up, they can break down and if we take a look, we have a symmetrical triangle right here, which is The bitcoin chart, we have an ascending triangle right here: the total market cap excluding bitcoin, and then you know, total market cap, including bitcoin, is kind of a mix of the both.
So all of these really are not very predictive but theres, a guy who has a great site called the pattern site. Thomas bulkowski talks about a whole bunch of different stuff, and here he has on symmetrical triangles now he says theyre garbage, he says symmetrical triangles, sometimes called coils appear often on the historical price chart, but performance is awful, so doesnt, not very predictive. Cant really tell you up or down or anything, and he says overall performance rank. One is the best. This is 36 out of ‘. So clearly not a very good pattern. However, if we scroll down, we look a little bit more. So what is symmetrical triangles? Well, price must touch one trend line at least three times in the other trend line at least twice forming distinct peaks and valleys. And if we take a look at that, it is touched here once twice going for the third time. So if bitcoin price doesnt break through, we would definitely be in one of these and then touching the bottom twice now what else about this well volume trends downwards: 84 to 86 percent of the time. If we take a look at that volume, trending down so check that as well, now breakout upwards 60 of the time and 74 of the way to the triangle apex. So if we take a look at that, the breakout generally looks like this. If it goes upwards, but only 60 of the time, that also means that 40 of the time we have a price break down, and you have to wonder with everything else thats going on in the world.
Like the everground debacle, like the uh yellen saying that the us is running out of money, like all of these things, will bitcoin break up. Will it break down kind of tough to tell now weve taken a look at these symmetrical triangles, but were not the only ones, because rao paul also notes this right here, the bitcoin long term log chart looks pretty luscious. Who knows if the wedge breaks on first attempt, but a consolidation pattern of this magnitude usually leads to a very, very powerful upside move, as you can see here from 2017 and then boom once it broke through and found support there broke up and hes, not the Only one, because, two days before he posted this trading shot said the same thing. He said theres not only two theres three, so we saw this back here in 2014 to 2016 and then 2017 to 2020, and it looks like were having another smaller one right now that if we break above that 50 000 area find support, bitcoin could potentially launch And this just goes further to verify what william clemente was saying. The other day where bitcoin floor has been set large bids across all major exchanges. 3. 900. ‘. 000 was the price floor now as if this was too easy, because it seems too easy. The sec wants to go and throw a wrench in the works. The sec has extended four bitcoin etf deadlines by 45 days now its rocktober right now, and everybody was expecting sometime in october from the 18th until november.
First five bitcoin etfs likely to be approved. Well, the sec says uh, potentially not theyve extended four etfs, including globalx bitcoin trust, and the dates now are rescheduled to november 21st december 8th december 11th and christmas eve december 24th. Are they crazy, theyre, just gon na extend it again and again and again i have a feeling, but this could definitely throw a wrench in the works, because everybody was looking at this as a catalyst for sending bitcoin up intergalactically and if it doesnt happen. Well, the commission finds it is appropriate to designate a longer period within which to take action on the proposed rule, changes so that it has efficient time to consider the proposed rule changes in any comments. Gosh, if thats not double speak, i dont know what is they just said: absolutely nothing there. Now, all of that we dont know whether the price is going to break up or down and if youre, looking for how to trade it. This is what you do. Okay, you wait for it to break up, and then you buy, you wait for it to break down and then you buy, particularly once it breaks out of there and then bounces off to confirm that as support or resistance. That would be the entry point. So if youre looking to trade, that that would be how you trade that, but there is one graph thats, really really good, willie wu talking about whale feeding seasonality. He takes a look at this whales, apparently like to eat bit, corn right so anyways.
He has the corn price here, even though thats bitcoin price, i mean anybody who can see that percent of corn held by whales, as we can see anytime. This ticks upwards when whales are buying. We have from the beginning of that happening. We have between. Here was 70x here. It was 8x here was 15x, so roughly on average 30x potential that could potentially from the from the bottom there three thousand dollars could potentially or thirty thousand dollars could potentially put bitcoin at a nine hundred thousand dollars. Almost a million dollar bitcoin based on this whale feeding, depending upon how long it goes on so that my friends is very good news for bitcoin. Fundamentally, everything looked great for bitcoin, well kind of have to see if it plays out. If we dont have some huge financial disaster, so that is all for todays video now it is sponsored by unicrypt network. I should just note, while this is not an endorsement of the project, this is to give you more information about the project and then you can go and do your own due diligence now unicrypt network, multi chain, decentralized protocols and services started in june 2020. Unicorp provides an ever growing suite of decentralized services. The objective is to bring value to the d5 space as a whole by delivering disruptive, flexible and audited technology, strengthen your project and reward your communities using our services theyre, aiming to do a b to b type of business that benefits the community that holds the tokens.
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