BITCOIN CRITICAL MOMENT | BTC hits $50,000 | CRYPTO NEWS TODAY
If you do find this useful and informative hit that like button, i really do appreciate that, if you happen to be new to the channel, why not go ahead and subscribe tap that bell select all notifications, and in doing so you will be kept up to date With everything that we do here at cheeky, crypto right lets dive down into this bitcoin chart were going to just take a look briefly at our weekly okay, and this weekly chart basically starts way back here back in december of uh 2018. Okay – and this is kind of where the ball runs – should have started in theory for bitcoin uh. We can see that we had a good run to the upside where we peaked out with wave one just up here at the about june 2019 right. We then had a correction and then this correction was over extended to the downside during the um pandemic right back in march 2020. This is the point where many of those old coins actually started. Their ball runs: okay, um. Until that point not a lot was going on, but for bitcoin it was way back here, okay and then ill see a little bit more deeper correction than i was actually expected at this point. It should have actually started to move back to the upside. At that point there, okay, so pandemic aside, we just slipped back down and we had a good surge to the upside within um.
Our third wave right and the third wave up here peaked up in april of 2021 right so from march to april, weve seen one thousand six hundred percent in gains, so pretty good, uh, but again really small in comparison to some other altcoins. That again, if youre able to identify the um, i guess the. How do i pray that the possibilities, the the potential in some of these cryptocurrencies much earlier, such as v chain harmony, one um and matic um? You know just to name a few cardano right and when they were all the way down here, theyve seen you know well up of um, i think like matics being 50 or thousand percent right, so huge surges to the upside in comparison to what bitcoin has done. So, although bitcoin is considered a safer bet, we do have to consider that actually youre getting lower returns from bitcoin than you are from an old coin right and specifically in these ball cycles. So and what we saw once we kind of peaked up here with wave. Three was a pull back into wave. Four and again, this took us down uh pretty low. This is where people were calling out 20k bitcoin. So i marked that on here with a yellow line, because you know im useful like that um. So again, if if we were to actually slip down to our 20k level, this would be a previous high area over here of 2017 december 2017.
Okay, and so we know that if we were to pull back down, it would be a significant pull back as well. This is also a previous area of resistance. Just here, okay, and so here we obviously started to see a good surge to the upside, and this is where the critical stuff comes in, because this is where we are right now and the key things that were fighting against right before we kind of get past. This yellow box area, and basically once we are passed here, then we are talking about all time highs and we are talking about pushing up uh into this fifth wave in a really strong way. If we thought that uh way, three was good way. Five is going to blow your socks off, okay, so everythings, looking pretty good. From this perspective, we can take a look at that stochastic. It was definitely overextended into the oversold area for a very long time. We have briefly went back up into the overbought area and we started to fall back down on this uh. This weekly chart, okay, so again, not too uncommon. We can take a look at this third wave here, for example, we were oversold we pushed up. We pulled back, we pushed up, we pulled all the way back down and then we surged right back to the upside again to become overbought for quite some time. So right not unusual to see that kind of volatility in with btc here, and so when we jump down into our daily.
This is where we start to see a little bit more of that clarity on whats been going on right, so i have drawn on a couple of trend lines. Let me uh just expand these up and make sure i get those on the right levels for you. Okay cool, so here we can see theres a downward trend, and this is where were fighting up against right now, theres also an upward trend line im just going to make sure this is actually on point uh. Let me just pull that back in there there we go okay, so we have a downward trend and an upward trend right and again, this kind of forms a try and get a wedge by the end of october, beginning of november. I do anticipate how well actually push way up here, um beforehand. Okay, so month of october, is going to be quite key, but what i do anticipate seeing is a rejection from this current level. Okay, so we are overbought on our daily stochastic rsi, so i do think that a pullback is very natural and something that we should be looking to see here as we find this resistance level. Okay, so we are up against that 50k level. You can see this right now at the point of recording the video bitcoin is at 50k, and so again this is a barrier of resistance that we are fighting up against now. It can, of course, blast straight through here thats what we want to see happen and basically to break this down with trend from the peak of three and where we rallied to uh early september right and we dont.
We do want to push past this level, but i dont think were really going to see that just yet, i think were likely to see it pull back, maybe down to the 46k support line and then from here breakthrough take out that 786 and then thats a Real big ball signal that will take us up to our 67k target now the 67k target for the month of october, if i actually just bring this down for you, um comes in at the cup and handle okay. So basically, what we have is we have a cup here and then we have a handle forming and the handle then takes us up to 67k, okay, so the cup and handle as long as we do actually kind of finish this pattern off. It does predict that will be about 67k bitcoin um for the month of october, approximately timings usually the hardest thing to get with. That being said, this is very much in line with uh plan bs 63k for october and again everything is kind of playing out quite nicely to that effect. Now, with cupping handles theyre about 60 to 70, accurate and so again, theyre not always going to actually play out, but its good to see that the pattern is there and if it does actually come in, then we should be looking for a pretty good kind of Price bump and a new all time high for the month of october, okay, but i would be expecting volatility and again we could blast all the way through there to get to that first 1.
618 area, depending on what is going on. I do anticipate this quarter. Four being an absolutely massive for bitcoin right, so right now, um do expect volatility. If i jump down into our hourly here, you can see that were up against that resistance right now we are lowering our stochastic rsi. So again we could trade sideways here and then blast through get into the 618, which is this yellow box area and then from there we should be able to be working our way up past the 786 and then off. We go towards that 67k target. Now its also worth acknowledging what the avay dashboard is also indicating to us. Okay, so we have a b1 rating overall, it hasnt changed in the last 24 hours. The fear in greed index is a c2, which means theres a reasonable amount of fear for bitcoin. Still specifically, as you find, these resistance points, thats going to be a pain point for many people who are holding bitcoin and basically the bears will potentially want to take this down a little bit. So we have to be mindful of that. There is still unreasonable amount of fear in the space for bitcoin. We have the sharp ratio in a2, so the sharp ratio is your risk reward ratio and again its in our favor, its saying that actually holding bitcoin is potentially better than not holding bitcoin right. The risk reward ratio is working for us well above the 50 day average when we come down to moving averages.
Looking pretty good at an a2 rating, the peak and value demand b2 rating. Now there is some liquidity based problems. The amihad ratio c2 is indicating some problems with liquidity, so buying and selling could become problematic. So again we just have to be mindful over that. Um and again we have got the profitability being an a1, which is pretty good right so overall and the bitcoin stats are pretty well um, you know balanced. I guess i would be concerned over the liquidity and the fear in the space. Those two things coupled together could be a bit disastrous for bitcoin, specifically as we are coming up against this resistance right here. So in an ideal world, what wed like to see is actually just a small pullback. Nothing too crazy. I mean theres one here: a good support level could be found at 48k right, so we could just kind of work our way down and then blast on up. Okay. So everything at this critical moment is really playing out for bitcoin, really trying to figure out whether or not were going to push past 50 k push into that 618 area, okay, so getting above 51.1 k and otherwise pulling back down to 48k to 46k. Something in that range and it could allow us then to grow over time and a back push uh or push back to the upside overall, and so guys. I just wanted to kind of touch base with you guys on everything.
Thats been going on with bitcoin and we are up against some major resistance right now. The uh avaya dashboard is indicating potential problems with bitcoin from a liquidity and a fierce perspective, and so we should be mindful over what is likely to come next with all that being said, though, those are short term predictions and short term thought patterns, whereas ultimately october Does look like we are heading towards 67k based on the cup and handle pattern and um from there. You know we should be pretty, should be looking at pretty good price discovery for the rest of um quarter. Four really and we kind of heat the market back up again, um guys im going to leave it there. Hopefully you guys have found this video, useful and informative. If you have hit the like button.