I still think that a 65 000 bitcoin within the next 30 to 45 days is very likely, but we do need to consolidate after rallying fifteen thousand dollars in the span of just seven days. 35. Rallies need small corrections and were going to talk about what that might look like in todays video and how, from there were gon na blast off to new all time highs without much further ado. Guys lets go ahead and dive right on into it all right guys. First, a little bit of a recap looking down here on the four hourly, you will know that bitcoin rallied us grand total of fifteen thousand dollars in 37 in just under seven days. What we essentially did is we broke our recent local high and turned it into support. That is the first level that were going to be looking at today. It is sitting at 53 000. Now, if we are going to see a small correction coming from this level, what we want to be looking at is what is known as fibonacci retracement fibonacci retracement gives us retracement levels that the market might go down to when it is well retracing from a new High a first one to look at here is the 23.6 retracement level, meaning that we would go 23.6 percent of the way back to where we started the rally down here at 40. 800. That is another level that i want to show you this level right here and the level i just drew at our local high gives us what is known as a zone of support.

If i jump down to the hourly chart, i grab a rectangle tool and i go ahead and draw that you can see that that is our zone of support sitting right below bitcoin right now. A couple reasons why we think that were going to pull back here is number one. We had a nine flash here on lux on the td, sequential and weve. Also seen recently a sell signal come in on lux algo. Lux algo is a phenomenal indicator. You can check the link for it down below if you are interested. This is what is known as a flag were seeing a little bit of consolidation. On top of that guys, we actually saw that bitcoin was in a bull flag right here and we broke bullish. Just as we thought it would, we broke bullish, we hit the price target and then guess what, after you hit a price target, you need to have a small correction, so theres nothing wrong with that. Looking here at our volume, one thing i want you to remember is that our volume is continuing to increase weve, seen very low volume for three months now, and the volume is starting to pick back up. That indicates that retail investor interest is strong and it indicates that people are very excited about this market, but the td sequential, on daily chart is sitting at eight right now. Another sign that we need a day two, maybe three days of correction before we can continue to rally on top of that.

Another level that we touched as resistance is right here. It is this trend line of resistance, now im specifically drawing this on the linear chart, not the log chart. I typically draw on the linear on the log chart, but here on the linear chart you can see that there is a trendline that dates all the way back to the beginning of this bull market that bitcoin is currently respecting. We have support touches here in january. Resistance touches here in may and resistance touches more recently, and that is where we topped out. We are right now, looking at the end of this first wave of the rally, i think, were then going to see a small correction and then were going to see the rally blast off and continue to new all time highs. Now one of the final things i want to talk about is this: how does this market just these last seven days, look compared to our previous rally? Would you say that we are here in this rally, or we are here personally? I would say that what we just saw in the last seven days looks very similar to this 10 day rally over here on bitcoin, where we rally from 30 000 to 43 000 and then using our fibonacci retracement. We can see that the market retraced down to the 38.2 fibonacci level. Now i dont think bitcoin even needs to retrace that far. If it did ill show you where it would go to, if we did retrace down to the 36 point, a 38.

2 level wed pull back down to 50 000 thats a potential support level, i dont think thats going to come into play. But my point is here: is this: we had a big rally. We needed to have a small one, two three four in this case day correction and then the rally was able to continue. I think, sometime over the weekend were gon na see what we saw here. A bullish, engulfing candlestick formation and then were gon na blast off and continue rallying. That is where i think were going and then i think, were going to continue rallying to the upside the same way. We did here and then were going to blast back up to all time high and by the way. Finally, whats going to happen is were going to get closer to 60 000. 65 000, and you see this happen all the time throughout history. There is a magnetism around all time, high levels and the market tends to just rally straight up to it. After you get somewhat close, i think were gon na have a small correction for a day. Two days three days, maybe four were gon na sit here around 50 to 53, 000, probably 50 to 50 52 to 53 to be more precise and then were going to bounce and were going to rally and were going to continue. This rally and october is going to be a very bullish month. However, i do think we need to take a pit stop.

We need to stop for gas, we need to have a control burn. We need to have a correction consolidation, whatever you want to call it, and then the market is going to remain very bullish from there. This is what is known as crypto espresso thats. The name of this show you might have seen it in the title. What i just did here is i broke down the hour. Long show that we do every single morning called coffee and crypto into about a five minute video. There are a lot of details that i couldnt cram into this video that we talked about earlier on this morning. So go back watch the full show. We had an hour of content, a lot of discussion, that our viewers are loving and make sure to watch coffee and crypto 9 30 eastern every single morning and if youre, enjoying coffee and crypto and the channel go. Tell 10 of your friends. Because i think we are giving you content thats going to help you become financially free thats. All i got for you today, guys before i go. I do just first want to thank each and every single last one of you for watching.

https://www.youtube.com/watch?v=OeV3Mus7jys