Now i do see some interesting things looking like theyre, going to start to to move to the upside, so were going to get into what is going on with bitcoin in just a moment as we get into this video. If you do find it useful, informative hit that like button, i really do appreciate that, if you happen to be new to the channel, then why not go ahead and subscribe tap that bell select all notifications, and in doing so you will be kept up to date With absolutely everything that we do here at cheeky, crypto right with all that out of the way lets dive right into this weekly chart and talk about whats going on here with bitcoin. As we can see, there are five impulse waves to the upside okay. This really kind of starts right, the way back here, actually in december of 2018, just after we had the initial all time, high pull back in the course of 12 months, and we started to see in trigger to a new kind of ball cycle. Then we started to see a significant pull back here with wave 2.. This particular area was enhanced by the pandemic of march 2020. Okay, that was pretty much the low point of our wave 2 before we started to see a good surge to the upside, where we recently peaked out with wave 3 up at 65 000. We then started to see a pull back. Okay, been bringing us into these lower areas here and uh.

We seem to bottom out with wave 4 just at the bottom here um. Of course, this could be a part of a bigger, abc correction wave, which is why we still have our yellow line just signaled out here at 20, 000. Okay, so ill just quickly show you what that could look like um. If we are still in that correction phase uh, let me just find my abc. If i can see it, there we go, and so we could basically could be looking at this big a and then we come up to uh b and then come down to a c right. We could be looking at something like this, but i do think thats highly unlikely and its not impossible, obviously, which is why i talk about it here and but for me personally, i think its uh. The probability of that occurring is slimming its getting lower and lower. In probability, right now, specifically as we edge closer to the upside and break the previous all time, high okay, so it does look that we have bottomed out with wave four and but were always quite um skeptical until we pass through some key technical areas to make Sure that abc isnt, something that we actually do end up seeing okay, so its important that we do acknowledge uh. What is ultimately potentially on the horizon here and an abc is one of those things, but i do think actually were more than likely going to be pushing to the upside okay, which basically triggers in our big fifth wave to the upside overall right and so again.

Um its mindful just to be aware of a potential abc, but i dont think its likely and obviously be aware that we are looking to push up into new. All time highs in the month of october month of november and of course december, as we edge closer to our 4.236 extension based on the high of three and the low of four indicating a hundred and eighty two thousand dollar bitcoin. Okay, um so itd be interesting to see how things kind of progress towards that target overall um from march 2020 through to the peak up here in april 2021, weve seen 1 600 in gains, which is obviously significantly smaller than many of the altcoins in the space That being said, its still pretty good for bitcoin and we can see a nice search to the upside as well. So as we jump down into our daily view here, we can see a little bit more on what is actually going on with bitcoin. As i said, we do have the fibonacci retracement from the all time, high area of wave 3, the lows of wave four and again. This then indicates to us going up to a hundred and eighty one and a half thousand dollars, okay and so good progress with that being said, uh theres some interesting things that are more here and now, because this is the kind of target, but we have by The end of the year, roughly around december end of december 2021, it might go into january.

Timing is usually the hardest thing to gauge, so we also have a bit of a flavor as to where things are likely to go. Um and roughly the kind of timelines. Now, what we do have is a more immediate kind of target: okay and thats, basically with a cup and handle thats been forming here on the daily okay. This one is targeting up here at sixty seven thousand dollars. Seven hundred and eighty nine dollars, okay, and so the cup and handle for those who are unfamiliar, basically is basically caused, creates a a cup and just down here. So we can see that we have the cup okay, then we have a handle that pulls down, and then we shoot up from the bottom of the handle up to a 1.618 extension on the fibonacci, so basically taking the high of our um our handle the low Of our cup, you take those two things into consideration and then youre able to plot out approximately where youre going to land when you get that spike to the upside. Now this one here comes in at 67k, so thats, where were kind of expecting bitcoin to kind of land during this um, this next leg. Okay, so and pretty good progress so far on the way up here, um after finding the bottom of our handle. But we are, of course, in this key technical area right: the 618702786. Okay, so were getting that battle and ultimately we are trying to get above 57, 000.

Okay thats the kind of target that we have right now, whats above that we should be pushing up nicely towards the previous. All time highs. Okay, so and progress is being made right now in terms of bitcoin here on the daily, and we are of course uh overbought on our stochastic. This is something thats perfectly fine. We can be overbought for quite some time like we were previously over here during this wave, but of course you know at the same time, we can lower that stochastic while still pushing the price up. This is just indicating momentum so, as we start to push up, but we lose momentum, we kind of plateau a little bit okay, and so the expectation will be to eventually pull the stochastic down it. Doesnt mean that price has to move down. It can, of course, move up so as we kind of approach our 67k, so the expectation would be that well slowly lower our stochastic down over time, okay, but for now this is actually in a pretty good position and we have got a pretty good motion to The upside overall um and again i do think and anticipate a 67k bitcoin. Now, what were going to do is were going to just jump down into our actually before i do that. I am going to just quickly clean this up, because theres a little bit of clutter right. If i just get rid of some of these uh, we dont need all these circles kind of cluttering up our chart right and jump down into our hourly um.

But before we really talk about whats going on here, we also want to just acknowledge the artificial intelligence and machine learning at vid.io um. If i oh um, basically help you understand the underlying value of cryptocurrency, if youre not familiar theres, a link in the description down below do sign up its completely free and youll, be able to get a deeper understanding of your cryptocurrencies and just by using this platform. Um, so really do recommend it guys. The artificial intelligence in this platform is right. More often than not, and of course you can invest in the avay token and place that into a trust, wallet, link that to the platform and youll unlock additional features in the future. A lot of that is still to be announced, so do watch the space for that one, and but this platform, guys, i do think, has some serious potential well worth. Checking out so were just going to dive into bitcoin. Here were going to see that its got a b1 rating overall, okay, so um, considering all the data avai here have basically come out with a b1 rating, so actually its on the cusp of entering into the a rating, okay, so its actually doing pretty well. Now we can break this down a little bit deeper. We have a fear in greed index now at b1, so actually its now moving up in towards the greedy area rather than just the fearful area. So previously, a few days ago, this was extremely fearful.

All the way down at rating d and now were climbing up significantly right now were almost entering into a world of greedy. This is where you start to see more fomo activity starting to occur, so the artificial intelligence is already picking up on this. This is a key metric to understand. We have a sharp ratio, which is a2 well above our 50 day average. Now this is indicating your risk reward. Is it risky to hold bitcoin um, and are you actually going to potentially be damaging your rewards if you were to hold bitcoin, this a2 rating is indicating that actually, it might be worth holding bitcoin right now and its actually in your favor, so thats a pretty Good metric to understand as well um as we come on down here, we can also see we have an a2 rating for the moving averages. Theyre. Looking pretty good the peak end value demands up at b2. Liquidity is still a problem at c2, so there are some liquidity based problems for bitcoin, so we have to be mindful over that buying and selling bitcoin could potentially become problematic and uh. We do have an a1 profitability right, so the best rating you can get from a profitability point of view, 1, 600 isnt too bad, either its not the best that weve seen um our portfolio has definitely got some better performing assets in it rather than bitcoin, but That being said, its still performing incredibly well, and so overall, everything on the data side for for bitcoin and the underlying data that avaya dashboard has basically indicated to us is actually indicating pretty good things and when we jump back into this particular area, this being the Hourly chart we can actually, then analyze, not only just the charts but also understand what the sentiment is like in the market on our hourly chart here, so be on our to be able to give us kind of a good understanding as to where things are potentially Going to go next now, what im going to do is, on this shorter time frame, im just going to draw a quick trend line.

Obviously i dont generally like trend lines too much because they are the easiest thing to invalidate, but this just helps me kind of articulate what im going to kind of show you guys okay. So what we have is basically a touching of our trend line down here. Starting this trend pushing up finding resistance just up here: okay, coming back down or retesting um after breaking past the previous downtrend retesting that trend line and also the support level of 50k and then shooting to the upside right just coming above the area of the 702. Okay, re testing the 702 breaking below the 702 and fighting and holding the 7 to 702 area right here; okay, so what weve done is actually kind of held this area of 54k weve held it quite well and weve come down towards our trend line. Okay, our upward trend line that weve tested on a couple occasions already: okay, we havent retested it, but we are getting close to re testing it right now. I think that the second that we kind of come in touch with this particular trend line were going to shoot on up past the 57k area. Again, we take a look at that stochastic rsi on this hourly and we can see that were just exiting the oversold area right. So now were looking for that sentiment right. That sentiment that we saw here, which has moved up from a fearful area to a pretty neutral area, um is now obviously working for us, so knowing that were down here against this key area, looking to go above the 786 okay, currently testing the 702 im getting That closed candle above um 57k is going to be absolutely key.

So i reckon a test of our trend line here could be all that is required to then save us above the 57k area on the chart get the closed candle above the 786 and then signal in the next move to the upside overall. I do think all time highs are just around the corner and, as we can see, our 67k is not too far away from where we are um right now. So overall, i do anticipate that we are likely to to touch our test uh test. Our trend line move on past the 786 back test on the 786 and then move on up okay towards our 67k target: okay um, so overall everythings looking pretty good for bitcoin. I wanted to kind of give you guys a bit of a brief update on what to expect. Next, i think, on the short term, we should be looking for looking pretty bullish, pushing back to the upside overall and trying to look for new. All time highs in the next few weeks, or so i do anticipate october, were going to complete that cup and handle taking us to the 67k area and then from there in november, well go much further beyond and obviously on the longer timeframes where we take a Look at the weekly, obviously talking about pushing up into this fifth wave, nice and strong and aiming for a hundred and eighty one and a half thousand dollars by the full four point: two three: six extension based on the performance of wave three and wave four guys Im gon na leave the video there.

Hopefully you have found this video useful and informative.

https://www.youtube.com/watch?v=H_9PBtcWonM