We are still trading within this pattern and yeah in todays video. We are going to have a look at this pattern, the chances of where which direction bitcoin most likely is going to break out to and which levels to watch within this pattern. So guys, all about that in todays video before we are jumping into the bitcoin price action guys. Thank you so much for all the engagements on yesterdays video. We got a amazing video yesterday with approximately 4 000 views and almost almost 400 likes guys. That is just truly amazing guys and if you havent done so already make sure to leave that thumbs up down below, because its really really helping to push these videos to a broader audience and, of course, for the traders out there who are interested in trading. Bitcoin. Im recommending free exchanges down below this video and yeah, you guys know if you sign up using my affiliate link, you can get a additional bonus down below so guys lets dive right into it and right now we are looking at the 15 minute, but lets go To the one hour time frame, right here and in yesterdays video, we have been talking about this horizontal resistance that is coming on in the bitcoin price. But what we basically have seen as well is that we have seen a small bump above this level uh, which has eventually resulted in a fake out. But it also showed us that we might be looking different to this pattern and that we might be trading in a rising channel pattern or a rising red formation, with a uptrending support and a up trending resistance.

Normally, the difference between a rising channel and a rising wedge is that a rising wedge the channel is being is getting smaller towards the end of the wedge, and a rising channel is just a channel that the sport and resistance the distance stays the same. So i think this is right now interesting to watch, and this is also the pattern that were watching right now. I think bitcoin is still uh has a bigger likelihood of breaking out right here to the offside rather than to the dow side. Even though a rising wedge formation is a bearish formation, and that is due to the fact that we entered this formation from an uptrend and during this formation, when bitcoin is actually consolidating, we are seeing the momentum indicators actually coming down. So this is just something to take in mind that normally you want you want these patterns to be continuation patterns and i think its still more likely to see something like that right here. The resistance is right now at approximately fifty six thousand four hundred and fifty and the support would be right now at fifty four thousand five hundred. And if we were to see a breakout to the upside guys, then the next major level that im watching in the bitcoin price after seeing such a breakout would be. And therefore i need to go to the uh four hour. Time frame right here and need to look at the different, the previous resistance right here.

That would be right here at approximately at approximately 59 000 us dollars. I think there would be the next major resistance in the bitcoin price and i can show it to you with a horizontal line right here at 59 000. This level has been acting as resistance during these historical price action as well, and if we were to get a decisive breakout right here guys, then the next major level that i would be watching is going to be 59 000 us dollars. If we were to break above 59 000 us dollars im going to watch the previous all time high, which is slightly 000 below dollars, and you guys know what im expecting once we are breaking that level decisively im expecting a acceleration in bitcoins uptrend. Does that mean that bitcoin is going to break out to the upside, and if we cannot break out to the downside, no, we can definitely break out to the downside still but yeah. That is just a matter of losing the support. We are seeing a divergence with the momentum indicators, momentum indicators coming down while the price is consolidating upwards, but this is actually a quite confusing signal because in a bull market, this can actually be a bullish signal because think of the fact, if we are being overbought, Then there is less momentum to to push the price higher less bullish momentum. So what does the price need to do? It needs to consolidate, while the momentum indicators are coming down again, and then we have enough space again to for another breakout which comes along with more bullish momentum, so right here we can see it.

For example, in the four hour time frame, we have a nice declining resistance right here that is forming and if we were to break the declining resistance that could show us that we are seeing some new bullish momentum coming into the bitcoin price. But i think in this formation it is going to be very important to really get the confirmation in the price as well and then afterwards. Of course, we can see those confirmations back in the momentum indicators, but right now, its really important for bitcoin to either break the resistance, which is right now approximately fifty six thousand four fifty or to break the support, which is at approximately fifty four thousand five 500. If we were to break if we were to lose that support right here, guys, then the next levels that i would be watching is. I want to use the fibonacci retracement tool right here. The next level that im watching is going to be the 38.20 53 600. Approximately and below that im going to watch the 53 000, i think 53. 000. If we were to get a break out to the downside, i think that is going to be a important level. That could be a level where bitcoin could bounce from and if we really were to see a further drop in the bitcoin price, we always could test this level right here, which is also the final support level. The final key support at 50 000 us dollars.

I think, as long as bitcoin is holding above 50 000 us dollars, thats, basically showing us that we are yeah. We are still in this macro bullish structure, then guys i quickly want to show you something on the weekly time frame as well. Lets go to the weekly timeframe, get rid of the momentum indicators and lets bring out the um moving average right here and lets bring out the 20 week moving average because, as you can see right here since we broke above the 20 week moving average – and this Is also above the 21 weekly ema, you can see that this level has been acting as support, which historically has been the indicator showing us whether we are in a bull market or in a bear market. The last time weve tested this level guys. That was right here. We tested this level as support and, as you see, we all know what happened afterwards. We had a lot of firework going on so that bitcoin right now bounced off from the 20 week moving average right here decisively and broke the previous local high right here is just very, very bullish and in a macro structure right here. I think that yeah bitcoin is just looking very good also when we were to draw the parallel channel, which ive been showing to you guys right here. We have a yeah macro, parallel channel right here, which we also broke out when we still would be trading within this channel.

That would mean that yeah, we will see a more downwards price action still, but we broke out and thats also, why? I say the level of 50 000 right here is the most decisive level, because if we were to lose 50 000 us dollars, that means that we are breaking back into this channel again, which means a filled attempt of break out out of this channel. But right now everything is just looking very good and, like i said in the shorter term time frame, i still think um the chances, the odds right here within this formation. It is more likely for bitcoin breaking out the upside rather than breaking out to the downside. However, we do need to watch this support. If we were to lose that support, we could see a drop in the price of bitcoin. However, i think that if we are going to see a drop, that is going to be a unique opportunity for us to load on on new long positions and to accumulate basically more bitcoin, because i think the downside of the price of bitcoin is very, very limited. So guys, if you are interested in trading this formation, you can do that over on one of these exchanges that im recommending down below and if you sign up on one of these exchanges using my affiliate link down below you, can get an additional bonus and on By bit, that is a bonus of over 600 us dollars on the femix platform, that is a bonus of 2 000 us dollars and on the prime xpt platform, where you can trade bitcoin uh, but next to bitcoin, also the regular financial markets.

You will get a 50 percent deposit bonus so for guys everybody whos interested in trading on one of these platforms. You can find my affiliate links down below this video, then guys for everybody, whos interested in joining the conscious crypto trading event, which is coming up very very soon um. I have my affiliate link down below where you still can get tickets, and a lot of speakers will be there a lot of interesting speakers like chris from mm crypto davinci j15, a crypto wendy didi thai hutu from the bitcoin family. I will be at speaking here as well, so guys on this event, you can really upgrade your skills in trading, your knowledge and trading in indie markets, but also your knowledge in, for example, how you can organize your tax system in the best way uh with crypto And the event is going on on the 15th 16th and 17th of october, so you only have a couple of days left right here to get your tickets guys and yeah, everybody will be talking about their own specialty, their own focus, so we have davinci j15. Well be talking about um some strategies. We got right here how to minimize attacks and maximize crypto profits, well be talking about by michael vosmer from offshore citizen. Then i will be talking about market dynamics, how you can use certain indicators and so on, and chris will be talking about the mindset, how you can have a profitable trader mindset how to approach the super cycle for legendary profits.

So yeah guys theres a lot of interesting talks going on and if you are interested in joining this event, i have a link down below this video, which will bring you to this page. Where you can read all the topics that will be spoken about and if you think that is interesting and you want to attend, you can get your tickets there as well. So for everybody interested in that you can find more in the link down below then guys. I want to wish every single one of you a awesome day today. Thank you so much for all the engagement. Thank you for all the likes.