Bitcoin: Whales are BUYING At MAJOR Crypto Support
Apparently southeast queensland were heading for another flood just after a few months of the worst flood on record. So if your crypto account is underwater just sleep easy knowing that some peoples houses are literally underwater now that weve got a little bit of perspective in this video im, going to be looking at the total market cap first and then, of course, jumping into bitcoin as Well, now, its just three days ago, i put out a video called final warning and specifically for bitcoin, were looking for a close below 34 000. In the video i mentioned that i thought there was a high probability of testing last years low if bitcoin did in fact close the week below 34 grand. So of course the rest is history, and naturally im going to remind you about this. When i get it right all the time but jokes aside here, we are down near the lows of last year, so what next thats were going to be looking at the total market cap, for i do have a little bit of hopium for you, because we are At a major support level, so without further ado lets just jump into it. Im, not a financial advisor, so everything i say is general information and for education and entertainment purposes. Only trading and investing is incredibly risky. So you must always do your own. Due diligence seek your own professional help and guidance before making any decision in the market and past results are not indicative of future performance.
Luna, death, spiraling and ust losing its peg has been one of the biggest events in this correction or this crash bear market. Whatever the hell, you want to call it now. Youve still got time to subscribe to our free newsletter, and in this edition i break down what you can do to prepare for the future. Events like the ust breakdown, how we can actually have a plan to act before things turn to crap. Rest assured something like this will happen again, whether its in crypto traditional markets or just your bank down the road now granted. Your bank probably doesnt, have a stable coin that could depend from anything, but banks do fail and if you want to see my plan of how to look out for these things ahead of time, then id highly recommend. You do subscribe to this edition before diving into bitcoin im just going to do a quick recap on the total market cap. So we can see where the whole crypto space is at, but before we get to the present day and what i think could be coming up next, i just want to go back to the end of last year. Just so, we can get an idea of what could be coming up after the market does dump for those of you who have been around since the december of last year or even before. That drop me a comment. Let me know if you are one of the ogs, but back in december we saw the market crash on the 4th of december specifically and what were looking at at the time.
I had a bit of hope on that bar that crypto was going to recover, but what i wanted to see was a v shaped recovery. Now, what we did get was a little bounce, but there was no v shape recovery and it was pretty clear about two to three days after the fourth of december – and i said this in real time, both on youtube and also to the members that the markets Going to be turning into a traders market and not necessarily that everyone has to go rush out and trade just that were not going to be seeing any substantial long term uptrends. Now, obviously, you can see from that point. The market just did start to grind sideways before continuing down, so the reason i bring that up is because we had that capitulation. I was looking for a v shape, recovery, it didnt come and then the chart told us what it wanted to do. Next, the market was telling us it wasnt ready to recover. It was probably going to grind and then obviously after the grind, weve got the breakdown. So what im looking at now is weve had another capitulation, so naturally, im looking out for a v shaped recovery. Its only going to be a v shaped recovery, at least, in my opinion, its going to get crypto away from this particular danger zone. Being our macro support the lows from last year, so of course weve seen some support come into the market after that big capitulation, but theres still time for a v shape, so thats the bit of hope, ive got so far and were going to expand on that.
A little bit more when we jump into bitcoin now i do want to apologize for the vanity of quoting myself in this particular video, but i do truly believe that the market is always telling us what it wants to do. Next us as technical analysts, traders and investors, we need to be paying attention and listening to what the signals are were never going to get it right all of the time. But i do believe that charting is a language in itself, so thats. Why im always looking at learning to read what the markets doing then? I can base my plans based on what i think it is doing. Sometimes i get it right. Sometimes i get it wrong, but, as you can see from just a few days ago, i had that final warning closed below 34k. Sometimes we can get it pretty right and thats. Obviously, not the only call ive gotten right since ive started youtube less than a year ago, but the lines you can see on the chart. Now we have 1.8 trillion dollars now ive been calling 1.8 trillion as a significant price point pretty much since we broke down from the low back in december of last year. The reason why thats important it was the low from september of last year – and it was this particular low here that was telling me – the market was going to be turning to crap, or at least were not going to be in a bull market phase anymore.
But what we can see with this 1.8 trillion, it has acted as some support and resistance, even throughout this particular grind at the start of the year. What we recently saw was obviously a fair amount of support and then obviously a bit of re test and resistance, and then we had the subsequent dump now, of course, all of thats history. But im going to get to why. I think thats important as we move forward from that point, but 1.8 trillion. Keep that in mind now the next price. I want you to keep in mind for the total market cap comes in at just under that about 1.65 trillion. We can see. That was really the final line of support that we saw in the market just a few days ago before it really got crushed now. It was pretty clear to me at the time – and i spoke about it – a lot on my channel if we were to break down from these lows in terms of market structure, i wasnt even really thinking about these lows as being some potential support. I was looking back to the previous lows of last year so now that weve got our two levels in the chart. Weve got 1.65 trillion 1.8 trillion. They were support and resistance on the way down, theyre going to be support and resistance on the way up. I dont cant say that definitively or with 100 certainty, but im pretty confident that if we do come back up to these prices, you know over the next few days weeks or whenever we do get there im expecting there to be selling come back into the market.
Once again ignore the timing of these particular down arrows im not expecting crypto to recover this quickly over the next couple of days, its just the prices. I want you to focus on, but, as you can see, what im thinking if we do start to find some resistance at the underside of these particular resistance levels, 1.65 and 1.8 trillion on the way up, it could be setting crypto up for another leg down. So its always one step at a time i do want to see the support hold up from where it is, but this is a bit of a road map and game plan im thinking about already, as the market has dipped to the current levels. First things: first, though, we do want to see this macro support level hold from where it is, even if we do see a bit of a creep down and then obviously get back above thats. Okay in my books, thats really what im paying attention to now, whether we can build a base from where we are, if, in fact, this big dump down has been enough to flush out a lot of weak hands and, like i keep saying its always one step At a time and im looking for confirmation, whether im going long or short or whatever the case may be, but now that weve looked at the big picture and ive shared a bit of a road map of what im looking out for moving forward, lets dive into Bitcoin to really pull apart, whats going on in this market, now that it has dipped back into the 20 thousands.
Now i started out on the weekly chart for bitcoin, because obviously we want to be looking at the macro support levels. Now that weve had a pretty big breakdown on the chart now, naturally, last year we had some pretty significant lows at just under 30, 000 bucks, rather 28 to 29 000. To be exact, we can see that bitcoins still just hovering around that price. So, for as long as bitcoin does hold above this 29 to 30, grand and just you know, maintain its ground if it starts to consolidate. You know thats a little bit of hope that ive got for everyone that maybe it is building a base preparing for another move up were a long way from there yet because, obviously, were only just seeing the market capitulate into just under 30 grand, but big picture. Always keeping an open mind as to what could happen and naturally, as i look at all the possibilities getting support above 30 grand will obviously be quite nice to see, but if it does break down, then im looking to the next level as being the last all Time high around twenty thousand dollars, now, personally, i dont think its going to get down there, but as always, the market doesnt care. What i think so, but in terms of chart patterns and analysis, it would be natural to expect there to be some major support. At 20, grand if it does continue to fall, but until then at least for the all the long term accounts lets just hope to see some support come in or maintain this 30 000 and above and start to build a base now another line.
I want you to put on your chart: is a trend line from the all time high down to that next macro, lower high that we saw at the end of march, just like we had those macro support and resistance levels on the total market cap at about 1.65 and 1.8 trillion bucks were gon na have something similar in bitcoin too, which ill get to in a moment, but we also want our trend line from the top as well, because naturally id be expecting a fair amount of resistance at this particular trend line. If and when bitcoin does rally, so with a few basic trend lines on the chart, we may as well zoom in that little bit more to look out for where bitcoins support and resistance is now this 37 000 bucks is a price ive been looking out for, For a long long time on the short side of the market been talking about it, since probably you know the start of april or mid april and nevertheless it crashed through 37 grand after dipping there on the 5th of may so 37 000. I was looking at for some kind of support was coming from a bunch of lows that we saw all the way back from january, so im going to be keeping that line on the chart to be expecting some kind of resistance when the time does come for Bitcoin to rally, obviously, if any rally up until that point would just be a bear market rally, at least in my opinion, until we do get some upside breakouts and some bigger picture confirmation and naturally were looking at our 50 level as well from that recent top To wherever that low comes in now, you can see a few other lines in the chart if youre interested what they are.
We talk about that in tia at least the premium package, but just for 50 level on the chart. At the moment, we can see how we did get a lot of congestion around this price, even before we knew it was going to be the 50 level coming in at just under ‘ 000 bucks. So we have that 37k as potential resistance and also that ‘k as well. The other thing worth pointing out, obviously, is this huge capitulation bar on some of the biggest levels of volume weve seen since around this time last year, now thats pretty notable in my book. I do think a lot of whales were jumping into the market, at least to support the price. The reason why im confident it was wales, or at least collective smart money is because the price has stopped falling and a lot of that volume was coming in around the lows and now were starting to see some support come back into the market, but these whales And smart money will dump their holdings if theres no upside momentum. That kind of v shaped recovery that were looking for, or at least you know, a climb away from the lows in this major support level. So just because whales are jumping in it, doesnt mean theyre. Just holding on to their bags at all costs, theyre waiting to see how the market responds if enough of the dumb money has been flushed out, all the weekends have been flushed out so that smart money can re accumulate at a decent price before marking the price.
Back up again now ive gone in a little bit too much detail then, but i hope its starting to make sense. But from where bitcoin is at the moment, we have our overhead potential resistance levels if it does climb from here. Looking for something like a v shape, recovery lets zoom into the fourier chart as well to break down these support and resistance levels. Now doesnt little fomc pump put things in perspective with where the market is right. Now i put a video out at the time just after that little bit of you know sideways action here. This is the four hour chart now where i said this bar here is very suspicious. Theres likely a lot of selling going on. You can go back and watch that previous video to see what im talking about, but, as you can see soon after that, it was clearly confirmed as selling at the time i wasnt sure if it was profit taking all whales cashing out turns out. It was wales cashing out, but the signal is there. Nonetheless, we have the chart telling us what it wants to do and then we get the confirmation by the breakdowns. But here we are now weve got enormous volume coming in right around the lows thats. Why im confident theres some way of stepping into the market, but now we just need to see if we do get some more upside tests and any momentum to confirm that.
Obviously we had the shorts covering whales buying in we want to see if theyre holding onto their bags and were going to push the price back up to what we want to see as our next resistance levels, at least on the upside. Now, a 50 level im. Looking out for for bitcoin at the moment is from the previous top that fomc pump down to the current low, and that comes in at about that 34 900. So this is our most immediate upside target to be looking out, for if we do start to see a rally from here, i wouldnt be surprised to see it pull up just a little bit short keeping that in mind. We have a few previous support resistance levels on some shorter term time frames as well worth keeping in mind, especially due to the nature of the market. A lot of people might be expecting a bigger pump, but it just kind of falls short before fading again. So while i do have some high hopes to see some support come into the market, theres no guarantees, as always in the market, we could see another little breakdown from this particular low. Another capitulation anything is on the cards. Youve got to be prepared for every single market condition and manage risk accordingly, something that i always talk about and really promote for people to do, because its just so important, nobody knows the future. We must make sure we always do anything we can.
So we live to fight another day. Taking losses is part of the game. No one gets it right all the time. So just keep that in mind as you do develop your own plans moving forward. So now you can see a few support and resistance levels, both on the large time frames. The small time frames the bit of hoping weve got in the market right now and lets see if we can get some momentum thats pretty much where im at with the markets as of right now. So if you did enjoy this market update, as always, you know what to do and until next time ill catch.