I dont want anybody watching this to panic, not yet anyway. Theres no reason to panic were still in terms of percentage from our all time high. We are down somewhere around 60, its very, very common for a bear market. I mean you only need to go back to the previous bull market top and you could see that we came down in terms of percentage from high to low. It was about 82 83. I think it was so currently what were seeing with the bitcoin price is were trading at 29 000, as you can see on this three daily chart im going to be going through this chart and then were going to be going through the ethereum chart. So you can see where everything is just to gain some kind of zoomed out perspective right now. I think everybody needs that if this video is going to be super informative to show you where and what the likely next mover moves are. So, as i mentioned, were currently at 29 000, if we go straight into the four hour chart just want to show you something, this orange line and red line are basically lines of support, in fact lets look at it on the daily here. The reason why theres two, you can kind of draw two lines, but they pretty much end up in a very similar place. What we actually saw just earlier today is we broke beneath the ultimate support line, which is down at approximately twenty eight thousand seven hundred.

It was just a short wick, though, and actually weve now broken back above it, but we are below the twenty nine thousand nine hundred and fifty dollar level, which is this support line. You can also guys treat this as a region kind of a rectangular region, which is now between twenty seven thousand, seven hundred and thirty dollars up to about thirty thousand two hundred dollars. You could say that is the level of support im now taking a very close look at this. In fact, im going to set a price like now, you can do that on trading view, im just gon na basically put another uh price level alarm here at twenty seven thousand, six. Fifty add alert so im gon na get notified on my on my phone on my computer. If and when we penetrate that level, the reason being that is, the level guys if we confirm a break beneath that on a daily chart. I believe its down to the next support level, which is down at twenty thousand dollars, believe it or not, reason being that twenty thousand dollar level is the previous market top. And if you look using the vpvr, which is the volume profile where you can see the volume traded, you can see, no volume really comes in to at least that level and and its not a big level. The main support is actually all the way down at 9. 200.. I dont know if well go that low.

I mean the bear flag. The bigger bear flag target that we have many of you will know, does take us down to about that 12 and a half thousand dollar level. It could get ugly guys. We could go to that level if there is a bigger drop and obviously we lose the 28 000 and then potentially even the 20 000 level, still a good time to start chipping away and buying for the long term huddle uh. What i do suggest guys for you for those of you that are hodling, long term check out this video. I made my nexo complete step by step tutorial. Nexo allows you to get up to 17 interest on your crypto, and you can borrow against your crypto at zero percent, either by getting a crypto backed loan or using the nexo card. Its a very, very good platform check the link out up above there. You can watch that video in full. Of course, ive got my buy bit for beginners video, my top 10 trading tip videos as well. So what im currently seeing is one of two trades right now and its going to be very clear which one to take over the next 24 to 48 hours and, of course, make sure youre subscribed and like this because ill be telling you what im doing. Of course, but ultimately guys theres going to be a lovely long position here and i dont think were out the woods.

If there is a long position, i believe we can take that long position potentially to retest previous support now, acting as resistance for a huge pump, and that could happen over the next couple of months into the summer, which would take us back up to 38 000. However, on the flip side, if we lose this level, its a short for me and were going to be shorting, another 30 move down to around 20 000 either way. For example, if you had a 10x leverage trade on any of those youre gon na get a 300 return guys. So this is the time now to be a little bit savvy use your crypto holdings to work for you go over to platform like buybit its, in my opinion, the best crypto trading platform. When you use my link in the video description below guys, you will get four thousand one hundred dollars up to that in uh. A bitcoin bonus in your derivatives account, so you can try out the platform trade for free and zero percent make a fees uh. It is up to four thousand one hundred dollars that the bonuses start as uh much as five hundred dollars. It depends what you deposit terms and conditions are there, but by bit by far the best crypto trading platform, guys you can trade all the different alt coins. Metaverse and of course, bitcoin ethereum as well, so a very good trading platform, guys so like i promised at the start of the video, very quick look at ethereum um.

In fact, just before we move on to ethereum, because im going to talk about the ethereum fibonacci retracement levels, its only right, we do that for bitcoin. Just for some perspective. What i am looking at is from the market bottom, which you could technically say, was in 2018 24th of december and bear in mind from the market top just on that note. It did take us a year from the top to the bottom right now, weve been in this. What november to where we are now may seven months, so we could still have five more months technically of lower prices of bear market territory, but yet just to show you where those levels are the stops. The fibonacci retracement levels. If you go right from the swing low market low to the swing high youre, currently seeing that now we are at that golden ratio which symbolizes, of course, a big buy zone and the support. Actually, you do have support in terms of the fib levels down at about 25 600, but ultimately guys if you lose this uh 28, 29, 000 level and thats confirmed on the daily and then even a weekly, its its almost certain that we come down to twenty Thousand dollars but nothings guaranteed in in trading, and obviously you have to deal with that as and when we get to it. Sometimes the obvious levels are the ones that dont play out and theres a lot of trickery in the market.

But if youre a shorter term trader, you can still do very well. I do suggest guys for those of you interested at this time in shorting or going long check out the buy bit for beginners video up there, video descript card up there. You can learn how to trade on bibet so lets. Look at ethereum im going to talk to you about these fibonacci retracement levels were looking at between 17 11 and 1 912, so thats, 1, 711 up to 1 912. The 200 uh range, which in terms of a percentage, is about 10. Where i see the support laying in whats interesting for ethereum right now lets just get rid of these fib levels a moment we actually broke beneath this resistance line, so this was resistance coming in. We thought it might act as support it. Didnt and its broken beneath the level of support were looking at is around 1800 and then the next level. If we break that fib level, you go down to about 1 ‘0, which would mean bitcoin, would certainly see you know the likes of around 20 000, so thats how were currently looking. I hope that provided value, i know its not necessarily the best news, but we can treat it as such guys. Many of you are experiencing your first real bear market, and i can tell you from someone thats been through two other bear markets. You can create real wealth in in bear markets.

You can get rich in a bull market, but you can create wealth in a bear market when there is fear thats when you should be buying by when theres blood on the streets. It feels unnatural guys but thats. What you have to do you need you, dont want to be buying up here. You want to be buying in this region. Trust me so guys, thanks for joining me, do check out any one of these videos on screen before you go make sure you follow me on twitter at marzellemoney. Thanks for joining me see you on the next one.