BITCOIN "V" RECOVERY! Macro Crypto Low; What MUST Happen.
My name is michael and in this, video were going to be taking a look at what needs to happen for cryptocurrency to see a macro low granted. The markets have been completely crushed, but im always thinking ahead. As to when we could be seeing a lot, what kind of pattern is going to be playing out and what the key levels are on the chart that the price has to break through? This obviously might sound like a complete flip on yesterdays video, where i was talking about no hope, but i always sprinkle a little bit of hopi in. But what im really doing is just looking at both sides of the market. The market was crashing, and i spoke about in yesterdays video – that i thought we could be seeing a bounce soon, based on the consecutive number of days down im going to get to that in a moment. But what im looking at for are the macro levels in the chart like we can see from last year, we started to break back above one of them right now, so this video were gon na be looking at what needs to happen. What kind of patterns have to play out and what the next key levels are both for the buy side and the sell side of the market? And i will be zooming down to the intraday time frames as well. Now that we have bounced away from a low and started to consolidate at a higher price and obviously now back in 30, thousands 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. Before we dive into the charts check out the links in the description below where you can get yourself, plenty of sign up, bonuses, jason and i currently have a sale on our tia premium packages. 100 bucks off check that link out and use coupon code crash 100.. I trust capital has a hundred bucks of free credit for anybody who wants to start investing out of their ira or roth ira. Obviously thats just for our american viewers. Buybit also has an exclusive giveaway for viewers of this channel, and also jasons channel were giving away two ethereum four winners of half an eighth each. You just got to use that link and make your first deposit of 10 bucks or more or equivalent in cryptocurrency and, of course, for our aussies and new zealanders swiftx 10 bucks worth of bitcoin guaranteed by signing up and using that link in the description in yesterdays. Video i had two bits of hopium for you. One of them was the macro support level which you can see on the chart. We had all of our lows from 2021 and the fact is, i was expecting there to be some pretty big picture support around those prices. Now i never expect price support to be exactly at those levels.
Obviously it overshoots sometimes or maybe it pulls up just a little bit short, but obviously what weve seen now is the price overshoot, so to also just clarify that we are on the weekly chart as well. So, looking at some big picture macro levels and also, if you do recall from yesterdays video, the thing im paying closest attention to now is the close of the week. I want to see where this weekly close ends up. If we do end up above last years, macro support id be seeing that as a slight positive sign, at least for the short to intermediate term. But of course we cant be trading tomorrows prices today, and there needs to be a bit that has to happen in terms of price action to get bitcoin and crypto into a stronger position. We had a few signals on the daily chart and well get to that. In just a moment, but as you can see as of right now, obviously crypto is starting to bounce away from those lows that we saw yesterday, all coins are putting in bigger percentage gains, which is natural to expect because they dumped so much more. You can even see on the right hand, side of the screen. Obviously, luna has been delisted, so really theres, just some much needed relief in the crypto space after dumping pretty hard. So whether this is going to actually hold up for anything more than just an intermediate kind of bounce or we do get a bigger bounce on something.
Like the daily and weekly chart thats what im always looking at for, but one thing is for sure some of the short term time frames have started to turn back up now in terms of macro low, forming theres. Only one way that crypto can get away from these danger zones quickly and thats. If we do get a sharp snapback, a big v shaped recovery almost immediately. I dont think thats going to happen, but all im saying is, for the best case scenario for a big bounce from here thats. What needs to happen, at least in my opinion, what i do think is going to happen is were probably going to be getting more of a grind, its still going to flush a lot of people out, especially as a market, usually after big dumps, just tends to Grind: go sideways and get quiet, thats exactly what we saw last year and most people lost interest during this period, then we got more fresh blood in the crypto space as it took off again. So the main point im trying to make is that crypto is probably going to have a bit of a dull period after this volatility both down and then obviously we see a bit of recovery and then dips again thats just what i think is going to happen. But thats a good thing and its only the people who stick around and can ride out those quiet periods that end up making it in the end at least thats.
What ive seen in my experience markets just tend to go through these particular cycles of hype, then dead people lose interest and then the ones that stick around are ready for the next boom. How long thats going to take is anyones guess, but i am on a weekly chart and you can see last year. Obviously it took several number of weeks actually a few months and more often than not, it will take many weeks or months to really kind of grind away from a major low. But first we have to confirm that we actually have a major low and thats. What im paying attention to now and the first step is our weekly close. If we do end up getting a solid weekly, close, then theres still more work to do yet, but obviously its a good sign bouncing into a macro support level and then closing strong. So lets just see what happens over the next few days now the flip side of that argument, looking for a bounce and some positivity is if bitcoin does just kind of pet it back out over the next couple of days, then close weak below the macro support Level then, i think, were going to be seeing continued pain, probably going to be heading down to our next support levels, whether thats the mid 20s or you know, maybe even 20, 000 being our previous macro top from 2017.. So it goes without saying that it always pays to manage risk and just have a bit of a plan for whatever the market does, because, as im sure everybody is well aware now the market doesnt really care what anyone thinks its just going to break away, dump Or whatever, in between now, another thing i want you to have on your chart is a trendline just from the all time high down to that next macro lower high, that we saw at the end of march keep that one on your chart, because eventually bitcoin is Going to meet it, whether it meets it soon and bounces back up to it or pedals back out and then finds resistance in you know a few weeks time i do think were going to be seeing selling come back into the market when this trendlines met.
So just keep it there on your macro chart that way it doesnt drop off the radar when youre doing your routines. Checking your charts, youre gon na have an eye on it every single day. So big picture, we know what to look out for were looking out for that weekly close were keeping an eye on our macro support level lets zoom into the daily chart as well, so we can pinpoint the next buying and selling zones on the daily chart. I hope everybody was prepared for a bounce of some sort because in yesterdays video i pointed out this pattern that just happens over and again when we see consecutive number of days up or down and then the subsequent reversal thats. What helped us call the top back here. We had about nine consecutive days up then also here we had about seven or eight consecutive up days, and i was always looking out for a reversal as soon as that swing chart. As soon as that trend did start to turn and break some lower levels, what we had here was obviously about eight consecutive down days. I think from memory one two, three, four, five, six, seven eight, we had eight consecutive down days and then just looking out for that bounce as soon as the small time frame started to turn back up. Obviously, with that bit of a breakaway and now were seeing, you know a bit more of a bounce nothings confirmed on the bigger picture, but short term theres, obviously been you know a few decent runs on our hands.
We can also see what i looked at more than a few days ago about four days ago, i pointed out the likelihood of some whales buying up now, since that point the price hasnt really fallen. Too far we have seen a considerable amount of support come into the market. Weve also seen some bigger money or some bigger volume come into the market now so once again, im also very very confident that whales have been diving into the market at these prices. Theyre. The only ones that their volume shows up in the volume scale theyre trading millions billions of dollars, obviously thats. What we want to be seeing for some better price support so perhaps were very close to at least an intermediate low thats. What im really looking out for, and this buying and selling at those key prices, its going to become much more clear on the intraday time frames, but thats about all. I want to point out on the daily chart. We had that reversal. Weve been looking out for weve, got volume coming back into the market and also at a macro support level, so everythings shaping up for a low of some sort, even if it is short term. Obviously, weve seen our intraday low weve seen some very short term lows, but i want to be looking at something a little bit bigger picture, thats going to get this market moving for a few days and maybe thats what were shaping up for so im on the Four hour chart now – and this was the whale buying i pointed out at the time i copped quite a lot of flack for that actually, but as we can see, we get huge volume, the price just to start to stabilize weve, seen even bigger volume again and Price has once again stabilized, so what im looking at for now is, if we do see some more continued upside momentum, we can see that we couldnt even close below the yearly low from 2021.
. This yellow line is tuned exactly to the low from last year. We did dip below it, but the market has not been able to close below there. Yet just had some wicks, so ive had those wicks yesterdays video. I looked specifically for some kind of consolidation, higher low and breakout. I think thats whats going to be getting this market on a multi day, move up and so far so good weve had that bounce away were starting to get some consolidation. We could be coming back to retest these previous levels around that twenty eight thousand dollars. That would be quite nice in my books id like to see a retest of there and a higher low. Then i think the next breakout is going to be shaping bitcoin up, for you know a bit more of a better move. Now, who remembers the fomc meeting its all but long forgotten, isnt it, but the top that were looking at for on our 50 level does go up to that top. It was on the 4th of may and the top came in at just over 40 000. Then weve got our low that we saw in yesterdays session at 26, 700 bucks and already bitcoins, making its way back to its fifty percent level. At about thirty three grand three thousand sorry, thirty, three thousand three hundred and sixty one dollars, but i would expect some resistance to come in just before. Then we had this consolidation.
It couldnt get past around the price of 32 600 bucks. So if we do continue to move up from here, id be expecting some selling to be coming back into the market for a lot of people who tried to buy in a little bit too soon. So in terms of some round numbers im looking at just over 32 grand and then naturally, we have a 50 level at just over 33 000 bucks. So once again, the main thing im looking out for on the intraday time frames is some kind of consolidation. Retest of some lower levels – you know maybe around that 28 grand, maybe just a bit above so wherever we get. This top coming into the market ill be looking at that down to the low seeing where 50 level comes in as well, of course, so theyre the main things im looking at from bitcoin at the moment, thats what i want to be seeing to get bitcoin moving Up for you know at least a few more days from this point. Obviously, the flip side is also what im looking at when im looking at the market, long and short, making money from a rising market or falling market. But what we can see on the sell side of the market – or you know the weaker side of the market – is if we do start to get some closes below last years, low, which hasnt happened yet its been over 12 months, actually getting close to 18 months Of not being able to close below that 28 000, we do start to see price dip close below there.
I think were going to be seeing lower prices to that mid. 20. 000 range, at least, but obviously were not there. Yet short term trends are back up. Lets just see where this kind of tops out at where we get our next low and base forming and if we can continue to consolidate at a higher level, thats it for me today. I hope you enjoyed this update as always stay happy, healthy and well, and if you enjoyed this video, you know what to do until next time ill catch.