" 4 Times When Gareth Soloway Was Right About Bitcoin "| Crypto Interview
Soloway is the founder of in the money stocks as well as verified, invest in crypto in this video gareth soloway predicts the bitcoin price and, as he is often does, he was able to predict it correctly on different times throughout the year of 2022. So far, salloway also explains how he sees the bear market of bitcoin in the long run as well. If you enjoy this, highlight videos please kindly subscribe and help share this video for us to share more of this valuable content. Thank you. Bitcoin was down by four percent over the past 24 hours, compared with a six percent drop in ether over the same period, most alternative cryptos, which are deemed to be riskier underperformed bitcoin on friday. That suggests a lower appetite for risk among crypto traders. Bitcoin declined from the 33 000 resistance level last week, which indicates a loss of upside momentum that lowers the chance of a prolonged relief rally. Btc is roughly flat over the past week and has been confined to a choppy trading range. Initial support is seen at twenty five thousand dollars, which is near the may 12 price. Low momentum on the daily chart has weakened over the past few weeks. Suggesting btc downtrend from november of last year could continue over the short term. A downtrend is defined by lower price highs and lower price lows. Secondary support is, at the 200 week moving average, currently at 22 294 dollars. Still, a sharp price decline could eventually stabilize at 17 673 dollars, which is a 78 retracement of btc prior uptrend from march 2020 to november 2021.
22. In this video pro trader, gareth soloway predicts bitcoin price actions during various times throughout the year and as expected, he hits the bulls eye more often than not so so i i do think were in a bear market um. I think it makes a lot of sense to be in a bear market. Considering you have the four year cycle in bitcoin again, it was created in 2009, 2013 was kind of that first bubble blow off where it had an 80 drop 2017. Four years later it had the next blow off, and here we are in 2021, so at least in terms of cycles, a four year cycle makes sense right now, usually what you look for is is when that hype is even more intense, but the price is not Significantly higher its a negative indicator, its a negative divergence all right, because again the hype can only go so so far. You can only get so many smaller investors to buy in and it was kind of maximum at that point. So what it told us was that institutions or bigger money was selling into that at that point, so they played it so well too right. They pierced the high of 65 000 from april they made everyone think it was breaking out um. It happened just at the launch of the etf for futures whats interesting about that is that in 2017 the high matched up perfectly with the hype going into the actual futures launch on bitcoin.
So so these type of things i mean its amazing. How history it doesnt necessarily repeat, but it rhymes really closely um and again im in the camp that we are in a bear market. You had from the the april high of 65 down to the low of 29 thats that distance right. Well, interestingly, enough from 69 down to 33, its the exact same distance, so it gave a reason why we bounced at that level, look at how these parallel lines match up perfectly right. So so thats just a cool thing. I mean its amazing how these charts, work and kind of led us into something here now, like you said, if, if we break this line, thats where i would get really concerned right, so as long as the bulls can make a big stand here, maybe bitcoin can Actually rally up into the 40 000, maybe even higher – maybe the midpoint of this line that would kind of be my maximum upside. But if we do break to the downside, you really dont have much to stop price until probably around 20 000. At that point, so definitely some interesting stuff. Here i mean, i think, its been a great bounce on bitcoin um bitcoin theres, no doubt that from the 69 000 high all the way down to 30 33 000 – i mean it was just the non stop selling right. I mean you got sideways chop a few small bounces, but there was nothing significant and now were finally seeing that that bigger bounce, which is usual, i mean you, do have it in fact, ill show my charts here.
So some of the cool stuff about this right. I remember that trend line from wendys show or the pearl channel yeah this slower channel. I mean its just amazing man, tom. I know youre a technician and i am too and its just. You know some people call it like. You know voodoo or whatever they call it, but i just think its amazing how it works, and you cant deny stuff when it just works over and over again. So you can see here this line up here was a perfect line. Connecting this line down here was perfectly parallel: where did bitcoin stop to a t right on that line, and then you bounced up and whats in the interesting thing is when you get this like wedge pattern right, so this was a wedge pattern connecting the highs down. It was also the 20 moving average. The probabilities, if you look historically at this pattern, is that you do exactly what bitcoin did, which was hit. It then pull back a little bit and then bust through right, so you did get that little move to the upside. Now the question i have is is bitcoin into resistance here, according to the charts, it does have some resistance here, theres a neckline of a head and shoulders kind of you know, trend line here you can see pivot, pivot, pivot and then pivot and look at the High on bitcoin yesterday right to that point, what im kind of you know dissecting here tom and you have some insight on this too, is like? Are we going to just kind of consolidate and then break through it and go to 52 000 thats kind of my next resistance, or is it gon na? Are we going to start to head right back down right away? The weird thing about it is – and this is kind of counter intuitive, but channels that are up sloping like this generally.
The probabilities are that they break to the downside and whats interesting about this. If you go back to last year, lets go back to last may and june. You actually had another kind of channel, but this one was down sloping. So if we look at this here and we draw a parallel line, you can see how you were in this parallel down. Sloping parallel channels tend to break up while upsloping tend to break down. So again, all we do here. All i do is technical probabilities right. The charts basically tell us whats the most likely outcome, and you know whether or not we chop around here for a while. The ultimate outcome for probabilities is eventually to see more downside yeah. So the first big test is going to be right here at around 45 000 right now were at 45 6. im tempted to take a little bit of my short off the table right around there just to protect myself in case we start moving back up. That would be the smart decision um. If we do break 45, then you start heading back to a lower level here that im watching very very closely – and this would be your next one connecting these lows its around 40 000 and then really the one that investors should be most concerned about, would be This trend line here at the very lows if that breaks thats, where you start getting into the 20 000 ish range, and you could see some major downside now on the other side of the coin, lets talk to both sides right because i think its important to Understand that investors, you cant, you dont, want to just be focused on one side and i think thats, a major problem with crypto is that everyones just focused on the bull case.
So in my case im more on the bear side, but it doesnt mean i dont. Look at the bull case and for me the bull case is simply that if we were to start trading above this 200 moving average in this channel and we were to hold there for a matter of days. One day, doesnt matter, weve seen that plenty of times reversed. But if you establish yourself above this level here, then you can start saying: okay, maybe bitcoin can start to really get some momentum and break to the upside because the channel would be broken and the 200 moving average would be broken yeah. So so, if we start really establishing ourselves and im not just talking about a day above this level here, but if we are up there for like three or four days and were holding above it starting to build consolidation above the 200 and this chan, this channel Trend line, then you could actually see i mean you know, this is a situation where youll have resistance along the way, but i mean it opens the door to significant upside uh same thing on the downside right. So if we break to the downside here, you know there there is a couple stops along the way. One would be right at this low down here just below 30 000, but i honestly would think that if we break this area were probably headed to that 20. 000 level, which was the 2017 high just just a couple days ago, we were buying just small positions, because ultimately my view is that you have a larger bare flag here on bitcoin, so its going to head lower but like, like we said at the beginning, its By support cell resistance, so so we picked up right here: um bitcoin, small position in bitcoin solana and avalanche last night.
I was lucky enough to wake up, because my youngest daughter woke up – and i saw avalanche – was up about 12 im, always a big fan of taking a little and putting it in your pocket, because thats thats the way you kind of ensure that youre not kind Of just leaving it all out to chance and im glad i did that at this point because you know were basically back to break even on solana and bitcoin as its come right back into this level. So right now, this is support here. If it breaks, you have another major support around 37, 000 and ill probably look to play those again as key levels of support, but again small bounces at this point im not getting greedy, because i do worry about the larger macro pattern and just for everyone to Understand theres something thats called a micro pattern which is kind of the shorter term, very, very short term pattern, which would be something like this, where its hitting support and you get a little bounce. And then you have the bigger the macro pattern, which tells you to be careful to not hold on for too long, so so in and out kind of right now for very small amounts waiting for the bigger pattern to play out to the downside. In a recent interview for kitco news, gareth soloway, the president of in the money stocks, opined that bitcoins price would eventually experience a massive downturn, while he predicted that the digital asset would climb to a maximum of 52 000 in the short term, it would crash later To as low as 18 000 bitcoin will eventually get to the eighteen thousand dollar mark.
There is really no question in my mind, soloway, who is also a day trader, explained his forecast with past events. According to him, history would repeat itself just like it happened in 2013 in 2017, when bitcoin plunged after rallying significantly for a couple of months, if you enjoy this, highlight videos please kindly subscribe and help share this video for us to share more of this valuable content.