Bitcoin: MAJOR Recovery & Crypto FAKEOUT Signal!
There was a lot of hate in the comments, but hey i do welcome it. Keep it coming because its a bit of an indicator of where sentiments at and with there being so much negativity around, perhaps the low isnt actually that far away, but one word i said more times, i can count – is confirmation. I was still looking for confirmation that the mark was actually going to reverse now. It can take a bit of time for there to be confirmation, but we have seen the trends turn up on these short term time frames and its going to take obviously more time for them to turn up on the larger term time frames. All of that aside, although there are technical indications for there to be some kind of bounce, or at least support coming in and were already seeing some short term evidence of that, of course, im not just blindly doing anything in the market im just following the signals. As they come up and thats, what im sharing with you so in this video here were going to be reviewing the big picture of where cryptocurrency is at. If we are actually going to be seeing a bounce of any kind of significance, just around the corner, as well as jumping into bitcoin and some alts to see which ones could be bouncing better than the rest or if, in fact, it is going to continue to Be a shorter market where short traders make all the money 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. Something ive been covering on the channel for quite a while is what kind of recovery im anticipating cryptocurrency to have. Now i have been saying, i do think, were in for a slow recovery and that was off the back of breaking down from some fairly significant support. The lows from last year i dont think were heading for a dismal recovery, but of course anything could happen. But here we are now within the slow recovery zone, so im going to continue to bring this chart up to date to see how the recovery does obviously eventuate. If the price can bounce back into that fast recovery period, then obviously things are going to change. We have to reassess what the markets doing, but were obviously not seeing that yet. So its always just one step at a time ive jumped over to bitcoin on the weekly chart and we can see were not even half a week in were about three days and you know a few hours into the week. But weve almost got the most significant volume in around a year, so thats telling me if we can hold up in terms of price support, get a decent close on the weekly chart. Then theres even more reason to be expecting that maybe were going to be seeing some more decent support.
Stick around in the market. Im not saying were going to see the major final lower anything like that just yet, but theres plenty of technical, saying that the price should find some support around where it is. What you can also see is our new tia indicator. This tells us what the trend is: its got, the swing chart and all that kind of fun stuff. But if youre interested to learn more about the indicator where it shows when the trend is up when the trend is down and how to potentially avoid a fair bit of pain in the market, ill leave a link for that in the description below but, like ive, Said more than once, im always looking for that confirmation and, while theres some short term signs of support coming into the market big picture macro, the macro trends are still down so im going to have to expect these trends to continue until we start to see a Bit of a reversal and, of course, get back above those lows from last year, and also this year too, so the most important macro support level is the lows from last year, coming in about 28 to 29 000, any price action below there is still just bear Market correction territory bitcoin needs to get back above those old lows and some higher lows. You know, on the macro chart weekly chart thats going to be getting the bigger picture trends turning back up and were obviously not there.
Yet now before we zoom into the intraday charts im just down to the daily chart as well – and it was on this bar here – i started talking about capitulation. Then i started talking about a low forming and then i started talking about v shape recovery. So we can see that, since that capitulation did actually eventuate the price really hasnt gone anywhere. For the time being, doesnt mean it. Cant go lower and im actually going to go through a pattern that shows perhaps we could be seeing another shakeout lower, but until then lets zoom into the intraday charts to see whats been going on, because our short term trends have turned back up on the four Hour chart now we can see that we are getting some support coming into the market. Short term trends have turned up, but theres still a lot of work to do before we start to see some bigger moves of any meaningfulness on the bigger picture. Time frames. Obviously, weve just seen a short term bounce in a bigger picture, down move. So what im looking out for in terms of some overhead resistance levels? Bitcoin has to get back above for a very short term, 50 level coming in from that four hour, top down to the current low. It comes in at just over 24 000 and a little bit more of a meaningful 50 level comes from that previous swing top and comes in about twenty six thousand dollars for our you know short term overhead price targets.
So you know things are starting to look. Okay for the shorter term, once again, we do have a short term trend. Thats turned up. These can obviously flip back down again at any moment, but what were looking at for now is for the support for some kind of base to maintain in the market. So we can build for something bigger now on the trading front, i think short traders are going to be having a little bit of a difficult time. In the short term, we could be seeing a bit of volatility where the price could snap back lower again, but if we do see that i am anticipating that move to be fairly short lived – and you know very highly volatile, so taking profits on those shorts. This time, in my opinion, is going to be, you know, really prudent theyre going to have to be quick now. The reason for that is and ill show you on the daily chart. Im kind of flipping time frames a bit here, but the reason i think any shorts could be, you know, short lived and fast profit takes are going to be. You know, necessary is based on some low patterns that do happen now. Weve got a fair few technicals coming together for some kind of low or support coming into the market, which is what were seeing now, but that doesnt mean the price cant spike back, lower or even obviously, just continue lower, because the trends are still down.
On the macro time frames and to give you a bit of perspective, what im talking about is when we see some support come into the market big volume coming in, but then theres another snap back that kind of suckers shorts into the market again, but then they Get wrecked thats what im talking about with this kind of bar here, and also this kind of bar here, as you can see, there was already a big capitulation and sell off big volume, picking up, but it wasnt the end of the move. The market tried to bounce, and then it just really got a lot of people suck it into the short side of the market before reversing that also happened here. But on you know, a bit more of a lesser scale. Volume did pick up a little bit. Price did dump, it tried to go up and then shorts just got absolutely wrecked the ones that werent quick and took profits fast enough. So thats just two examples, but it does happen fairly regularly. You know if we just look at another piece of market action. It even happened at this previous light where the market did sell off volume picked up slightly. You know all relative to what volume was doing. The market tried to bounce and there was another kind of little shakeout that suckered shorts into the market before reversing. So we could be seeing something like that now coming up where were going to be seeing another shake off and all the bears are going to come out, saying i told you it was nothing.
You know the markets still going to get crashed its going to dump all the rest of it all the stuff they usually say, and hey theres every chance. The trend could continue log thats, simply because we dont have any big picture confirmation yet, but you know just what were looking at now in terms of some analysis coming together, some potential trading traps that are coming up. I think its all worth keeping in mind, because this game is obviously multi dimensional and theres a lot of things going on at one time now, ive jumped over to ethereum, and we can see that were starting to bounce back to that previous support level. Rather, resistance level, now that comes from the lower high from that previous cycle top also a bit of resistance and support from 2020 2021 as well. So what were looking at now is ethereum trying to bounce and its starting to meet some resistance. So if we do start to see a trend back lower again, this could be the resistance that the short term traders are looking for to dump their holdings rather long holdings and reverse back with the trend. So well, look at the fourier chart as well to see what that really looks like in terms of resistance forming and kind of what could be coming up next, so we can already see theres a fair amount of resistance at those previous macro support and resistance levels. All the way back from the previous cycle, and also back from last year as well.
So if we do start to see a bit of um, you know more resistance form on the short term time frames. That could be a short term setup playing out. But i still remain true that if we do see a bit of volatility into a drop, i dont think its going to last very long its just going to snap back up again. It all kind of depends on how much volatility we do see. But if we do start to see just a regular downtrend continue rather orderly, then i think thats more reason to think the bears are back. You know for a little bit longer than just a short term. Shakeout now, im sticking with the four hour time frame now on kidano and ive, been saying for quite a while that this is in a technically stronger position than many other crypto thats holding up above its low from may. A lot of markets have broken down and what we can already see just by looking at the chart, its putting in bigger ranges to the upside, putting in bigger gains, but in terms of some overhead resistance, the 50 percent level. I love to always look at on the chart going from high down to low. We can see how cadance starting to meet some potential resistance right at that 50 level and, as you can also see, theres a bunch of previous resistance at that price of around 55 cents, so were starting to see a good short term bounce for kodano.
If you want to be seeing a bigger boom coming from here, it will have to get back above that 50 level into the strong half. As i call it, then we could be seeing more of a multi day move up from there. Any kind of spikes above wicks above i dont count, but if we can start to see some four hour closes then a four hour higher low above that 55 level. That 50 level, i think we could be on for more of a multi day run from there. So its just, you know one step at a time like i keep saying, but things are looking good and in terms of bullish markets. Cardano is one of the more bullish players at the moment, at least in my opinion now solana caught me a little bit off. Guard with how hard it pumped it pumped harder than cardano, but what we can see in terms of resistance. Something were well aware of ahead of the curve. Was those lows that recent support level looking for a bounce up until that point any bounce up until those old lows is still just a bear market rally? But obviously our short term trends did turn up and there was a bit of a pump in there for anybody paying attention this isnt one i was getting on top of, but just looking at those short term trends, its looking pretty good ill, just actually put that Indicator up, so you can see what im on about see the trend turn up and since the trend turned up its been putting in a bounce so far, still up about 13 or about 19 to 20 to that peak.
But for me to get more bullish on celina well have to get back above that previous support level, because thats this support could now tend to be a bit of resistance, especially when it does get there, but in terms of some 50 levels, itd be closing in. If not breaking its 50 level from that last top down to the low, so you know you can see it hit 50 percent near on exactly found resistance and then drop back below so getting back above its 50 level getting back above those lows. That would be an extremely bullish sign for solana, at least over the course of the next few days. It needs to do that. First, then, it could be having a good multi day run from that point forward. The flip side of that is, if we do start to see some lower highs on something like the hourly chart and for our chart from this particular setup. Here then, its just going to be a matter of seeing how low it falls and if you can put in a higher low compared to those previous lows from just a couple of days ago, both gala and link and ill cover link in a moment have been A couple of my pets lately because they have been holding up above their 12th of may low now for these markets, ive been saying that shorts wont be doing as well. Longs will probably do better and what we can see now galas been a little bit of a disappointment in terms of the longs, but its still holding up above its macro support level, the 12th of may and what ive also been paying attention to.
Is this previous level of support, which could now be a bit of resistance on the way up now, galas been unable to get back above there, and if we just look at another 50 level as well, we can see how its still just lagging below its 50 Level below a support level, so you know the longest might start to struggle from here if they cant get back above those previous 50 levels – and you know resistance levels which is now going to be resistance from the underside, so gal is one i still think to Be keeping high up on that watch list a breakout above there could see a bit of a nice pump, but until then, i think its going to need to consolidate grind a little bit more and potentially re test. Those old lows, if theres, no momentum coming into the market but link on the other hand, link is really outperforming in terms of bull markets or at least bounces that we can see here its back above all, that previous support that we saw from earlier last month. Earlier this month and late last month rather – and it is also closing on its 50 level as well – so this is still setting up to be in a stronger position than many many other crypto at the moment. Ill put that 50 level up on the chart as well, so you can see what im talking about, but what we can see it did find resistance bang on that 50.
I hope people are starting to use that tool. You know its a free tool and indicator. Put your halfway point on and just expect there to be some kind of support resistance when it hits it, but if we can start to see some higher lows above there. Obviously the trends are already up on our short term time frames. But in terms of something bigger picture, if we can start to see a bigger move, you know above that 50 level coming in about seven dollars and fifty cents, and i do think that link could be on for a multi day move up from there. Now im. All out of hopium for you, but im, not afraid of the fact that the macro trends are still down all im. Pointing out is the fact that we do have some short term signs of support coming into the market. Now its a matter of seeing how far it can get from there, whether the support can hold or if, in fact this is nothing more than just a pause in the market. Now, ive also highlighted to you the fact that we could be seeing some kind of little fake out coming up where the price does dip lower again, but just keep in mind what that could look like in terms of previous time. Thats happened in the market now theres a lot more than just these three examples, but theyre, obviously the three most recent. You can even see one on the far right of the screen there, where it dips down and theres another little shakeout before the price bounces.
So i hope thats, given you plenty to keep in mind, as the market has obviously been dumping and now finding some support, and also we just want to mention to you as well. We do have the world series of trading coming up. I will leave a link in the description below where you can join our squad, its an 8 million prize pool. You can also get yourself up to 4 100 bucks in sign up bonuses by using that link in the description below as well so thats a wrap from me today. I dont have any more hopium to give you on the market. We just have to see how this thing develops over the coming days. If you did enjoy this video, as always, you know what to do and until next time ill catch.