MAJOR MACRO BITCOIN BOTTOM SIGNALS! How Low Will Crypto Go?
Thank you so much for the support getting into a new all time, high on every video and, of course, subscribing to the channel as well with the bell notification icon turned on so you can be updated with the content right here. Well, have a look at the cryptocurrency trading that weve been following over the last few days on the channel. Of course, shout out to buybit link is in the video description. Four thousand four hundred and fifty dollars of sign up bonuses make sure if you are using leverage, you have a plan you use, stops and just stay safe in the market and if youre a us resident, there is bit get down there up to eight thousand dollars. So you can have a couple of accounts on either bit by bit and bit get and spread your risk across these platforms. You know from experience that a lot of markets can go down so make sure you spread your risk out over there as well its all about managing risk when it comes to trading and investing so bitcoin. This is what were looking at in our previous video. You can see we had some rejection points here and waiting over the next weekend. Well, that was the 48 hours back then to see where bitcoin was topping out. So well, look at this in the micro view and then over obviously go to the macro plate as well. So this was the video a couple of days ago.
Bitcoin. What happened? Well. Weve got another rejection at twenty one thousand. Seven hundred you can see the candles here on the four hour could not close above that level. So this is how close this is able to get to the market uh in terms of the price right. So 21 711 the four hour twenty one thousand seven hundred, and then it opened there again and closed all the way back down. So this was the level that we were looking at on saturday for the market to hold up. If we were to go to, if were in a long trade and thats, where were looking to place some of the stops just under here around that sort of 20 700 or if you want to try and get super close underneath the bar candles, so that level Is about 20 800. now, if youre, not trading it doesnt matter. The point that were looking at here is to give us some idea about whether the market is trending up whether we are trending down. So this is in terms of our invalidation signals. So if we did get the breakdown, then the market is invalidating the move up and we need to be prepared for further downside. This comes in handy when theres a lot of fearful news out in the market telling you that the market has to drop to new. All time lows it has to go to three thousand dollars for bitcoin or any sort of recessionary.
Fear that comes out in the market. If you can stay abreast of where these support and resistance levels are, it really does help understand whats going on in the market. Rather than just play it like every other retail trader and not understand where these points in the market are so weve seen the rejections, the market is now coming back to come to kind of test these levels, probably around twenty thousand seven hundred twenty thousand eight hundred. I think if we dont hold that, then youll have to come back and test the next levels, but the main thing is the fear and emotion will probably be higher, and people will be fearing the uh, the breakdown of 20 000 again, which is beneath the old. All time high and then that just exacerbates the fear across the cryptocurrency market so in in terms of the short term short term play here, got rejected theres your short trade to the downside. But we do have some support coming up uh at the moment for bitcoin. Before we dive deep into the data for the bitcoin macro low shout out to the video sponsor, which is coinly and its a timely one for us here in oz, as were coming up to the end of financial year, so you can sign up for a free Account link is in the video description plus youll, get a further discount on your reports, so make sure you use that link down below coinly.
You can connect this and auto sync it to all of your cryptocurrency exchanges to get you some reports on your trades throughout the financial year now this is going to save you a lot of money rather than giving all of it to the accountant, because essentially we What ive seen is accountants will tend to charge you to learn how to collate all of the crypto trades across different crypto exchanges. So if you want to reduce that time, reduce that financial burden check out coinley link is in the top of the video description, and you can also get the further discount on your reports. If you use that link down there all right over to the data. Now google trend words. This is so interesting, bitcoin bottom huge, huge trending term, which is why i have it in the title. Todays video stay woke about these things. Sorry to use that term its terrible but stay abreast of the the words in these video titles across all of youtube across all of twitter. Anything with articles that is based on search volume, traffic on the internet, look at the search volume for bitcoin bottom, its its. The highest its ever been in the entire history, and i only went back to 2014 theres, not much for it im going for the back and then here the data isnt that isnt that good on google trends anyway. But this is massive, so lets. Look at the previous cycle december 2017 was the peak in bitcoin, and then it had a very, very quick, significant dump going forward to february.
Bitcoin did happen to dump again, but that was uh just around the peak of ethereum. So that was when all the alt altcoins were peaking as well. So lets take a look at a more macro picture. Here go back to see what was going on in 2018. There was the dump in december, which is why we can see the peak out here in december then go to uh february theres that dump down to six thousand dollars on bitcoin. Have a look here. Youve got the peak in february for bitcoin bottom. You know people are waiting for this bottom to come in, but then you look at the peak here in december 2018. That was the true bottom. Go, have a look at the price here here. It is december 2018. that was the bottom for the cycle, but the search term was at a lower high than in february and december. That was your first major dump theres. Your second major dump june of 2018 was also a major dump, but i dont think it was that that was right here, basically coming back to february. But again that was a lower high technical analysis works across anything with charts thats. Why? I focus so heavily on the ta, rather than the fundamentals, or anything else like that, because its a skill that you can apply to everything else in life and if you want to learn more links in description shilling. My my trading and investing education down there so check it out.
This has helped so much december theres, your major cycle bottom and the google trends was lower than the previous tops. Okay, next bottoms january 2021. This is bitcoin bottom remove search term here, uh youve got. May 2021 pretty similar to january may, of where we are in uh the bitcoin search terms. So here we go january. Freaking out may freaking out is the same price and we have january of 2022, so thats the most recent one. You can see that here and now weve exploded to the next one at this is the highest point for the search terms right now so bitcoin at 100. This is the highest it could keep going up, but i think we might be on that slight curve down. If we change the dates here, just go back and look at the last 12 months, youll see a slightly closer view of whats. Going on, you can see were just starting to trend down this week. So maybe weve reached the peak of the search term for bitcoin bottom, which usually means well. We might see it sort of trend sideways for a little bit now. The main thing i want to look at here is, i think we might have some slightly lower prices, but this wont show up in terms of a higher searched volume for bitcoin bottom, because i think the markets probably going to go dead. I still believe if youve been watching, probably over the next six or so months, were not really going to see anything too significant for new all time highs hundred thousand dollar bitcoins.
We can pretty assured that were not going to see that in 2022 – probably not even in 2023 either, but just looking at their chart. What weve just looked at in terms of the search volume traffic here, probably going to see it trend out and maybe sort of dump into some other further lows: 14. 15 16 k – maybe somewhere around that point its a maybe at this point, but the search volume will probably be lower than what it is now probably, and that gives us a reasonable sign that its possible that were around that low. So if we know that what do we do moving forward? Well, if we have the price at 21 000 we currently are, we got the low at 17. if this does sort of move down into into the zone. Here that weve been looking at between 12 and 16 k, then the percentage of a move isnt. That much – and you probably heard me say it time and time again i think – were trending around the bottom ranges for bitcoin for cryptocurrency different story. I dont think the cryptos are at their low yet, but in terms of bitcoin, i think were going to be trending around this level and well probably have some time to dollar cost averaging between lets see where the final low is maybe its 12, maybe its 14. But we do have a significant low at the moment at 17 and a half and depending on where this bounces to on a shorter term timeframe, thatll give us a bit of a trading zone.
So maybe our trading zone is up to these highs here at 23 000. So we have to be prepared to understand that we might trade between 14k and 24k, so you could almost see a 100 move up and then possibly a 50 move down, and that would be the trading range for the next three six nine 12 months. Thats. What i think is coming next for this bitcoin low search volume is at extreme highs at this point in time, and we just have to wait and see what happens next for bitcoin now, the other big big macro thing dont switch off. Yet this is the big macro thing: what im seeing across the board are big companies trying to bail out different cryptos morgan creek, trying to counter ftxs block five bailout uh ftx 250 million um theyre coming to try and help block fire morgan creeks coming to try And help block fire goldman sachs is coming to try and buy up um celsius. I dont think this is any good news for people who actually got stuck in celsius because its going to have to go bankrupt at some point, uh potentially go bankrupt. You know we dont want to throw too many um too much fud out here, but were seeing a lot of the big money. Traditional markets and ftx acts as a traditional market, because they have the knowledge and experience of traditional markets. Unlike three arrows capital, which is a hedge fund and just went absolutely ballistic, making all stupid calls acting like a retail d gen in the market using billions of dollars.
Ftx is not like that, in my opinion, from what ive seen the way that they maneuver around the markets at particular times and so im. Seeing these as signals that we are in terms of fundamentals. Looking at the the news that these other companies, these bigger players who have survived and have been strategic and smart through the bull market and now starting to make their moves in the bear market to acquire other cryptocurrency exchanges are the cryptocurrency interest earning apps. But what theyll probably end up using is the list of uh clientele that they have, that some places like celsius have built up and use that to then market towards to get them into their own apps or take over the app rebrand it rename it just like. Ftx has done with things like block folio, which is now called ftx app if youre unfamiliar. So i think this is the time that that is all happening, voyager, probably going to go through the same sort of thing. You know theyve limited their withdrawals. Who knows next couple of weeks, maybe we see ftx uh trying to make a buyout of a voyager a couple of other things. Mining difficulty falls by 2.35. Remember the on chain data, never forget the guys who go on and on and on about on chain data. I think its just as nonsense as everything else. The on chain data hash rate going up were going to hit all time highs, but this was the whole period.
The bitcoin was going down. Look at the date there we got august nov september october november december. Its still going up, the market is tanking here december january february march april may. Finally, hash rates turning over and after it fell over well now were starting to see the negative headlines more negative headlines, which is why i think were sort of pedaling around those lows, and this is to instill the hopium within the the fud. You know i go around the the fat all the time, but this is really the times that we need to start washing that fight away wall street week ahead. Youre, seeing these big headlines right, u.s stock market is on track to mark their worst first half in our worst first half of the year more than 50 years. You know these sort of like targets of this is the worst thing ever. This is what we saw at the peak of the market. Never forget that the peak of the market october novembers, we were seeing a lot of bullish news only yet the price was just not able to go up any higher. I mean if you want to call 59 000 to 69 000, a big move its not really. Now that we can look back on that and even from the previous peak of march and april, really not that much was gained from six months or so in the market six to nine months. So this was really the peak.
Then we had a slight push above and now were all the way back down here so im using the same thing, flipping it around your wall street cheat sheet understanding the emotions of the market. Extreme fear at the moment lets see what happens to price. If we only get a little bit of a further drop down to 16 15 14 in terms of a percentage, its still reasonable, maybe 30, but in terms of a price move theyre getting smaller theyre getting smaller. Look at the moves down, bang, big move and then we went sideways, a smaller move and now were going sideways. This is smaller compared to the last move and were just measuring up these moves like we do with our short term trading as well. To give us an idea of whats happening next, so the fear could be high. We could see more uh downside in terms of a dollar value below 17 and a half thousand. I dont have the uh the crystal ball here, to tell me the future, but what the market is telling me is that were probably trending around the bottoms at the moment, whether that bottoms, 14 or 17, it doesnt really matter in the long term. You need to just buy in a cycle of the market in a series of bottoms in the trading range, wait for the move up, sell out when everyones super super excited and then go on holidays thats. What weve learned from the past so in terms of the macro play? This is where i see us in terms of our trading thats, what we had with the rejections on the btc value at the moment, so im waiting to see what comes in on the larger term timeframe here on the daily and then we can start to play For the altcoins as well and the altcoins that we were watching in uh, specifically here were sol and ada, so solar is having that pullback now and just looking at the rejection points here.
So this is the resistance at about that 42 or so dollars, and we still have an uptrend using our swing indicator here still got an uptrend at the moment, just waiting to see how much profit is taken from the guys who have been trading this on the Way up, profit taking targets and then see if we start to get that trend back up towards uh the next levels. You know you could call any of these swing, tops sort of 48 54 and back up towards sort of 58 and 60 bucks for the shorter term outlook. As for ada uh ada is at 50 cents 49 and a half its starting to see some slight rejection. Here this was the downtrend that i posted here on the on the video looking to see if we can break through that test, the next levels around 54 and then go towards around 66 cents. So its still got some. It needs to break this downtrend before we can move on to that next stage, so keep those stops in play. Dont take them off just because you feel like it. You can see that level there at about 45 and a half cents is probably going to be pretty significant here, because you can see these levels this is to hold were using the level here right. There put it at those lows around that 45 46 cents lets see if ada can hold that and apart from that thats, where were sitting bitcoin looking all right for that macro low well get into that in more detail as well.
For the the larger term, time frames, looking specifically at some big, plays here on the monthly as well, so like the video subscribe to the channel.