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Todays episode were going to take a look at some very interesting charts and discuss a profit taking strategy. You definitely want to hear stay tuned. Whats up everyone randall here from crypto up todays video were taking a look at some interesting bitcoin charts and a profit taking strategy. You definitely want to hear before we get into it guys make sure to like subscribe click. The notification bell also come join us over on twitter for one of these shirts now today, the entire market up three percent bitcoin at 43, 717 ethereum at 33, 42 bmb at 42, solana, 149 cardano, 129, xrp, 79 cents and tara luna 80 dollars. Now, if we take a look at these charts, the rational root here, saying: hey, we bounced this cycle is not over. If we take a look at the bitcoin bull market volatility comparison, we can see over the different cycles. We had bounces that happened and we can take a look down here at the drawdowns from all time. High tends to bounce at about negative 36 percent for the last time before the big takeoff, which happened here in 2011 here in 2013, here in 2017, even though it was back a little bit further and also looks like it could be happening again in 2021, as A matter of fact, the huddling to spend profit ratio taking a little bit longer in every cycle, which is further validating this right here, as we can see this hodling to spend profit ratio took 1.
2 years in the first cycle, two and a half years in the Second cycle – and it looks like its taking about 2.8 years in this cycle because it appears like we could have just had the buying opportunity of a lifetime with bitcoin entering the buy zone and dormancy flow with entity, adjusted dormancy flow being the lowest it ever is Similar to the bottom back here in 2011 – the bottom here in 2015, the bottom here in 2019 and then the coveted bottom in 2020 and also buying at 30 000 had you have bought in the low 40s and still potentially, a good buying opportunity could be the Buying opportunity of a lifetime, this has only happened five times in bitcoins history, and if we take a look at cbbi.info, only 47 confidence were at the peak. If we take a look at it still in the green, if you take a look, green is historically great. Buying places for bitcoin and for cryptocurrencies as well, because we have traders like trading shots, saying why a hundred and fifty thousand to two hundred thousand dollars may be next. He takes a look here. What happened back in 2020, where we had a bit of a top right here and then a drop, and we can see a sideways megaphone on the rsi down here and then we came back up bounced off the half fib before it went up to the two Fib top for 555 percent gains.
Now, if we have the same thing again, a little bit of a top here at seventy thousand 000, we had the buying opportunities bouncing off of 0.5 fib and again we have this sideways megaphone in the rsi. Well, potentially, could lead up to the 2fib, which is about 200 000 up, maybe even 555, to 223 000 per bitcoin. Can you imagine what that will do for bitcoin and all coins out there? Not only that sharp, but this chart right here from year of the bull kind of comparing this phase with previous phases, saying how we havent even reached the mania phase the blow off phase. Yet so, if we see here, we have when bitcoin goes above the 5x to your ma, guess what we have greed and mania phase and then the blow off phase price comes back down to below the two year ma. So we had this happen in the first cycle. We had this happen in the second cycle, where it got above the two the two year, five times ma, and then it came back down below to despair. Well guess what we touched the top there, but it didnt actually happen, because it was, according to him a bear trap before the mani phase before media attention before the blow off phase that could lead bitcoin into the hundreds of thousands of dollars. Now. That being said me personally, there are a couple areas that im looking at, because i think the bitcoin has basically been trading in this teal colored rectangle for the past year, which is roughly forty thousand dollars plus or minus a few thousand dollars, and its just been Going sideways, but two levels for me that are critical is one: this white line down here: thirty thousand dollars and two.
This dotted green line up here, fifty three thousand dollars – and you can see that bitcoin has spent most of his time between those two areas. Why are those important well? Because if it breaks below 30 thats bearish, if it breaks above 53, thats bullish right now were still going sideways, but heres the potential for what could happen? Because you have to remember, we recently had two tops right about seventy thousand dollars. We got wicked off once we got wicked off again. Okay, just call me jack because we got wicked off well anyways with that happening. It makes me think that well, it happened twice already, could likely happen a third time and then theres also the counter to that argument. Well, if it happened two times already everybodys going to expecting it the third time and then its not going to happen so heres whats got me thinking this area between the green and the red line. Here, this red line is roughly what i would say would be. Oh a take profit area if youre going to be taking some profits on the way up, because we could have wick off round three before we have a triple top, which could be even worse than a double top, so thats a possibility. But we could also have just blow off top. We could have mass adoption, we could have things going crazy into the hundreds of thousands of dollars, so this is my thought.
Maybe im going to do it? I am starting to think about it right now, and it is something where maybe, if you havent saved up money for paying taxes yet or maybe, if you havent taken any profit yet and youre, just letting it all ride. Well, you might want to consider taking some profit in this area because heres the thing if bitcoin passes 53 thousand dollars its going to be bullish, everybodys going to be bullish, i mean you can see how the sentiment changed over the past two days, just with it Bouncing at forty thousand dollars if it gets above 53 everybodys going to be bullish for a hundred thousand dollars, but this could still be manipulation round three, as a matter of fact, if we take just this bar pattern from down here at thirty thousand dollars to the Top here, seventy thousand dollars – we just overlay it at the bottom here at forty. Well guess: what look what it does? It goes all the way up to the top the previous trend line, and then it comes all the way back down to this area. That i say is the bullish, fifty three thousand dollars before it takes off and while it may talk off there, it may also not so my thinking is, if youre going to take some profits and remember you do have to pay the tax man and remember you: Do also have to make some money from being in cryptocurrency and dealing with all this harder have to deal with well, dont wait till 65 or 70 thousand dollars.
You may want to do it before everybody else, because look at all of this difficulty well be having right here. Look at this. It was resistance here it was resistance here it was resistance here. It was also a lot of trading right down here in this. Sixty thousand dollar area, so theres gon na be a lot of money trading hands at sixty thousand dollars going to be hard to break there, possibly even harder to break the seventy thousand dollar mental barrier before we take off. So that being said, sixty thousand dollars – you might wan na – consider posting a little memo for yourself that, if it reaches sixty thousand might just wan na take some profits. Why not, i mean sure, could go up to 120 thousand dollars and youll be like damn. I could have had twice as much money, but it might also triple top and then go back down to twenty, so you just have to think about these things. This was just me saying hey. This is something to keep an eye out for we could be heading here, but we might get wicked off once again and you know dont want to get caught with your pants down. So thank you all for watching.