BITCOIN BOTTOM IN?!? THIS CHART TELLS IT ALL…
Is the bitcoin button right now in or are we going to go and see another lower low, getting formed this and much more will be getting discussed on todays video so make sure to snap off that like button and subscribe to the channel and lets dive right Away in towards the content, and once again guys, i am beginning with the image short term over the course of the weekend, and we do know the weekend see me close was at the 21.2 k, so i am expecting as well were going to end the weekend On the 21.2 k so, like you can see, we were under the cme close we pushed back up. We were above it right now. We potentially are going to push down once again, so see, basically the 21.2 k as middle line. This is the magnet and, of course, every single time. The price will be getting dragged back towards this level and we can really start to see which direction bitcoin is actually heading towards at the beginning of next week. So once again were right now over uh dc, meep uh price right now, so we are expecting at the end of the weekend, were still going to come down a little bit. Looking at the one hour time frame, we saw this rising wedge, getting formed on the market and after seeing this rising wedge getting formed on the market, we broke down of the rising wedge and were currently retesting it as resistance, and that is, of course, actually a Pretty worrisome sign here on the market also weve been seeing.
Clearly multiple rejections from this higher rated region on the market and bitcoin is really yeah. It cant really break above the 21.6 k, it seems and if we do break above the 21.6 gauge, so just really. Regarding um, this downward sloping and upward sloping uh support line so regarding this falling, which uh rising wedge pattern, if were going to look at this horizontal level over here on the market, if we are breaking above the 21.6 k yeah, then i am expecting, of course, More upside to come here because, if youre just approaching it from a horizontal perspective, you want to be seeing the break above the previous eye getting formed. However, i still want to be saying it is weakened, and if this happens over the course of the weekend, we could potentially still see a dump on the monday or potentially on the sunday evening. So that is going to be important to look out for on the four hourly time frame. We saw a little bit of a fake out here. We saw this um yeah. What is it also rising question the four hourly time frame, breakdown and right away? Re enter and right now, once again flying supporting on the super sloping support line so still in the middle of this pattern here on the four only time frame so far, not really clear direction getting called. Yet if we were looking, of course at the um inverse and the shoulders we were talking about on the market, we can clearly see okay left shoulder head right, shoulder getting formed.
We bounce off support and right now were just still continuously going up and up and up, but not on a very fast pace. Do everyone out there im still going to say 22.8k is going to be a major take profit for the ones that are currently in the long position im currently still in a little bit of a long position on bitcoin to, of course, straight my um inverse and Shoulders breakout target and if im going to be reaching the spread, the 22.8k im going to close either 70 already of my position. So please do take that and notice. However, if were looking at the order book right now, we can currently see that there is not a lot of resistance above us in terms of in the order book right. There are not a lot of people that set up limit orders around the um 22 yeah 22k is a major resistance, basically to be breaking right now, but above that we dont have a lot of resistance and looking at below us, we can see a significant amount Of resist support getting found, especially on the 16 000 us dollars and also along the way up towards 19k. We are seeing a very strong amount of support, getting found on that four hour chart right now, so looking really at the daily time frame to see okay, what can we right now have for bitcoin? Are we going to see a significant breakout or what is basically, the trend were trading in, of course, we do know we are trading in a downtrend.
Bitcoin is only going down for the past. What is it 90 days right now crazy long period of downtrend right? If we right now can break above this downtrend, so this this line over here is clearly, of course, the trend worker in lean right so were seeing this diversified support line theres a resist line from the top side. If we can break above it, that is going to be the confirmation for a potential new trend getting started right, so that is the thing were waiting for. We are waiting to see if we can break this previous resistance zone previous resistance zone over here and its probably going to provide another time resistance. But if we can break above this level over here yeah, then we can start to be looking very good bullish for bitcoin. However, still the rsi is going to start to be forming only more and more hidden, bearish divergence on the daily time frame. So what were currently seeing is that the yeah daily time frame for bitcoin is still forming a lower high on the price section, while the rsi is forming a significant higher low. So this is a typical bearish buy signal on the market right now. Also, since were training in the middle line – and we have been seeing this several times before right – the middle line getting us rejected here, the middle line gets us rejected and as well over here, find support support. So this can be an import level to be breaking above, of course, and with this bearish divergence still forms on the daily time frame.
I should definitely bring the mess out to you guys out there that you should still be very cautious looking at the three day time frame, currently bitcoin bouncing from the yeah the daring stolen support line here on the three day, rsi support but, more importantly, were currently Looking at a larger picture, where bitcoin is in larger picture consolidation right, i see this whole stage over here in the market as massive market consolidation. I see this as a massive market consolidation period and as soon as were going to be lets, say, uh see a breaker towards the um ultimate high then were going to probably fly very quickly again, so yeah were just in a larger timeframe. Consolidation. You can see. Also, the rsi is already resetting from being extremely overbought on 96 on the index right now to going uh oversold only 24 on the rsi index, so yeah we are pretty significantly oversold, and this could be, of course, a very good opportunity. Historically speaking, on the three day time frame, we can go a little bit more oversold, but it is definitely in stages where we would like to be buying, of course thats right. So this is pretty interesting to see, but let me talk a little bit about where do i think the volume for bitcoin is going to get found right. So, if im going to look at this blx chart and if im going to look at all the halving cycles and if im, basically looking at the stage, okay, where is bitcoin currently standing in its cycle right so every single time once it goes below this red Moving average, the red moving average is the 1 000 day moving average.
You can see, it went below the red, the the red um 1000 day, moving average right away. Bottom was getting formed right here then also, if were going to look at 2018 bear market. We went below the 1000 daily moving average, it took us three weeks and we formed the bottom right now we went below the 1000 daily moving average, and here it is only one two and its the third week. So maybe the bottom is already in. If were going to look at historical price section, every single time we are going below the one thousand daily moving average, we form the bottom within three to four weeks right. Maybe the bottom is already in or maybe were going to get formed, get it from next week. So i personally think right now. The bottom is extremely close. Also, if i really like – i told you guys already this on my other video, but if youre going to be of course, look at the uh the significant period of this down sloping trend, weve been training in right now on the market right, it is very, very Likely to uh argue right now: okay, the bottom is in also, if were going to be, measuring the the time between, of course, halfing towards bear market loads. Approximately 800 days here also here in may 2018 and if im going to look where were currently standing at, were currently sitting at 763 days. So we are definitely filling up the arguments and filling up the requirements.
I should say of a balloon getting formed in the next cycle, so yeah. I personally think we are right now extremely close towards the bottom or either its already getting formed right and were about to enter this very boring consolidation phase. What im expecting right so im expecting that were going to be seeing the markets, maybe going sideways for uh yeah till the end of the summer right so im expecting maybe another 90 days, maybe 70 days of sideways, boring price action for bitcoin and then were going To be having that exponential rally once again right and once im talking about exponential rally im talking about it, rally all the way back up towards forty eight thousand dollars um. Why? Forty eight thousand dollars, because, if were going to look at the previous boom, bear market rally, we had a rally all the way back up here, only 30 away from the ultimate and then were going to once again have a rally all the way back up towards 30 from the autumn high, it is gained, meaning itd be meaning that were going to touch 48 000 us dollars, and when once do, i expect that were going to touch 48 000, in my opinion, were going to be seeing this happening in the beginning or in The ending of q4 so the end of this year or the beginning of 2023, so yeah. I am currently loading up more bitcoin because from here on its already 130 increasement and if youre going to be asking me okay, what if you can make 100 130 gain with its within six months from now on, i would definitely know what to do.
Also, currently were training below the 200 weekly moving average. We only have been doing that once and historically speaking, that has been also a very good buying opportunity, so the blue line is the 200 weekly moving average historical support and um. I wouldnt be surprised if were going to be trading above it very very soon, once again here so yeah, i am expecting. The bottom is either in or very close right now, if were looking at previous data, it also is clearly telling us the story right here and guys if anyone is interested in swing trading or trading bitcoin in general, make sure to check out buy bit here in The link description, they are currently offering you zero percent fees, and on top of that, you can claim up towards four thousand and four hundred fifty us dollars in deposit bonus. More importantly, talking about the bottom right now as well is like all these uh metrics, as we have right. The mvrv z score also indicating a bottom signal right now, if were going to look at the net unrealized profit and loss indicating a bottom signal right now and if were looking at the uh exchange balance and then we first talk about the net position. Exchange balance. Weve seen the largest outflow since april 2020, and that is pretty crazy, because that was of course happening after the significant flush out of weekends. Right but more importantly, we are currently seeing a whole different kind of behavior than the previous bear market.
In the previous bear market, we saw an inflow of bitcoin to exchanges, so people panic, selling their bitcoins and going on exchanges and right now were still seeing a strong amount of accumulation and were seeing less and less bitcoin being available on exchanges and in fact, guys. If im going to zoom out a little bit more, we are currently at levels not seen since july 2018, in terms of how many bitcoins are currently on exchanges. So that is pretty impressive. If you would ask me here, i find this very fascinating to see, and personally i think this is only going to drop more and more, and especially in towards the next cycle internet or in towards the next whole thing. Its only going to be a more significant and more exponential drop off on bitcoin balance on exchanges so guys this was already it for todays update video. I truly hope you guys did enjoy the video of today. If you did enjoy it smash up the like button. It will be highly appreciated and well catch.