Bitcoin is about to hit a new all-time high and this video explains why -- Enjoy!
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Let me know your thoughts on Bitcoin in a comment below!
#Bitcoin #BitcoinPricePrediction #CryptoCurrency
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RISK WARNING: Trading involves HIGH RISK and YOU CAN LOSE a lot of money. Do not risk any money you cannot afford to lose. Trading is not suitable for all investors. We are not registered investment advisors. We do not provide trading or investment advice. We provide research and education through the issuance of statistical information containing no expression of opinion as to the investment merits of a particular security. Information contained herein should not be considered a solicitation to buy or sell any security or engage in a particular investment strategy. Performance results are hypothetical and all trades are simulated. Past performance is not necessarily indicative of future results.
Video Topics:
bitcoin, bitcoin news, bitcoin investment, bitcoin today, bitcoin price prediction, buy bitcoin, buy bitcoin now, bitcoin analysis, bitcoin analysis today, bitcoin analysis 2021, cryptocurrency, cryptocurrency for beginners, crypto news, cryptocurrency news, btc analysis, btc analysis today, cryptocurrency trading, cryptocurrency investing, cryptocurrency trading for beginners, bitcoin technical analysis, investing, trading, how to make money, top stocks, best stocks, forex
What is going on moon gang? A handful of you have reached out to me asking about cryptocurrencies so today i thought it would be fun to do a technical breakdown of bitcoin. I will be highlighting the key areas of support and resistance, so we have a better idea of where this currency might be headed to next. Before i get into all that, though, if you're new to the channel don't forget to join the moon gang by hitting the subscribe button, and if you enjoyed this video, it would be great if you could drop a like, because it really helps this channel out. Alrighty.
Then, let's dive into it at the time that i'm filming this video bitcoin is trading just above nineteen thousand one hundred dollars at this price level. That means that this cryptocurrency has gained two percent over the past week, twenty percent over the past month and 167 from the start of the year until right now. Clearly bitcoin has been performing very well this year and in fact it's been outperforming typical investments such as the s p 500.. Anyway.
Here is the current technical situation. From january until march of this year there was a sell-off in bitcoin, but ever since then it has been trending upward by consistently posting higher lows and more recently, in august of this year, bitcoin was range bound between 11 000 and 12 000, and then there was A sell-off and bitcoin was range bound from september up until mid-october, and that range was between 10 000 and 11 000.. Eventually, there was a breakout which put this crypto in the previous range, but this time it was followed by another breakout and rally to a new relative high at thirteen thousand dollars and once a solid foundation was formed. Bitcoin was then in this bare flag.
Since the formation of this channel in early november, bitcoin has managed to gain an impressive 41. At times there was some serious strength on the top side of this trendline, and this was mirrored by the rsi being in the overbought territory. Eventually, there was a correction all the way down to sixteen thousand, but ever since then the bull camp has been in control and they even hit a new all-time high, just below twenty thousand dollars. More recently, there has been some new technical developments, but i'll explain that in more detail on the four-hour chart for this daily time frame, though, if this bullish momentum were to continue, the next resistance would come at a previous relative high of 1905 and past that we Have the all-time high just below 20 000.
from the current level to get to that first resistance: it would be a gain of 2 and the all-time high is 4 away. If and most likely, when the bull camp pushes bitcoin above the all-time high, i would be looking forward to fill out this channel, which would bring us to right around 21 000. However, with that being said, please proceed with caution. Don't forget that the name of this technical structure is a bear flag and that's because they commonly break downward. Obviously that doesn't have to happen right away. I mean this one's been going on since early november, but if it were to happen, the first support i would be looking for would come at 18 000 and that's where bitcoin caught itself on december 1st and also in late november and past that i would be Watching the price level of this over correction at 16, 200 from the current level, the first support would come at a drop of six percent and then the second one would be a drop of 15.5 to be fully transparent. I do not own any bitcoin, so i'll attempt to be as unbiased as possible, but, as things currently stand, i do favor the bull camp over the bear camp. In other words, i think we'll see twenty one thousand before we see sixteen thousand.
My reasoning for this is that, as long as the bottom of this channel holds, bitcoin is in an upward trend, and it clearly has quite a bit of momentum with that being said, though, i would like to bring your attention to these two key points: you'll notice, That, between november 24th and november 30th, even though bitcoin made a new relative high, the rsi didn't. This is known as bearish divergence and it's a sign that the buyers are getting tired and it's commonly indicative of a future decline, or at least consolidation. Now, to be fair over the past five days, bitcoin has been consolidating, so we would be in pretty good shape as long as this trend line holds and especially 18 000, and then we would be in great shape if, on this next leg, upward the rsi shoots Up and is able to get above 80, which would get rid of this bearish divergence, even though i would argue the current momentum is positive. Please don't lose track of the overall technical situation.
This is a bear flag, but they can build for a very long time to get a better idea of what might happen over the next few days. Let's check out the four hour chart before i jump into this time frame for those of you who are curious. The name of this charting software is trading view and there's a link to a free 30-day trial in the description of this video for those of you who are interested anyway, back to bitcoin after hitting a new relative high in late november, there was a pretty brutal Sell-Off down to 16 000 and at one point it had dropped 14.5 percent. But since then the bulls have been in control and there was a pretty sizable rally to the current all-time high, which was a gain of over 20.
After hitting this new high bitcoin was consolidating in this bullish pennant and as i'm filming this video, it is breaking out as we speak. If this breakout holds, i would first be watching the resistance at 19500, and if the bulls went here, i would then be watching the all-time high just below 20 000, and if and most likely, when bitcoin breaks above that, my first short-term target would be 21 000.. As a little extra bonus for all of you bitcoin bulls, the rsi does have quite a bit of room to run with that being said, though, if this ends up becoming a fake out breakout, the first support i would look for would come at one of these. Two bottom trend lines around 19 000 and if the bears really come back with some sort of vengeance and push it below that, i would then be looking for the next support to come at eighteen thousand. Five hundred. To sum things up in the short term, i will be watching this bullish, pendant structure and the previous resistance at 19. 500. Then, in the medium term, i will be watching the all-time high, just below 20 000 and for a new high to be formed at 21.
000., obviously, though, the entire situation is pretty dynamic, so pay close attention to all levels of support, resistance and watch for divergence to be formed in the rsi thanks for watching. I really hope you enjoyed this video. This was my first video related to bitcoin and really cryptocurrencies in general. So if you want me to continue making these make sure you let me know in a comment below as a quick reminder, i am not a financial advisor, so i'd highly recommend that you do your own research.
If you enjoyed this video, don't forget to drop a like, and if you haven't already don't forget, to join the moon gang by hitting the subscribe button thanks for watching and until next time. Best of luck in the markets, you.
Why is he talking like this
Very nice, concise, objective video. Please cover BTC more regularly.
Please do continue making Bitcoin videos. Thank you ๐
BUY BUY BUY
BTC -> Moon
Astronaut Matt!
I think Bitcoin will hit 20k soon. Citibank predicts over 300k by 2021 end.
MoonGang takes on Bitcoin!!!!
Love the crypto breakdown, Thanks!
Do you think Bitcoin will hit 21k?