Bitcoin FALLING After The Breakout! $7,200 Support? [Bitcoin Today]

Bitcoin FALLING After The Breakout! $7,200 Support? [Bitcoin Today]



in this video and in this edition of Bitcoin today we are going to take a look at Bitcoin and more specifically the most recent price action here and this formation that we talked about in the last video and so we got a breakout just as expected and this time it was to the downside and I'm going to talk about this and how you could have played this if you traded this I didn't trade this but of course if you did then you made some money here and we're going to talk about where to close your short position if you shorted it and also where this price action might take us here in the not so distant future so all of this is coming up guys so if you think that this sounds interesting well keep watching this video hello and welcome to the moon my name is Cara Lynn rich to bring you another cryptocurrency video and well we've got a pretty nice breakout out of this ascending triangle and this time it goes to the downside and we got a it's a pretty massive fault although nothing extraordinary when looking at Bitcoin I mean we do get these massive massive so for Bitcoin is not really that unusual but it's it's still a pretty big one so well just a small recap if you didn't watch the last video so we had this tightening pattern here called a ascending triangle and of course it means that at like 2/3 into this triangle usually we or we should expect a breakout either to the upside or to the downside and depending on different factors the the rate should be different but generally 70% chance of breaking to the upside and 30% of bringing to the downside and so we did get a break to the downside and if you traded this by let me see so if you traded this by getting a confirmed breakout by the volume so first we had kind of a little fake out here we started to move below but the volume was a very very low here how here you can see that when we broke through this candle the volume spiked and well the breakout got confirmed by the volume and this is something that we have been talking a lot about on my channel that we first of all always trade the breakouts and that lets us train something either if it goes breaks to the downside or to the upside so for example like I said in the last video like if you if he's put in a trade in the middle of this triangle then of course the odds should be seventy percent to the upside and thirty to the downside but every time you go below then of course you're going to lose money so what you want to do is you can trade the breakout either if you break to the upside or to the downside so as soon as we break to the upside here with the volume confirming the breakout you put in the trade and then you make up a plan where you want to sell and everything and equal it's the exact same thing for to the to the break to the downside here as soon as you get a break to the downside and the volume confirming just like here you put in the trade and then you make up a plan accordingly here and if you traded this to the downside here let's say you put in a trade somewhere so maybe you got the volume confirmed this candle was the I guess so let's just say here then you might have shorted and currently you're up five percent so so congratulations to everyone who played this trade if you want to know where to sell well I guess I would understand if you sold here because you might have thought that that could have been a reversal pattern here but this was more of a bear flag and we are still currently going down here but I would say that this upwards sloping support line down here is a very very strong support zone so if we zoom out to the four hours or three hours you can see that we have a very strong support coming into action here and that is where we are currently so I would say that if you are still in the position I would close it right here and if you dare here you could actually possibly like convert to a short position into a long position here and maybe you could have maybe this was a perv trade for you like playing in right to the downside here and maybe bouncing it right back up and if we can see the price show us some more signs of reversal there like a little green candle here on possibly the hourly or like the for hourly here then I'm actually going to put in a small e long position and mostly because I think that in the longer time for mere I am bullish I think that we are I think we are supposed to go to the upside here in regards to this triangle pattern and we have the triple bottom and remember although that the triple bottom formation still gives us room to actually fall down to the bottom of this bottom here so actually we do still I mean we could fall down to this level here that's 6500 and what I mean by that is that these triple bottom allows us to do that the triple bottom is not invalid until we break below these levels and I guess maybe some would say that it's even lower that we might be able to as long as we don't break 6k but I'm keeping my eye on the 6.5 came because I'm not really including this little extra bottom here I think that this would be the bottom actually but I mean I'm not the all-knowing if you find in something someone else giving you a reasonable explanation as to why you would put this line down at 6 K then fine but yeah so it is possible for us to reach these levels even though I don't think that that's the most likely scenario I still think that I still think that we are going to see the price bounce in this 7.2 K area like we talked about in the video before a yesterday's video because what I said there was that it looks like we have lost momentum here because if you if you compare this upwards trend here and also upwards right here here we had just a mass and momentum and just never stopping just goes up and the volume just took us higher and higher the Bulls were strong and I thought that that was going to happen right here but as we lost momentum here in that video I said that well it looks like we might be we may be we had to look for a turn down turn to the downside possibly to seven points to K and that's actually where we are right now so so far actually nothing really extraordinary has happened and I do think that we are going to find support out here I don't really see the case where we break below here right now likely at all even though in a few like in a few hours maybe a few days I'm not saying it's impossible I'm just saying right now I'm looking for a balance most RS eyes on most time frames are in the Oversoul region and usually of course that is calling for us to actually get a bounce in the short term here and that is why I am considering actually putting in a trade here is raised I'm bullish on both corn and I like to buy the dip and of course right now we have a dip but all right so where are we here in the bigger scope of things because we are still in this like up and down movement here so we are still like in this triple bottom type of movements here and this doesn't really change anything at all even though it was we were kind of starting to reverse here and starting to form this triple bought information that we talked about where we start to reverse before reaching this bottom and giving us an actual the most boost version of a triple bottom and I guess well yeah we are still actually way above this bottom so maybe there's still a chance of forming that type of triple bottom but either way I do feel like we are still in we are still forming the third of the these three bottoms this doesn't really like this is not the fourth bottom or anything we're still this is the same model just like over here like we had some movements here and if we go into the for hourly this is not like four bottoms in one year this is one bottom and this is also in my opinion one bottom so actually we're just kind of mimicking what happened here where we have this like sideways action so I don't think that this changes anything in the bigger timeframes even though we had some dramatic things happen in the hourly timeframe so on the daily here we're all still on the move here and I'm still very excited about what's going to happen in these this little area here because we have a convergence here of support and resistance which gives us an area of the problem like expected breakout we need to break out either to the upside or to the downside here and of course the triple bottom is calling for us to break to the upside you could also make a case for this being an ascending no descending triangle which calls for us to break to the downside I've talked a lot about all of this you can watch my triple bottom video if you wanna know more about that and I mean you could also maybe even call this like a pendant and that's kind of the thing with a triple bond information and a double bond information they can actually like until they break out they can actually be a lot of different kind of formations and that's why it's important that if you want to trade it and like strictly just trade it and sell at a at this specific point you need to only play that trade the breakout like we always talk about only traded breakup because that's how you make money over time just like in this formation we had here if let's say you were long on this formation because we had a 70% chance of breaking to the upside well you lost money because you if you put in a trade before trading the breakouts and this is just another perfect example why you only trade the breakout because if you put in a tray here a long position well then you're down quite significantly here but if you just had some patience and just waited then you would have like seen that well we're breaking to the downside and you would see in the volume come in and you you'd be shorting it instead and likewise the price might have just as well just gone up here and that's where you put in the trade when you see the volume spike is the big volume candle here and then here you get a nice breakout and that's how you trade it so that's the exact same in the bigger time as well and of course if you're bullish you're basically long-term I mean of course just by Bitcoin I'm not saying like but if you strictly want to trade then it's very important that you put yourself on the right side of the odds putting in a trade in the middle of information is very very risky and that actually that will make you lose money over time because that that destroys all of the odds the odds are not in favor of you making money if you if you like disregard the the basics of trading the breakout and trading because then the odds don't apply to you but yeah if we go to the weekly here and I know I might be saying this a lot but yes the volume is declining here just like we want to see in an in a triple bottom formation and this is calling for us to like and now you I mean you can absolutely clearly see here that the volume is rapidly declining more and more here this is really calling for us to start seeing a breakout at some point here and I guess I've already talked about what what I think was going to happen if you break to the upside if you want to know more about that you can just watch my triple bottom video and if we were to break to the downside then I guess the only logical level where I would turn my attention like the first big major level is the 5k a lot of people have been talking about the 5k and I do think that yes the 5k is the absolutely most obvious place to turn my attention and I think that would be a pretty logical place as to where the price would go in that case and a break down to 5k would of course be a decline of like 30 percent so that would be very bearish movements definitely a very bearish movement although I I don't think it's possible that we break below 5k and I've talked about that a long time ago as well that I think 5k is very strong very very strong some people have been talking about like 3k stuff and no I don't think I think the booths are very heavy even I like the Bulls are very heavy up here like 6k is very well defended by the Bulls in 6.5 K so that's why I've also been talking about I don't think that 5k is very likely either all right and just I just wanted quickly we can take a look at the corn market cap here because of course we had a pretty massive down turn in Bitcoin 5.5% currently which unsurprisingly makes the alt coins go down even faster here so some alt codes aren't down even in the double digits here if you've been here for a few months then you know that this is exactly how the crypto markets work bitcoin is the father of all cryptos bitcoin is what decides where the crypto market goes and the alt coins follow and people are still talking about how maybe the old codes are going to break through break free from Bitcoin and but no guys that is not going to happen for a very long time bitcoin is is the father of all Kryptos I think bitcoin is the only crypto that is ready to do what it's supposed to do and bitcoin has no competition bitcoin is simply Bitcoin is the revolution and like all the other cryptocurrencies are just improving upon that revolution but bit code is the revolution like blockchain Bitcoin it it's kind of like how internet was the revolution and how Apple and Amazon and all these they were like a continuation and they an improvement of the revolution a continuation of the the revolution and that's why bitcoin is always going to be the father of all crypto and of course in ten years I'm I'm not sure exactly how the world is going to look but but right now I'm not looking for any old course breaking free from Bitcoin decoupling from Bitcoin and start moving bytes oh I don't think that's likely at all if Bitcoin goes down the old codes are going to go down if you if you're still surprised then well you just have to understand the Bitcoin is Bitcoin and the bitcoin dominance has been a bit volatile lately and we can see that we did meet kind of resistance here in the 40 level and we got down again and right now of course before numbers is going up because bitcoin is going down and what fear is in the crypto markets Bitcoin dominance tends to go up nothing unusual here as well so I think that everything that has happened right now is pretty much just kind of expected nothing nothing extraordinary nothing unexpected I think that what would be unexpected is if we were to start falling down below this line that would be something out of the ordinary for me but right as a right now I think that we are still on track and everything is happening kind of like we have been expecting right and also before I end this video I guess that what we talked about in the last video about this big asian whale possibly selling a large amounts of bitcoin and people are going to ask me is this what that is I have no idea there's no way of knowing I have no idea but it's definitely possible I mean that big Asian well like we talked about in the last video recently sent 8,000 bit called over to Hobie and that is an ace Asian exchange and of course sending Bitcoin to an exchange could possibly or like probably mean that you are going to sell that Bitcoin however it's not really known if you might maybe want to sell Bitcoin into Fiat or possibly into altcoins but so the answer to your question there is that I don't know but the of course the volume is high but that's also expected when you see a break to the downside here because as soon as a bear break happens of course more bears jump on and that's how you get these big break outs and equally likewise to the upside but that's going to be it for today guys and I will see you guys tomorrow you

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About the Author: Maximilian Kuhn

38 Comments

  1. increased regulation is always going to be double edged sword for bitcoin, with increased government regulation, and especially recognition, of cryptos, comes the inclusion of crypto assets in assessable income by governments (tax, and welfare means tests) thus, more and more people are faced with having to convert back to their resident fiat in order to pay their tax owed or live off the capital made (if any, or mitigate how much theyve lost), so – a lot of crypto ends up being sold (converted back to fiat) because holders are being given no choice as a consequence of more government involvement …

  2. What's the point to go mining? It is possible just to buy the necessary coin in advance and wait)) I have received free coins from Zilliqa www.airdropnews.pro/zilliqa-network It is said to be a very perspective coin; it can repeat the NEO's fate and make 100 X-es. Could it be that you will earn so much in mining?

  3. Great works, best technical analysis I have seen. However, regarding fundamentals, I wonder if the bankers have defensive staying power, as in trillion$ of dollars for selling short. Any thoughts on how low could they short BTC, and for how long?

  4. https://credits.bountyplatform.io/airdrop/1250/join?ref=c05cbd4d266c38352671ebbe1b6b626f

    30 credits = 9 dolar

  5. bro I like what u share, but dont take us personal, all analyst is bullshit, every one, every one, you ppl have said exactly differend thing from april until now, not just you, every analyst, hahah

  6. I wanted to pointed out to you something that I notice with Bitcoin, Bitcoin is really having monthly cycles and respect this monthly cycles really correctly : beginning of january –> beginning of february = Down , beginning of february –> beginning of march = UP , beginning of march —> beginning of April = DOWN , beginning of April to beginning of May : Up, Beginning of May —> Beginning of June Down , you know what is next : with the triple bottom , beginning of a BULL market

  7. I told you yesterday there was No volume! And you kept to the moon narrative. Please follow Tone Vays; he called this for weeks now

  8. Remember when Bitcoin took a steep dive and stayed low for a long time in 2015? This article describes it exactly and how it goes back up. Written Jan 2015 before the big dive. Google it. When will the price of bitcoin bottom out by George Samman.

  9. BTC at 6,700. Do you think there will be a dead cat bounce and then drop further? This feels like old times. Like it will be low for a while then a slow crawl up. Not seeing 25K BTC by the end of the year anymore.

  10. Wow, seems like no one saw this coming, the drop in the last few hours. One of the biggest 1-hour bear-candles in Bitcoins recent history + crazy volume. I'd suspect a big whale is causing this. Possibly the "mysterious asian whale" that we have been talking about. If you have any further information or links, please submit below! 🌙😀

  11. Hey, we're both ranked #1 and #2 for "Bitcoin"! Our videos sadly didn't age terribly well though did they?…

  12. Bitcoin will be number one , behind the scenes there are a lot of things going on. Golden man Sachs are about to trade bitcoin. Just understand guys that the rich do not buy when the price is high. They will manipulate the market to drive that price down, the weak hands will fold and sell off. The rich will buy them all up , so every time the price dips be excited because this is your chance to buy. Bitcoin goes up a few days out of the year and it’s usually near the end of the year. So just understand this price dip is just manipulation for the rich to buy cheap

  13. The more price hits a support line the higher the chances for it to break through it, but if it bounces back with a high volume find yourself in a fomo if it goes in opposite direction then brace for impect, there's no top nor a bottom in the crypto space

  14. 14:15 OMG Bitcoin has no competition, Bitcoin is the only coin ready, is a father xD All of this is so biased xD

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