BITCOIN COLLAPSE INCOMING?! This Pattern is DANGEROUS

in #bitcoin11 months ago

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all right so overall we're about you
know we're neatly through the working
week and I think Bitcoin has been
showing as more signs of weakness than
it has been showing us signs of strength
you know what we got which is absolutely
crucial is we ended up falling even
lower

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you know we sweep the low I already
covered this with you we dropped even
lower and then we ended up rising higher
so since that point we did end up
getting rejected at $9,600 which is
absolutely great that's what I wanted to
see as a bearer you guys will remember I
was even in a short position I told you
guys about it and I did end up closing a
profit before getting stopped out for
the rest of it that breakeven really
really good now the next good sign over
here that we have just seen develop over
today basically is we ended up falling
below this support level at roughly 9500
and a level which was previously being
used as some support and you know we
really do have to zoom in here but this
absolutely was being used as some
support or just something that kind of
kept the price propped up a little bit
higher and has now clearly turned into
resistance so what we're looking here
what we're looking for here quite
crucially is we want to see signs of you
know is Bitcoin using old levels that
are previously loved now as resistance
right and that is one of the most
textbook easy signs to tell us that this
trend is bearish and I think we
absolutely are getting that if we look a
little bit more broadly just the fact
that we've gotten rejected off this line
which has been so important as support
over these past couple of weeks and one
or two months the one month is is
crucial it's absolutely huge I think
it's a big big sign that this could be
turning ugly and then we already know
all the other reasons why this could be
bad however one that I want to share
with you before I start talking about
the reasons that this trend might be
bullish is it's actually we're gonna
have to zoom out and take a look at
let's go onto the bid stamp chart we're
gonna take a look at the weekly chart so
we don't do analysis on this very often
on this channel but I think it's very
important to take a look at today
because this is a big big big sign that
I want to draw your attention to we do
actually have a head and an inverse Head
and Shoulders pattern that looks
something a little bit like this very
clear
in verse head and shoulders it's it's
about exactly what you would expect in
terms of shape and timeframe and things
like that so I think it is something
that you know I put it this way I
wouldn't want to not ignore it let's
just move this down get this a bit more
level and you know really what we are
looking at over here for those of you
who don't know what this means is you
know we've tested a low essentially once
twice and then potentially thrice before
you know and we've gotten rejected each
time we tested the low which is a sign
that that that there is a lot of
momentum with the Bulls so you know
things could end up kind of jumping
higher that's usually what it means what
it means for us right now those that we
are trading right at the neckline and if
we are at the neckline that would
usually mean we are going to start
tumbling lower and again you know this
is where you know we've got one you know
sign here which on its own by the way is
very unreliable in my experience but now
we group it together with all the other
things that we know about this trend you
know we know if we switch onto some of
the other charts then there are
resistance clouds above Bitcoin there is
momentum working against Bitcoin right
now take a look at this four-hour chart
it's not as clear as it was before
because the price is basically doing
nothing but there is absolutely some
bearish momentum on the four-hour let's
see what the Ichimoku is saying as well
look at that right there we are about to
start trading with in resistance pretty
much tomorrow right so it's actually a
sign for me to potentially get back into
that short and of course you already
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to get into the group but moving back to
the chart here we do definitely have
some resistance developing for Bitcoin
overhead and so if we take it back to a
chart like bitstamp now when we put this
weekly analysis into the context of that
one hour an hour that for our analysis
that we just looked at I think there was
a very strong argument to be made that
things could start turning bearish quite
soon you know we did get rejected at 10k
this is the lower high
kind of pattern that we've been looking
at for a very long time that's actually
go to coinbase again and I just want to
kind of prove this point once more I
mean we have absolutely been continuing
this trend of setting lower highs after
lower highs right so each high we set is
as lower than the one that came before
it and in this case with this one
exception it's still true right and so
it's absolutely crucial to keep in mind
about this is you know and this is
something I covered with you recently is
that you know previously all of these
highs they were significantly lower
right they were lower than the one that
came before them let me remove all of
these circles right so this height you
can very clearly tell is lower than this
one you can very clearly tell this is
lower than that and so on recently
though with the highs that we've been
saying since October to basically the
2nd of June we are seeing less less
assuredness it's it's less clear now
that these highs are getting lower and
that is absolutely huge that is a sign
that you know this momentum that the
Bears have is starting to dissipate and
that's great because you know what we
want to see what we want to see within
this market is that the Bulls are
starting to take power they're starting
to take control back from the Bears and
it's very clear that this might be the
case now because each time we try and
push these highs we're getting closer
and closer to breaking this rally now
the reason I'm telling you this though
is that it doesn't necessarily mean that
this time has to be the breakout what it
means is that we have a set up to
breakout right so we still need the
power we still need that bump that that
that initial push to push Bitcoin
further and yeah I really you know I'm
not entirely convinced that Bitcoin has
that that is absolutely fine though
you know it doesn't mean that I won't be
able to rally higher so if we switch it
back on to that week rechart now take a
look at this you know what this is
showing us is that we are trading out
that neckline that resistance and what
we know now from analyzing the daily
chart and the 4-hour chart is that it
makes sense on a short-term timeframe on
a midterm timeframe that we might end up
dropping lower and now we can see it on
the weekly - it may
sent on the weekly as well that we might
start dropping lower you know even just
removing this head and shoulders pattern
really quick um this is super clear just
looking at this rally I mean there was
no meaningful pull back the whole rally
upwards right and that's not sustainable
that's not safe you know usually we do
want to see some pull backs like we did
see throughout 2017
that's why bitcoin was able to rise for
such an extended period of time each
time we rose higher we did get
meaningful pull backs right didn't
happen this time it didn't happen this
time since June each time we rose higher
there was no pull back this is the best
we got throughout January of 2020 that's
it I mean you know May has mostly been a
month of consolidation same as June but
I don't think that's quite the same as
cutting deep and so potentially starting
to get a correction that might drop us a
little bit lower I think would
definitely set Bitcoin up to be in that
space where it can rise higher so if we
take this head and shoulders throw this
back onto the chart now you know the
next thing that I do want to show you is
you've already seen it is the Ichi Mogu
cloud so on that one week time frame we
are actually seeing right now that there
is a big cloud of resistance so when
you've got that big cloud of resistance
that is again another indicator that
things could be ready to take a downturn
we've already analyzed momentum on the
weekly right we know from the weekly
time frame that momentum looks like
things should be starting to take a turn
to the downside we see that with the
Ichi mobile card we see that with this
overall bullish pattern right you know
because what did I just say I said that
Bitcoin definitely has the potential to
start rising higher but it would be
after it fulfills this pattern it's the
fact that you know these lower highs
they are getting smaller they're out
they are getting weaker which means that
the bulls are grabbing more strength but
it doesn't necessarily mean we're going
to breakout imminently and so this also
kind of fulfills that element of the
prophecy or whatever you want to call it
the next reason that I think this would
make a lot of sense is if we draw a
support box down here we are looking at
you know the the the basic the hit the
shoulder that the point of the shoulder
falling in line exactly with a big area
of support which we've known about for
years I mean literally since 2018 even
going back as far as 2017 because take a
look at this
this was also an area with Bitcoin hit
an all-time high and found support so is
it any coincidence now that we're seeing
this with the right shoulder potentially
falling right in line with that I don't
think that's a coincidence at all this
does put us at the top of the range at
roughly seven thousand six thousand nine
hundred dollars again you know we might
not even get as lucky as getting that
you know it could very well be that the
right shoulder looks a bit more like
this and so in this case we end up
falling on litre 7600 that's not really
the point the point is there could be a
large-scale drop on the horizon and this
analysis definitely shows that it's
possible that I think is something that
I would like to highlight as being very
very important VIPs know this I've been
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love to see you in there so this
absolutely shows us that we do have the
potential to be rising higher let's take
a look at some of the bullish signs
though unfortunately I don't think that
we really have many um let's take a look
at the gemini chart for this and i mean
i think you know on the one-hour chart
you know we might have some bullish
signs if you really really look hard for
them you know we do have some support on
the Ichimoku cloud so we have actually
confirmed this and use it as support and
then we might be doing that again right
now so I mean this this is a weak sign to me but still a sign nonetheless that things
could be looking a little bit bullish
for a Bitcoin arm but at the same time
the fact that we you know we did bounce
off this cloud but then we got stopped
at 9500 that is a short-term sign that
we've established resistance again at
the same level that we had resistance at
last time so I don't I don't have a lot
of faith in this the only other big
thing that's bullish for Bitcoin at the
moment is that its existing trend is
bullish its existing trend is strong
it absolutely is still an uptrend and
it's still basically form in that same
falling wedge which is an indication
that we could be breaking higher but the
fact that we've turned local levels into
resistance is to me a sign that that
yeah that things could be looking a
little bit ugly for Bitcoin I don't want
to draw that conclusion yet so as you
know I'm not in a position at the moment
and I don't have orders set to short
Bitcoin if we do rise higher but I do
have orders set to short Bitcoin if we
drop below support levels I've already
shown VIP members what those orders are
and I've given them the exact kind of
tutorials on how I set those borders so
you know you know exactly which buttons
I'm pressing and different things like
that in order to enter that kind of
trade you can see all of that content in
the VIP library so that's what I'm
seeing with Bitcoin at the moment I
don't think there's anything else let me
just give my notes a quick check I mean
you know this head and shoulders pattern
would mean we drop by something like 30%
so I'm really not saying that that's
what's going to happen but what I am
absolutely saying is on the cards is
that we could end up dropping down to
you know 7.1 seems to be a very popular
level obviously it's been an important
level for a very long time I mean if we
trace this back take a look at how
important $7,100 has been throughout
2019 and early 2020 and then also you
know kind of mid 2019 as well you know
going all the way back to 2018 even 2017
it has been important price action kind
of gathering around this price right so
those to me are signs that that could
continue and if that is the case I do
want to be prepared for it so that's
what I'm seeing with the market right
now I hope you have enjoyed this video
definitely a lot shorter bite do need to get running
now so hope you have a beautiful rest of
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