Bitcoin: Don't Ignore This Rejection

Summary

The video discusses Bitcoin's recent price action, highlighting its rejection at the $72,000 level and the implications for short-term trading. The presenter suggests a likely sideways and downward trend, with potential support around $68,500. They also mention a free beginner's trading program and a 14-day free trial of Meta Signals. The long-term outlook remains bullish, with the presenter anticipating a significant opportunity post-pullback, possibly around $64,000 to $65,000. The video also touches on the Dollar Index's impact on Bitcoin and the presenter's skepticism about its correlation with risk-on markets.

Takeaways

• 📉 Bitcoin is currently facing a short-term rejection at a critical moment, which may lead to sideways and downward trading in the near future.
• 📚 The speaker is offering a free beginner's program to teach price action and strategy creation in a beginner-friendly format, with sign-up available in the description.
• 🎥 Weekly live streams will accompany the beginner's program, providing additional learning opportunities.
• 📊 Bitcoin's closing below the 382 level at 7,800 for CME suggests a bearish short-term outlook, with a potential bounce but unlikely breakout.
• 📈 Despite short-term bearish signals, the speaker remains excited about upcoming announcements and believes in long-term opportunities for Bitcoin.
• 🗓 The speaker anticipates a likely sideways and downward movement over the weekend, with a possible bounce attempt on Monday but a more significant breakdown by Tuesday.
• 📉 The speaker suggests that the next support level for Bitcoin could be around $65,000 before any significant recovery attempt.
• 📊 On the daily time frame for CME, Bitcoin has failed to maintain a pivot, indicating a likely short-term correction.
• 📊 The speaker notes that Bitcoin's trading patterns on weekends, particularly Saturdays and Sundays, are typically the least volatile.
• 📈 A long-term bullish view is maintained, with any pullback seen as a potential buying opportunity, especially if Bitcoin remains above recent lows.
• 📊 The speaker discusses the HPD indicator's signal on the 5-day time frame for CME, suggesting positive momentum and potential for significant rallies if the market remains in a bullish cycle.

Q & A

What is the main topic discussed in the video script?

The main topic discussed in the video script is the short-term and long-term implications of Bitcoin's price action, particularly after it was rejected at a critical level, and what this could mean for the upcoming week.

What is the free program being offered by the speaker?

The speaker is offering a free beginner's program that covers their view on price action and how to create and execute trading strategies. It is beginner-friendly and includes live streams.

What does the speaker believe is the likely short-term direction for Bitcoin after the rejection at 72,000?

The speaker believes that Bitcoin is likely to trade sideways and down in the short term after the rejection at 72,000, with a potential bounce attempt but not expecting a breakout from the current region.

What is the significance of the weekly median rejection on the CME chart?

The rejection of the weekly median on the CME chart signifies that the short-term bullish hopes are diminished, and it suggests a higher likelihood of sideways to down movement in the price of Bitcoin.

What is the potential support level for Bitcoin that the speaker mentions?

The speaker mentions that the downside for Bitcoin is likely to be limited around the previous day's wick low, which is approximately $68,500 on the spot price action.

What does the speaker suggest about the volatility on weekends for Bitcoin?

The speaker suggests that weekends, particularly Saturdays and Sundays, are typically the least volatile days for Bitcoin, with half or less of the high-low range compared to other weekdays.

What is the speaker's view on the long-term opportunity for Bitcoin?

The speaker believes that any pullback from the current move in Bitcoin is likely to be a major long-term opportunity, assuming that Bitcoin is still in a bull cycle.

What indicator did the speaker mention observing on the 5-day time frame for CME?

The speaker mentioned observing a signal on the HPD indicator, which crossed the zero read, indicating positive momentum on the 5-day time frame for CME.

What is the speaker's opinion on the correlation between the Dollar Index and other risk-on markets?

The speaker does not like the full-on correlation between the Dollar Index and other risk-on markets, considering it a bad assumption, but acknowledges its importance for the current market move.

What is the speaker's expectation for the range of Bitcoin's price action over the weekend?

The speaker expects the range of Bitcoin's price action over the weekend to be between $70,000 and $68,500, with a possible bounce attempt.

What would make the speaker reconsider their bearish view on Bitcoin's short-term price action?

The speaker would reconsider their bearish view if Bitcoin were to reclaim and close above Friday's high or at least close above $71,500, indicating a rejection of the current bearish trend.