#BITCOIN READY TO FOR A MAJOR MOVE?!?

Kevin Svenson Crypto
25 Sept 202409:18

Summary

TLDRThe video discusses Bitcoin's current price action, focusing on a descending broadening wedge pattern. After a period of lower highs and lows, Bitcoin is just 16% away from an all-time high. The speaker highlights recent price resistance levels, the importance of the 128-day simple moving average (SMA), and how breaking above these could signal a major bullish trend. Despite short-term risks, long-term prospects are optimistic, with potential for Bitcoin to reach $102,000 within six months, supported by a recent breakout in the weekly RSI. The video emphasizes staying informed and engaged in the market.

Takeaways

  • 📈 Bitcoin's chart recently showed a lower high around the $60,000 level, but sentiment has since improved with a breakout above resistance.
  • 🚀 The video discusses a descending broadening wedge pattern in Bitcoin's chart, indicating a potential for a significant price movement.
  • 📅 Bitcoin is close to achieving its first major higher high since August 25th, which could signal a bullish trend continuation.
  • 📊 A breakout on the Daily RSI suggests strength in the recent uptrend, aligning with the price action.
  • 🌟 The presenter is bullish on Bitcoin, predicting new all-time highs by the end of the year, likely in Q4.
  • 📉 There is a mention of potential short-term downside risk with Bitcoin retesting the breakout zone before a significant move up.
  • 📉 The descending broadening wedge pattern is considered difficult to trade due to the nature of lower highs and even lower lows.
  • 📊 The 128-day SMA is highlighted as a significant moving average, historically playing a role in past cycles as support and resistance.
  • 🌐 The presenter notes that the market is in a macro uptrend, with the Bulls in control since the beginning of 2023.
  • 💹 If Bitcoin breaks above the $65,000 level, it could lead to a significant increase in confidence and a push to new all-time highs.
  • 📉 The S&P 500's performance is tied to Bitcoin's, as there has never been a new Bitcoin all-time high without the S&P reaching new highs first.

Q & A

  • What was the situation with Bitcoin's chart just the other day?

    -Just the other day, Bitcoin's chart showed another lower high around the 60,000 level, with bleak sentiment and frustrated investors.

  • What changed in the Bitcoin market after the FED and the Bulls stepped in?

    -After the FED stepped in and the Bulls stepped in, Bitcoin broke above resistance and was very close to getting its first major higher high on the chart.

  • What is a descending broadening wedge pattern?

    -A descending broadening wedge pattern is a chart pattern characterized by lower highs and even lower lows, making it difficult to anticipate and navigate for profit.

  • How close is Bitcoin to reaching an all-time high from its current price?

    -From the current price, Bitcoin only needs to go up by 16% to reach a new all-time high.

  • What is the significance of the daily RSI breakout mentioned in the script?

    -The daily RSI breakout indicates a shift in momentum, suggesting that the bullish trend might continue.

  • What is the current state of the market according to the script?

    -As of September 25th, Bitcoin is hanging around 63,500, with the market experiencing a bit of a flat day.

  • What is the potential target for Bitcoin if it breaks out of the descending broadening wedge pattern?

    -The potential target for Bitcoin, if it breaks out of the pattern, is $102,000 according to the textbook.

  • What is the role of the 128-day SMA in Bitcoin's past cycles?

    -The 128-day SMA has been a significant support and resistance level in past cycles, marking key breakouts and breakdowns.

  • How many days has Bitcoin been above the 128-day SMA as of the script's recording?

    -As of the script's recording, Bitcoin has been above the 128-day SMA for six days.

  • What is the correlation between the S&P 500 and Bitcoin all-time highs?

    -There has never been a new Bitcoin all-time high without the S&P 500 first reaching new all-time highs.

  • What is the significance of breaking the weekly RSI downtrend?

    -Breaking the weekly RSI downtrend suggests at least six months to a year of upside in the market.

Outlines

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Mindmap

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Keywords

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Highlights

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Transcripts

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Related Tags
Bitcoin AnalysisCryptocurrencyMarket TrendsTechnical AnalysisInvestment InsightsBearish MarketBullish OutlookRSI BreakoutDescending WedgeAll-Time High