#BITCOIN READY TO FOR A MAJOR MOVE?!?

Summary

The 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

00:00

📈 Bitcoin's Bullish Breakout Potential

The speaker discusses the recent changes in Bitcoin's chart, noting a shift from a bleak outlook with lower highs around the $60,000 level to a bullish intervention by the FED and market participants that pushed prices above resistance. The chart is described to be in a descending broadening wedge pattern, with Bitcoin close to achieving a significant higher high, which would be the first since August 25th. The video also mentions a breakout on the Daily RSI, indicating a potential upward movement. The speaker emphasizes the rapid changes in the market and how a 16% increase from the current price could lead to a new all-time high, changing market narratives. The video is dated September 25th, and Bitcoin is trading around $63,500, with the market experiencing a flat day. The speaker also discusses the importance of the 128-day SMA as a historical support and resistance level and the potential for a substantial breakout if Bitcoin can maintain levels above this moving average.

05:00

🚀 Analyzing Bitcoin's Long-Term Pattern and Future Predictions

In this paragraph, the focus is on Bitcoin's descending broadening wedge pattern on the daily chart and its implications. The speaker explains that this pattern is challenging to navigate due to the alternating lower highs and lows. Despite the difficulty, the speaker remains optimistic about Bitcoin's potential to reach new all-time highs by the end of the year, possibly in Q4. They mention the possibility of a short-term downside risk where Bitcoin might retest the breakout zone before a significant upward move. The speaker also discusses the importance of the S&P 500, which they believe must remain above its breakout zone for Bitcoin to follow suit. They highlight the 128-day SMA's historical significance and its current role as a support level. The paragraph concludes with a prediction based on the pattern's textbook target, suggesting a potential price of $102,000 for Bitcoin, contingent on a breakout and maintaining the upward trend. The speaker also mentions the channel's viewership and engagement, encouraging subscriptions and Patreon support for exclusive content and interaction.

Keywords

💡Bitcoin

Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer Bitcoin network without the need for intermediaries. In the video, Bitcoin is the primary subject, with the speaker discussing its price movements and market sentiment. The script mentions Bitcoin's price level around 60,000 and its potential to reach new all-time highs.

💡Chart

A chart is a graphical representation of data, often used in finance to track the performance of financial instruments like Bitcoin. In the context of the video, the chart is used to describe Bitcoin's price action, with mentions of 'lower high' and 'resistance level', indicating the price points where Bitcoin has historically faced challenges.

💡FED

The Federal Reserve, often abbreviated as the FED, is the central banking system of the United States. In the video, the FED's actions are mentioned in relation to their influence on financial markets, including Bitcoin. The speaker suggests that the FED's intervention has had a positive impact on Bitcoin's price.

💡Bulls

In financial markets, 'bulls' are investors who believe that prices will rise. In the video, the term is used to describe the market participants who are driving up the price of Bitcoin, suggesting a bullish sentiment and expectation of further price increases.

💡Resistance

Resistance in trading refers to a price level at which an asset's price has stopped rising in the past, often due to selling pressure. In the video, resistance is discussed as a level that Bitcoin had difficulty surpassing, but eventually broke above, indicating a potential change in trend.

💡Descending Broadening Wedge

A descending broadening wedge is a technical chart pattern that is generally considered a continuation pattern. It is characterized by a series of lower highs and lower lows, with the range between the highs and lows increasing over time. The video discusses this pattern in relation to Bitcoin's price action, suggesting that a breakout from this pattern could signal a significant price movement.

💡RSI

The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements. It is used to analyze overbought or oversold conditions in the market. In the video, a breakout on the Daily RSI is mentioned, which could indicate a shift in momentum for Bitcoin's price.

💡All-time high

An all-time high refers to the highest price that an asset has ever reached. The video discusses Bitcoin's proximity to its all-time high, suggesting that a relatively small price increase could set a new record.

💡Macro uptrend

A macro uptrend refers to a long-term trend in the market that is generally upward. In the video, the speaker mentions a macro uptrend, indicating a positive long-term outlook for Bitcoin's price, despite short-term volatility.

💡128 day SMA

The 128-day Simple Moving Average (SMA) is a technical analysis indicator that smooths out price data over a specific period (in this case, 128 days) to provide a clearer picture of the trend direction. The video discusses the significance of Bitcoin's price in relation to the 128-day SMA, suggesting that it has been a key support and resistance level in past market cycles.

💡Patreon

Patreon is a platform that allows creators to receive financial support from their audience through monthly subscriptions. In the video, the speaker encourages viewers to join their Patreon for exclusive content and access to a Discord community, indicating that Patreon is part of the creator's monetization strategy.

Highlights

Bitcoin experienced a lower high around the 60,000 level, causing negative sentiment among investors.

The FED's intervention and bullish activity led to a break above resistance, indicating a potential change in market trend.

Bitcoin is approaching its first major higher high on the chart since August 25th.

A breakout on the Daily RSI suggests a potential bullish trend for Bitcoin.

The market is currently stable with Bitcoin at around 63,500, hinting at a potential for rapid change.

A 16% increase from current prices could set a new all-time high for Bitcoin.

The channel's subscriber count is nearing 880,000, with a call to action for viewers to subscribe.

Bitcoin's descending broadening wedge pattern is difficult to navigate and profit from due to lower highs and lower lows.

The daily RSI aligns with price action, indicating a potential for a short-term downside risk.

The long-term macro uptrend suggests that current market fluctuations are minor in the grand scheme.

The monthly line chart shows Bitcoin building support on previous 2021 resistance, indicating a positive long-term trend.

The 128-day SMA has been significant in past cycles, and Bitcoin is currently maintaining levels above it.

A higher high on the chart would signal a strong vote of confidence from the bulls.

The S&P 500's performance often precedes Bitcoin's all-time highs, with the S&P currently at new highs.

The textbook projection from the descending broadening wedge pattern suggests a potential target of $102,000 for Bitcoin.

A weekly RSI breakout typically indicates at least six months to a year of upside for Bitcoin.

The channel is offering a Patreon with exclusive benefits like morning voice chats and access to a Discord community.

Transcripts

just the other day bitcoin's chart

looked something like this where we had

another lower high on the chart just

around that 60,000 level it looked Bleak

sentiment was down people were upset

bored frustrated and then things changed

the FED stepped in the Bulls stepped in

and we broke above that resistance this

is a descending broadening wedge pattern

and we are very close to getting our

first major higher high on the chart the

August 25th high if you just Mark that

up Bitcoin came within just a few Pips

of actually breaking that we even saw a

breakout on The Daily RSI so where are

we headed next that is what we're going

to discuss in today's

video what is up guys welcome back to

the channel today is September 25th it

is Wednesday middle of the week and

Bitcoin is hanging out around 63 and a

half th000 the market stalled a little

bit today the S&P 500 is sitting just

below neutral Bitcoin is kind of just

hanging out at these these recent local

highs a bit of a flat day in the market

but I think people forget just how close

we are to the all-time high measuring

from current prices if Bitcoin were to

go up 16% that's a new all-time high

just 16% which means that if any one of

these weekly candles these types of

moves showed up on the chart right now

well just drag this candle over place it

right where we are if next week looked

something like that there we go all all

of a sudden the picture changes the

narratives change and we're off right

just like that I just want you guys to

remember things can change quickly in

this market in the last video I made

some intros and stuff like that that you

guys loved and I don't have one today

but there's going to be many more of

those coming the response and the

comments was overwhelmingly positive and

so definitely look out for that

subscribe if you haven't subscribed I

noticed that about 20% over 20% of my

viewers are not subscribed to this

channel and we're near 880,000

subscribers so if we had a 20% pump in

subscribers we could hit the 100,000

subscriber Mark so definitely click that

button below now moving on to bitcoin's

descending broadening wedge on the daily

chart what we mentioned at the beginning

of the video Bitcoin has bounced off of

the heartline of this pattern just the

other day September 16th 17th we bounced

got support on the midline a descending

broadening wedge pattern is one of the

most difficult patterns to anticipate

and navigate and profit from it's very

difficult to profit from a pattern like

this because you're getting lower Highs

but you're getting even lower lows and

anticipating those lower lows is really

difficult I think this plays into why

people have been so frustrated recently

throughout the past many months in

crypto because they just couldn't quite

get it right and I think that goes for a

lot of us it was kind of hard to predict

this outcome but here we are 16% away

from the all-time high not very far away

but we do have some resistance above us

to get through the RSI on The Daily also

lines up with the price action here we

had lower highs higher lows and we broke

out now obviously you guys know I'm very

bullish on this Market bullish on

bitcoin I think we're going to hit new

all-time highs this year before the end

of the year most likely going into Q4

but there is some downside risk in the

short term which would be Bitcoin

retesting the breakout Zone and then

settling up before actually getting a

breakout retesting the RSI resistance as

new support around that 50 level before

getting to overbought levels those types

of moves are always possible and

shouldn't be discounted but in the long

term that type of a move is really

nothing it's just a bunch of noise a

bunch of nonsense within the midst of a

macro uptrend as we were talking about

you know all it takes is one or two

weeks if it's really good one or two

weeks you're we're at a new all-time

high just 16% away from the alltime high

we're in a macro uptrend so the Bulls

are the ones in control have been in

control since the beginning of 2023 if

you take a look at the monthly line

chart look at this monthly line chart

right imagine if you were only looking

at the monthly line chart and then you

looked at crypto social media going

bananas going panicking on every dip if

you were just looking at this chart you

would you wouldn't even understand why

they were upset or panicking or

frustrated we're doing really well we're

building support on the previous 2021

resistance so big picture things are

looking really good so looking at the

monthly candles you can see that we are

closing our month L candles the market

is settling up at the previous peak of

the last cycle where we settled up in

the last cycle Bulls are in control

right now now we are sitting right right

next to resistance here that previous

lower high and if we create a higher

high on the chart that is a strong vote

of confidence from the Bulls and if we

just pull up my favorite moving average

which is the 128 day SMA this moving

average has played a huge role in past

Cycles being the main support in 2017

being the breakdown Zone the resistance

in 2017 and it also marked right around

that breakout in 2019 and the breakdown

in 2019 so the market is definitely

keeping up with this moving average

using as resistance and support right

breakdown zone right there major support

right here 2021 and um yeah we've had a

couple lows below this Zone as of

recently but I like to see that right

now we are starting to hold above it

we've now had 1 2 3 4 5 today 6 days

above the 128 day SMA and the Bulls are

really doing a good job so far of

maintaining levels above this and so if

they continue to do that more likely we

break out above resistance and that

would be the first higher high on the

chart since March the first major

discernable higher high I should say so

that would be a huge deal guys and I

think getting above that 65,000 level is

going to initiate a lot of conf

confidence for Bitcoin and will

ultimately just lead to a breakout into

new all-time highs as long as the S&P

500 can remain above its breakout zone

right the S&P currently trading at new

all-time highs and S&P all-time highs

always preedee Bitcoin all-time highs

there's never been a new Bitcoin

all-time high without the S&P first

having done that and so the S&P while it

could dip back down to retest the

previous all-time high before running

again that's POS possible you know

ultimately as long as we hold that

previous all-time high and then run

again Bitcoin is likely to give us a

nice result of this consolidation and if

Bitcoin does end up breaking out in that

way well the textbook suggest that from

your high to the lowest low of your

descending broadening wedge pattern

which is that low right there if you

extrapolate that and you put it on the

potential breakout Zone that lands you

at

102,000 I know sounds crazy sounds

ridiculous but that is is what the

textbook is telling us and you know what

it is a long-term pattern right this

wasn't just some two 3 4 week pennant

formation for the better part of 2024 we

were going sideways and down descending

broadening wedge this is a long-term

pattern and likely it was just an

accumulation zone for a lot of the

bigger players long-term accumulation

for almost a whole year if this breaks

out it's likely going to give us a a

substantial breakout now we're not going

to go up in a straight line that's not

what that line represents it could take

Bitcoin you know 6 months to actually

get to that

$102,000 textbook Target might just

trickle up for a few for half a year and

as you guys should know by now if you're

a viewer of this channel the thing that

supports the idea of a six Monon uptrend

is the fact that we've broken the weekly

RSI downtrend and every time we do that

there's at least six months to a year of

upside just go back in time this one led

to a year 2019 2020 broke out the RSI

one year up to

65,000 right go back in time look at

2018 six months up so these weekly RSI

breakouts are no joke and we just got

one so at least six months to the upside

descending broadening wedge Target

102,000 with a six-month time Target so

that's what we're looking for right now

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