TRANSKRYPCJA VIDEO
MMCrypto
BITCOIN: THIS IS IT - I CAN NOT BELIEVE IT!!!!!!!!
Opis wygenerowany przez Skrybot
The speaker discusses Bitcoin's price movements and the RSI indicator, highlighting a unique divergence where Bitcoin's price continues to rise without becoming overbought. They suggest that despite traditional indicators signaling the end of a bull market, current market conditions indicate potential for further upside. The speaker maintains a bullish outlook on Bitcoin, emphasizing the possibility of a breakout to higher levels.
Transkrypcja wygenerowana przez Skrybot
Today for the Bitcoin and cryptocurrency prices, dear ladies and gentlemen, this video is one which I have never done a video like that. I was sitting over in my office, I want to show you and I saw something in the charts which I have never ever seen, never seen for Bitcoin before. I want to talk about that. And let's go straight into it. I will talk about my trades and more importantly, what we can expect for Bitcoin in accordance to that. In the immediate short term, I'm standing here on the rooftop of my new home. I'm so excited. Just moved in here today. I have the sauna, the ice bath. I have my own gym over there.
I'm going to show you soon, but now I really want to focus on Bitcoin, especially for those people who don't really care about my private stuff, right? Like the health things and whatever. Let's talk about Bitcoin and guys, I can tell you, this is absolutely crazy. I want to focus on the charts here right now. Let's go into it. And I have prepared something for you here on the Bitcoin charts. And yeah, I want to go straight into it. What you can see here, let me quickly make that bigger, is boom, boom, boom, is that one pattern which we talked about recently, right? I mean, it's this selling triangle, we broke out on the weekly, it looks more beautiful on the daily.
Anyways, we hit the target from this W pattern, right? We did not hit the 131,000 US dollar target. from the Fibonacci extension levels. This is not what I wanna talk about. I wanna put your attention to the bottom side of that chart. And let me actually show you exactly what I'm talking about. What I am talking about here is the Relative Strength Index, the RSI. And you can see the weekly candles for Bitcoin. And the RSI shows us, of course, for Bitcoin, by the way, this is the studio here, really amazing. Big shout out to Mr. M who helped me to set that up. This is Dan Podcast.
You can see the weekly candles for Bitcoin and on the bottom side, you can see the RSI. You see the purple line, which shows us every single time we are reaching here. This yellow line, which I marked at 90, is the time where Bitcoin is just completely overbought and the bull market has to stop usually usually this time Something is strange in the charts, and I wanna show you exactly what. If you are asking, hey Chris, why are you not doing the screen recording? I like that more. Well, number one, my phone broke, and it's not really working how it worked before. And number two, since the new iPhone came out, the screen recording app, maybe you see it, it just changes the whole thing.
I have to find a new app to do that. Anyways, I zoomed out a little bit here, and you can see the big. . . Like 12, 13 year resistance for Bitcoin, right? Usually when we are hitting the resistance, and this is 2021, we are simultaneously overboard for Bitcoin. You see, the moment we hit the resistance, we are overboard, and that usually means bull market over. This is 2021. Let me go back. Dear ladies and gentlemen, let me go back and show you 2017. We hit the resistance in 2017 overboard. Easy as that, right? That is the weekly, on the monthly it's even more clear. Anyways, 2013, let me show you. Well, we hit the resistance and at the same time we were severely overboard.
We had the two tops, but you get the point, right? We're severely overboard exactly in the moment we hit the resistance. And that of of course, happened exactly like this in the year of 2011. So it actually doesn't really matter where you go. 2011, that was the starting point of that resistance line. But the point is this bull market was over the moment we got overbought on the RSI. So what is different this time? I wanna show you, dear ladies and gentlemen, this is really, really strange. I actually didn't pull up my trades here, so I can't show you my trades, but I showed you, I think, like a hundred times already. So. I don't have to do that again.
This time we were overbought way earlier in the cycle. We were actually overbought somewhere here when Bitcoin hit like 64,000 US dollars, the previous all-time high. That is when we were overbought. So if you look at the weekly RSI to determine whether we are overbought or not. You actually realized way too early, hey, this is the end of the bull market. This was not the end. In fact, we hit another high, somewhere here at 114,000 US dollars, and then we hit another high just a few days ago. So this RSI is actually Going lower as we are going higher. That is some quite some interesting divergence.
And you might ask yourself, is that bullish? Is that bearish? Is that a bearish divergence? Or like, how can I read this? Let's put all of these textbook divergences a little bit on the sidelines and think about what that could mean because we had a high and another higher high. So we had a high, high, high for Bitcoin. While we are getting less and less overboard and whatever that might mean is we can still go higher without being overboard. So I want to interpret that anomaly a little bit outside of the textbook because what we are seeing here is the Bitcoin price going higher without us being overboard, going simultaneously.
to leverage exchanges and seeing that we are not having very high funding fees that we are not having overwhelming bullishness in the market that we are not having overwhelming profitability in the market and an overwhelming funding fee on the bitcoin loans shows me that at least based on all of these indications which we usually need to say hey this bull market is at an end There is more room to go to the upside, not only to hit the resistance line, but also to actually reach overbought levels for Bitcoin, to reach a big imbalance of longs to short, and to reach a very high funding fees on long positions for Bitcoin to say with a high degree of confidence, this bull market is over.
Meaning, maybe this bull market is not over at all, and maybe we can go. . . much higher, not only based on the Fibonacci extension levels, which are actually having our target at 131,000 USD for Bitcoin, but based upon all of these other indications which I just mentioned to you, I am expecting a potential breakout towards the upside, which is one of the reasons why I'm still in these trades, which is one of the reasons why I'm still having overall more than 40 million USD in open long positions on Bitcoin and other cryptocurrencies. Yes, I might be wrong.
Yes, this might be overwhelming bullishness and we might go against it, just as every bull market somehow has the narrative to fool all of us in and then go down before we actually expect it. I truly am still bullish on Bitcoin and I'm surprised AF about it, as I expected this bull market to be over either sooner or very soon within that quarter. quarter now i want to know from you what you think about that dear ladies and gentlemen and we are going to see the version of the next one as always guys as always bye bye.
S K R Y B O T
Skrybot. 2023, Transkrypcje video z YouTube
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