Currently Looking for a reversal on Bitcoin as we may be close to the Bottom

Currently Looking for a reversal on Bitcoin as we may be close to the Bottom


[inaudible].
Hello guys and welcome back to my
channel where I talk about trading,
analyzing Bitcoin, altcoins and other
cryptocurrencies. If you’re new here,
I’m Seer a professional trader.
I’m going to give you guys an update on
crypto and basically Bitcoin so you can
understand where I think price
is headed in the coming days.
I’m going to show you how I’m going to
be trading it and if you want to learn
more, please keep watching
my videos. But before you do,
please make sure to hit that subscribe
button. And also that notification bell.
I’m diving right into Bitcoin.
if you do follow me and you
follow my trading reports,
I did talk about catching a
short from this monthly open level.
We’re basically looking for a trade
to from the bottom of this channel to
somewhere close to the monthly open.
The 8220 was another level that I was
looking at and that was basically only
stop out. I had in this trade. The
short, I took, basically took 8220,
got stopped out and stopped, took
a trade again at the monthly open,
The short worked out pretty well.
We had a very strong reaction even though
there was a bit of a fake out up here.
But basically we have come right down
to the weekly support and very close to
the 61.8. This is the
61.8 fib level, but very,
very close to it.
And although I can see that crypto
Twitter as usual has gotten very,
very bearish and everybody’s looking at
6,000 and low six thousands and I can
even see some 5,500 targets down here.
That’s the usual, you know, and
that’s basically emotion. And,
what I want to talk about is why I feel
that this zone from basically sub 7,400
to 6,800 might be a very,
very good buying opportunity.
And basically why it is a zone is
because we are currently in a downtrend,
you know, so when we were in an up trend,
I think this trade was a
very, very, difficult short.
And basically it was not a short to take,
but once we did get that retrace,
this was a really good short to take
because you had a way to manage your risk
over here.
So essentially catching a
knife in either of these zones,
it is very, very difficult.
It is quite hard to predict exactly
where price is going to stall.
But I am going to make a case for why
this zone is essentially where Bitcoin is
going to stall and we will get possibly
a slight consolidation and then a
reversal from here.
So going to get right down to it,
here. So first of all,
this is two fibs. I’ve
pulled out the 61.8 level.
I think Bitcoin really,
really likes the 61.8 level.
I’m gonna show you a few more
ways how Bitcoin does like it.
But what I’ve done here is I’ve pulled
this fib straight down to from the ,
the top of December to the,
the bottom of December 18.
And you can see that we reacted so well
to the 61.8 and essentially all I’ve
done is pulled another fib from the bottom
in December to the top that we had in
June. And you can see how
close we are to this level.
Actually price does this a lot
and Bitcoin does this a lot.
This is a,
it’s a very harmonic
pattern for Bitcoin and,
for a lot of markets to make.
So this is my first case for why I feel
that this is the region where Bitcoin
could stall. Another thing,
another case that I can
make for this is again,
something to do with Fibonacci
hits its a fib channel.
So this fib channel is,
something that I have created from the
start and basically the inception of
Bitcoin with Bitcoin’s
price at zero. So this is,
January, 2009.
I’ve pulled the channel from here to
the top of its first market cycle and
the slope is decided by the top of the
next market cycle that Bitcoin had.
And just with these three points,
you can see the symmetry that we have
found in price just with the inception,
the top of the first market cycle and
the top of the second market cycle.
You can see that, uh,
we have formed a very,
very nice, set of diagonals.
I have spoken about this
in my Twitter as well.
I feel price does not
only move vertically,
there is a story to be seen if you can
find the correct channels to which prices
interacting. So you can
see that we are very,
very close to the bottom of this 0.
236 channel.
And essentially I feel that if we do
end up getting a breakdown from here and
there’s a bunch of sideways,
Bitcoin is heading into a very different
phase in it’s a cycle which essentially
would also mean maturity. It doesn’t
just mean it has to die down,
but it would mean that we do have a
lot of sideways and halving basically,
it does not have the same
effect that it has previously.
What I feel is that this may be the
last halving where we do have a quite a
positive effect on price.
So I think that this,
this diagonal can hold.
So that’s the second thing I can
think of and this is the third,
this is the gold chart and if you’ve been
following me and following the weekly
reports, I think you know that we’ve
been tracking this gold fractal.
We were actually tracking it
on the way up as well. And uh,
you can see the phase
that we are in on Bitcoin.
If Bitcoin is actually to follow the gold
chart and essentially it does point to
maybe another leg down. It is possible.
We do get another flush below that.
But if we are to get something
similar to this fractal,
we are in this part of the gold fractal,
which is the last leg down
and these three things guys,
they are matching up really
well onto these levels.
Sub 7,400, two 6,800.
if I was a longterm, if I was
looking for a longterm swing,
trade essentially,
I think this is where I would look to
get in my invalidation would be if we do
break down below 6800, uh, this entire,
this entire theory that I am presenting
to, you will get invalidated.
But I am possibly looking to long in the
zone and I’m looking for this to be a
bottom to see, an impulsive
move out of here. Also,
another thing is if you don’t
want to knife, catch this.
I would suggest you wait for
something like this. Basically,
an impulsive move up for
Bitcoin and catch the retrace,
you know,
and if things go the way
the generally do with,
Bitcoin,
it is very possible that it might be the
61.8 retrace that you would be able to
catch.
if you want to see how Bitcoin and the 61.
8 have a very good relation,
you can map it out in Bitcoins.
So you can map it out in
Bitcoin’s previous market cycle.
And you can see Bitcoin
really liked the 61.
8 retrace. You will see
it time and time again.
61.8 from strong impulses you would see
61.8 re retracements always for Bitcoin
in the previous market cycle.
I don’t want to get into it,
it will Lengthen the video.
But the previous market cycle,
Bitcoin was just doing a lot
of 61.8 retracements here.
The first impulse you
can see another 61.8.
I think even down here we were
making quite a few 61.8 retracements.
So yeah, guys,
this is what I’m looking for and this
is how I’m looking to trade Bitcoin.
I have taken profit on most of my shorts.
I only have a 10% still going.
I’ll be looking to build a strong swing
position here and I’ll be looking to
trade it out of the zone.
If we do break 6,800,
my prerogative will change and I’ll
be looking for, further downside.
And, and yeah, so this is what I,
what I’m looking for guys and uh,
hope you able to find some value in
this and a hope you are able to trade it
just like I am.
I have been able to have a good one
guys has you again soon. Cheers.
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