Bitcoin At CRITICAL MOMENT (Will Bitcoin Keep Going Up?!)
So I think we are going to see some big volumes, some big moves. It won’t surprise me at all if we’re at $56,000 by the end of the week, if not sooner than that. Hey, everybody! Today, I’m joined by one of my favorite guests, Carl from The Moon. And Bitcoin has been pumping. It’s feeling good. We broke $50,000. So, Carl, I can only assume you’re doing pretty well today. I’m doing very well. My whole community is cheering in the comment section. And I think that all of us are very excited. – Obviously, it is the second time we’re breaking above $50K, but – That’s right. let’s hope it still has time. But that’s, I guess, what we’re going to take a look at at the charts, but, yeah.
Everything is very well with me. How about you? – Oh, I’m doing pretty great. You know, it’s really nice when everything works out exactly as I predicted. As you guys know that we predicted the price would be coming back up. Back in the mini bear market, people were saying, “Oh, it’s over. It’s over,” and, of course, there were only a few people telling you that we were going back up, and we weren’t swayed by the fear. But, yeah, so things are going really well with the price of Bitcoin.
And, everybody, don’t forget, by the way, go down below to the video description. We will have Carl’s link to The Moon, his YouTube channel, down there. If you guys want to get this kind of technical analysis content every day, hear what he has to say on the markets, you guys make sure to subscribe to his channel. So, Carl, let’s- without further ado, let’s go ahead and jump into the charts. Definitely, Definitely. So let’s take a look at Bitcoin first of all. Alright, guys. So here we are on the 4-hour timeframe for Bitcoin, and I have already prepared some lines here. And first of all, we can see that Bitcoin is right now above $50,000. We broke above a very, very key horizontal level here, the $47.8K level. We even retested it as support. So we can now delete this line, but we can just establish that we broke above that key level and even retested it as support here. And right now, I want to show you the next big level to watch for Bitcoin.
That is this level here that I already zoned in. You can see that we had some resistance there, support there, little bit of resistance there, some resistance right there. This is the $51,000 level approximately. And it is essentially the level that we’re running into right now. And I’m just going to be very clear. It’s a big level. It’s a big resistance level. And I think that if we were to get a correction at some point, then I think that $51K could be that level. We haven’t reached it yet. We still have a little bit of room to go until we reach this level. But there is one other big reason as to why I think that’s a big level. And all of my subscribers know how much I love the Fibonacci retracement tool. All of my soon 500,000 subscribers. I think it will take some time before I catch up with you, BitBoy, but– – You’ll get there one day. – but– yeah, yeah, yeah. My big goal right now is just 500,000 subs. – That’s a big goal. – Then I’m going to be very happy. – It’s a good one. Good one. Yeah. – Yeah. Alright. So, essentially, the Fibonacci retracement tool is one of my favorite tools because it is known as the– so basically what I’m doing now is I’m measuring from the top to the bottom of this move. I’m right now measuring the retracement here. And you have these Fibonacci numbers. – And I’m pretty sure your audience knows the basics of this. Yeah. – Right. So we shouldn’t have to go too deep into that. But we’re measuring the retracement here. And I would say that the most important level by far in the Fibonacci tool is the golden pocket, which is essentially 61.8%. And, interestingly enough, we can see here, I hope that you can see on the screen, but the 61.8% level here is exactly to the perfect point lining up with $51,000 here, the exact level that I pointed out here as a big resistance and support level. So, in my opinion, this gives even more confidence in this level as a huge resistance point. And you– so the golden pocket is basically between 61.8% and 65%. And very, very often, you see price action go into this pocket, and then get some type of rejection or some type of correction, or reaction of some sort. So, I would just say that this is a big, big alert area for anyone who is trading Bitcoin. Or even altcoins because we know that altcoins are very, very determined– or the price is determined based on Bitcoin. – So if Bitcoin is going up, altcoins are going up. – Right. If Bitcoin were to get a correction from $51K, then we know that altcoins are very likely to correct as well. So that’s why I think pointing your attention to this level makes a lot of sense. – So, yeah, be careful there. – Yeah. Alright. Just looking at this, a couple observations here. So, looks like if we were to get rejected there, it looks like $47,000 would be kind of the next area to look at. That would seem to be, you know, lined up with that Fibonacci level there, I would think, correct? So, this is the $47K level, and very, very clearly, just like you said, – this is a big level, right? – Yeah. You have some support there. some support there, a little bit of support right there before we broke it sharply down. So, absolutely. If we do get a correction, I think $47K would definitely be a level to watch, but it should also be said that obviously, we are in a very, very clear uptrend right now. It wouldn’t make sense at all for anyone to jump in on a short here. – That makes no sense. – Right. The trend is your friend. And personally, I am in multiple long positions on Bitcoin and Ethereum, as my audience already knows. – And I’m not closing them right now. – Yeah. I could entertain the idea of taking some profits in the $51K area if we do see like a big sharp– let’s say a big 4-hour or 1-daily candle that goes up and then gets a sharp rejection with like a big wick. At that point, I could take some profits. But right now, I’m sitting long with my positions. –
In fact, let me go into the 1-hour here – Okay. because there is a tradable pattern that your audience might be interested in. Let me show you here. So I already made a video earlier today telling my audience, but let me just show you here. This is interesting because if this plays out, then this could be a nice little trade. – Yeah. Nice. – So, look at this. You have this red line, right? And we have a shoulder, head and shoulder. This is an inverse head and shoulders. And without dragging this out too long, let me just show you the exact target. You pull it up like this. And this should give us a target of $56,000 per Bitcoin then. So, let me give you this prediction here. If we do break above the neckline of the inverse head and shoulders and break above the $51K, at that point– and, of course, with volume. We need the volume to support the breakout because right now we’re getting decreasing volume and actually we’re getting some bearish divergences that I can show you, but– so the point here, if we do break above this very, very key resistance level with volume, then I do believe that $56,000 could happen within the next two, three weeks very easily actually. And I would love to take that trade myself. So this is what I’m seeing on the 1-hour timeframe. But, yeah, speaking of that bearish divergence, let me just show you. This is actually more on the 4-hour timeframe. Let me just really quickly bring out here. So this is the RSI, and essentially, you can see that the highs are getting lower here, while in the price, they’re getting higher. And even if you zoom out on the daily, you can see this bearish divergence. Now, this doesn’t mean that we have to go down right now. We can get one big leg up that could create yet another bearish divergence because actually look at this. – We had a bearish divergence all already down here. – Yeah. When we were at $46K. But then we see even more highs like this, more and more highs and– but lower lows here– or lower highs there. So, a bearish divergence doesn’t have to be a short signal, but it is a signal showing us that we are going up, but the bulls are losing potentially some steam, and at some point, we are going to have to get this consolidation or maybe even correction before we can get that next big push – that could take us up above all-time high, for example. – Yeah. Well, I would argue that, you know, the reason for that is because what we’ve really seen over the last couple of weeks has been retail sentiment. It’s been retail moves on the market. That’s why it’s been moving very slowly. It seems like only $1,000 at a time where, you know, there was a period if we go back to the end of July where we were moving up $8,000 in a day! And there was a lot of volume behind that. If you go back and look at the crash cut on the chart there, you’ll see the same thing when we were going to the downside. But ever since, you know, kind of the first week of August, we’ve just been slowly ticking up, slowly ticking up. When we have had a big candle, it’s been in reaction to a considerable drop. So I would say that probably once the whales are ready to get this action going, because I believe that we’re going to see all the parabolic movement for this bull run for Bitcoin in the next six weeks or less, so I think we are going to see some big volumes, some big moves. It won’t surprise me at all if we’re at $56,000 by the end of the week, if not sooner than that, based on that pattern there we were looking at on the hourly. So, Carl, thank you so much for joining us today dropping knowledge as you always do on the channel. You guys make sure to subscribe to his channel down below in the video description. Carl, anything you want to leave us with today? Any parting thoughts? Okay. So maybe I can wish for something. – Yeah, sure. I can be a genie. – I’m going to wish for someting. – Okay, okay, okay. So next week, – Yeah. I’m wishing– I’m wishing for $60,000 Bitcoin and 500,000 subscribers, please. Yes. – Your wish is my command. – Yes. BitBoy god, can you grant me this wish? – The genie. The genie. I’m not a god. – The genie. – I’m a mere genie. – The BitBoy genie. – I’ve been trapped in a bearish lamp – Nice. Nice. for a long time ready to get bullish. Alright, guys. Thank you so much for joining us. Drop comments down below. Let me know what you think about Carl’s TA. Let me know what you think about where Bitcoin is heading to by the end of this month. Hey, that’s all I got. Be blessed. BitBoy out.