Bitcoin has successfully held our key level from yesterday, but is there a massive, potentially dangerous pattern forming on bitcoin's, four-hour chart that could lead to a much much different price target? Who one analyst believes so so we're gonna be taking a look at this, and so many of these altcoins are in some very exciting positions, and i fully expect most of these coins that we're going to be covering Today, to lift off if bitcoin is able to hold its levels and potentially also initiate a pump very very soon.
If you love gainers, then i & # 39. Ve got something big, green and disgusting. For you, everyone, i'm. Your host buster bust a lot on this channel. We made gainers, so you don't have to wow. We have a lot to be delving into in bitcoin's.
Chart today, as some very key things happened overnight, but, more importantly, what we're waiting for and what we've been waiting for for what seems like multiple weeks. What has been multiple weeks but seems like multiple months at this point here in crypto land? We are waiting for that next big macro pattern to be shaping up and is what we're, going to be talking about today, potentially what it is, and if so, we're going to go over the scenario that i think will Absolutely absolutely send shivers down your spine, so if you guys enjoy the channel make sure to hit that like subscribe and turn on this post notifications.
So you never miss these absolutely time, sensitive updates and without any further ado, let's, jump in so guys on this weekly chart. This is, for the most part, a massive green, a massive red wick. All we see is a wick.
We see a very itsy bitsy, teensy weensy little candle body right there exactly where we opened up almost a week ago today, uh here we see this. It's, just one gigantic wick. You can see the pressure just once bitcoin so badly to break.
Above this level of resistance, that's, been resistance ever since the beginning of february. So keep in mind you guys, even though we just you know, we hit all-time highs fairly. Recently, uh, we're still, or we have been at a level of resistance that's been on this chart for uh over a month.
At this point, it's right around, like 58 to 62 000.. It's right where this fib level is on this weekly chart and um yeah. We've, just been coiling and consolidating here, and we have not been able to make it move up.
So if we go to the one hour chart you can see specifically in the last 24 hours, we've, been battling this fib level over and over and failing uh so far to get above it, but we've, also not had Any massive drops so far as of right now we're, actually testing this.
So if this video comes out - and we're - a lot lower this - this is our key right here. If we break below this double m, a right here on the hourly um, but then guys this is the big thing, so this four hour chart what you see here.
This you know goes all the way back dating the middle of february, actually february 19th. So, exactly a month ago, today, uh this pattern, we've, been in it seems pretty valid. We have two touches at the top and we have many touches along this bottom line here.
You know multiple multiple days on the bottom and quite a few as well on the top, and this is a rising wedge again in bull markets. Sometimes bearish patterns, don't really matter that much sometimes we get bearish patterns like this and we actually break up.
But if this is in fact a bearish pattern and we do break down according to patrick user, head of trading at swiss based crypto finance ag, he's. Just talking about this potential rising wedge his target here.
If it breaks below 54 000 is all the way potentially down to 47 000 us dollars per bitcoin, uh kind of within that 44 to 47 000 range. Now massive and guys. Let me tell you one thing before we go any further: uh nobody likes sideways trading, but dips aren't that bad, because what happens when we actually get massive dumps, we get massive pumps and we get massive pumps.
We usually get massive dumps so for the past few weeks it's kind of been a little bit of a boring sideways consolidation. We obviously have this pattern being formed. Clearly, i mean to me: it looks pretty valid uh.
It's, reasonable enough to assume that's. The pattern that we're forming right now again, even though this tends to break down more than tends to break up either way. I have a hunch that if we do end up breaking down, if we get anywhere below 50k, it will not be long before we're setting new all-time highs, uh, in fact, that's.
What i think would be the trigger for the new all-time highs, because right now, the way i see these charts we're, just waiting for a trigger uh, i mean. Realistically, we've, seen again it's, not been super sideways, but it has been some pretty sideways action for a fair, an extended amount of time.
Okay, we recently had this run-up um to that new all-time high of almost 62 000. You know just about a week ago, but for the most part we haven't, i mean we. We just got off of a massive two massive rallies, and you can see that here uh a rally from 20k all the way up to 42k and then a rally from 30k all the way up to 60k, almost like 58k, and ever since that rally uh, which Was kind of um? Actually, it was about.
Four weeks ago we've, we've kind of just you know not been doing too much. I think we've been a little spoiled, so the price action seems much more boring the past four weeks than it was the the prior couple of months and um yeah.
I think a massive dump would 100 be the trigger for the next leg. Up, but also i don't necessarily think we need a dump um, but it is just a pattern i'm looking for because we cannot count that out. We cannot count out the fact you know.
Maybe we do come down to 56 50 55 000 and we break through that could send us. You know on a pretty nice downward dump to that uh. That key level of you know mid 40, thousands um. But again, if that happened, i think it would bounce back very very quickly and i think we would be breaking new all-time highs very shortly after uh same thing.
Here on these charts, we're, just holding some key moving averages on these shorter time frames. Nothing, nothing too bearish. Yet again, just on this very small time frame, we're. Currently, testing right here about 58 350 next test will be roughly about 57.
5 again and if we break that, if we break 57.5 56.5 is the very last level, if we break 56.5, i do think we could initiate actually more of a dump. But we have a fair amount of um levels left, i think, but um yeah, as you can see the past three days, we've, been holding on this very top ascending line here.
So again, that's, bullish for bitcoin, not bad, not too shabby but um again a little bit a little bit boring, but altcoins are the things that are really exciting me right now, so for one prq is still increasing.
We mentioned it at a dollar five um, just a couple of days ago. Uh i mean we & # 39, ve been mentioning prq for a couple months now ever since it was introduced to us, but the last five days, specifically, i've, been covering it every day and it's, been it's up uh, i mean how much is it up in the last yeah? It's up over 50 in the past five days, so really good.
But the interesting thing about prq is that this is not the breakout. I think the breakout is gonna be substantially over two dollars um. So again, i think prq has a lot of room to go. Uni swap is also extremely close to another new all-time high uh.
We actually have dot doing really well today, up like eight percent. As well key thing for all of these alt coins, like all of these top alts, are just holding very strongly above their 21 day moving averages, and they just look like they're ready to burst.
They're kind of just waiting for that go signal. Then we have ada actually doing really well. It got listed on coinbase today. Also, it was coinbase pro, but now it also got listed on coinbase guys if we go to the entire altcoin market cap again it just looks so bullish uh.
We just need to break 700 billion, which, as you can see it's, been resistance for an entire month. Now uh, you know significantly above 700 billion, we broke 700 billion slightly like two or three days, but uh.
We're so close to breaking 700 billion, and when we do, i think a lot of these alts that are all in this very good positioning above their 21 day moving averages. Basically, all of these alts, all of the top alts i don't, see a single top alt that doesn't, look like it's, potentially in a very bullish pattern.
If the entire market, if bitcoin, is able to just have another leg up, all of them, just looking very bullish, in my opinion, all bouncing on their 21 day - and i think that is exactly what's going to be happening um rather soon.
If, just if bitcoin is able to initiate that next leg up shortly here and if we did have that tumble, you know again, i think that within a few days it would be very likely that we'd, be seeing new all-time highs, and that Would be that would be, in my opinion, the final dip opportunity.
I don't. Think we'll ever see a sub 30 000 bitcoin ever again, and i think after the next week we & # 39. Ll know if we're. If we'll ever see a sub 40 000 bitcoin again so um. I think we'll know very soon, because a lot of people are pointing to the fact that the very very bottom of the next bear market.
If we get one the very bottom similar to how our very our very lowest bottom of the 2017 bear market was like 3 000, a lot of people are pointing to 50, 000 being the very, very bottom um. So again we're still in that stage where the bull run has a lot of time left.
So there's, still a lot of money to be made, but these are still levels where you could probably still buy in and even in the case of a worst crash, maybe in six months or 12 months or 18 months from now.
You still might be in profit, meaning if you, if you're like if you & # 39, re, still accumulating right now. Oh, so let me know what you guys think. Do you think we're gonna? Have a bearish breakdown out of that rising wedge, or do you think we're, going to have a bearish break up soon, and what do you think about some of these alts as well? If you're in the show make sure to hit that, like subscribe, channel with those notifications and as well, ada, dot and uni are available to trade on buybit, so uh yeah make sure to sign up to buy it below.
If you're interested and without any further ado, that's, it for me bye, you