The Bitcoin bullish run is over cryptocurrencies that have gone on massive runs up to 230 percent are now retreating the guys. That got into the fomo over the last week or two and now, I’m really feeling the pain. So, does this mean it’s time to buy the dip or is there further payment to come?
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Let’s take a look at that update of the charts for Bitcoin, Eth and some of the other major cryptocurrencies. That we’ve been trading here and, of course, figure out what the hell is going on, so i’ve got a big excellent. We’re going to look at each of the bars individually especially on the 4-hour chart to identify what is going on so that we can see that in advance for the trades. So, the first thing we want to do is update the Bitcoin chart to give us an idea about what’s going on in the macro space. Then get into the nitty-gritty of the smaller term time frames for the cryptocurrencies.
This is the part that helps out the most of course quick shout out video sponsors by bit and if you’re a US resident US citizen. Then you could use something like bit get so you can see they’re very similar sort of layouts. If you’re looking to trade cryptocurrencies definitely have a plan, use stops I will always say that. If you’re looking for something as a starting point check out yesterday’s video. We’re looking at a trading plan very simple using the gann swing indicator you can see here on this yellow line. I’ve left links to all this stuff in the video description, if you want to get started on those things. So, there’s up to four thousand dollars of signup bonuses here and eight thousand on Bitcoin for the US over there. So, back to Bitcoin the likes the subscribes all that sort of thing. If you find some value from it the bullish zone breaks down right here from 21 700. That was our biggest key level that we’ve been following. The reason for that is it is what called the market from the first bounce out now. This is something that I use on every single bounce out of the market. We could use it from the tops down as well. This is something that wyckoff used a very similar style just looking for where the smart money is stopping the market.
What the bulls bear, we’ll call it the whales are trying to overcome. They’re trying to break through these particular price points. If you see the market fall back under them, then it’s not a good sign in the short term. So, right now we’re falling underneath that the only thing I can see helping us out from this point to break back above to get back into that bullish zone. Of course, it is a very quick move above 21 700. So, this has called the market for the last five weeks a key level that we’ve been following to let us know whether we’re flipping bearish or bullish. Because that is going to then help us out for our trading and, of course, just clear the noise of what’s going on in the news. There’s always something getting told to us. There’s always news going on. But, if we stick to the chart, these charts are facts. They don’t lie to us like the news like the neighbors like influencers. The chart is the chart. It’s who is buying and who is selling. This was the key level back underneath it. I was hoping for support at around 21.7.
It’s not the end of the world because we still have a larger 50 percent level the larger time frame 50 level comes out at 20 900. So, basically, 21 000, so, it’s not the end of the world just yet. We have eight hours to go, if we can get a little push down and clear out some of these stops. People would have their stops in the market underneath some of these bars here. Then Bitcoin to close back above, we still hang on with a thread of hope. The next step would then to be close above and then test the next level to get onto this target. All right, so Bitcoin is, basically, the bull run is over unless that can happen because if we start to go back under these levels. Then it’s far more likely we’re just looking at probabilities that the market is going to churn at these levels. Then it’s going to make trading more difficult for cryptocurrencies.Keep that in mind, especially, if you’re trading if this gets churny. Cryptos are going to be much harder to trade and your accounts can get churned up and lose more money in that time. So, trade when the trends are clear right now. The trend is clearly down and that’s going to make shorting so much easier than going long and basically buying those dips.
They’re the key levels at the moment 21 000. I much like to see 21 700 get closed back above again for the bulls. But, for now shorts are in play. Then our next levels to to those lows are pretty much at nineteen thousand all the way down to about eighteen thousand five hundred dollars for eighth. We’ve got a beautiful looking chart here, especially, on the way down, we’re broken back under the 50 level. I’m at a shorter term time frame here just to have a look at what the whales are. What the smart money is doing to the market and this is going to be a little mini lesson basically calling “The news here” as it happens in that real time and what has eventuated from the breakdowns. You can see the volume here. This is the volume profile coming into the market, basically, where are the buyers where is that volume. The sellers are doing their trading, so this bar is here on the 19th. You can see that it is red. It’s reversed wick at the top highest volume that the market had seen for several weeks at that point that basically is stopping volume. Basically, the run is over, but you can see the market still turned around at these levels.
It’s giving a lot of new investors hope, new traders and traders that are just trying to get into the market. Because they missed that run we talked about this right on the channel with plenty of receipts back there. If you want to go and check all those videos out looking at that move on the way up. So, what happens at this point that goes across the other cryptos is that this is the buy the dip crew here. We go let’s buy the dip and so they did that and ran the market up just a tiny bit another chance for the smart money to sell out. You can see this with the candles that are patterns in the way of bearish patterns. So, bearish engulfing right here green red – red encompassed the whole body the sellers take control smack the market back down with increased volume compared to the last several bars. They’re in control, but the bulls still think they have a chance.
They’re trying to run the market back up again back down a little bit of buying happens and we go on that last final run up into another pattern, another bearish pattern, a shooting star. You can see that wick there increased volume. Then, for me, these are the gotcha bars, this red bar right here. It basically takes out all of the buyers that had bought that last dip thinking that this thing is going to go to 2 000 again. Unfortunately, it’s the dumb money getting in at these levels just trying to take that last trade or maybe some of the smart money trying to take that last trade. But, hopefully, having some stops in play they wouldn’t be smart money for long. If they didn’t have stops in the market, you can see this bar gotcha got the people stuck in the market.
Now it’s down re-test down another gotcha bar on the way down and we’ve broken past 50. This is a clear downtrend and a nice easy short trading opportunity. Once we saw a bearish signal another bearish signal. The trend was getting weaker look at the volume profile here. Just dying out means sellers are in control. But, the last of the bet, the bulls are just getting caught up in the market and remember just a few days ago. That was all of the hype that we’re going to 28 000 Bitcoin, maybe 30 000. Everyone’s getting really excited meaning it was probably the end of that run looking at cryptocurrencies now. This was a total of three we’ve been following for some time.
This article is a transcription of a video made by Jasson Pizzino
Original video: https://youtu.be/6hg00yF7L-g