Has bitcoin finally bottomed? Have we put in that macro low that everyone has been waiting for? Let’s take a look at some data to show some significant evidence of the bottom forming.
You can see we had some rejection points here and waiting over the next weekend well that was 48 hours back then to see where bitcoin was topping out. So, we’ll look at this in the micro view and then obviously go to the macro plate as well. So, this was the video a couple of days ago of bitcoin what happened. Well, we’ve got another rejection at twenty-one thousand seven hundred. You can see the candles here on the four hours could not close above that level. So, this is how close this is able to get to the market in terms of the price right. So, 21 711 the four hour twenty one thousand seven hundred and then it opened there again and closed all the way back down. This was the level that we were looking at on Saturday for the market to hold up. If we were to go, if we’re in a long trade and that’s where we’re looking to place some of the stops just under here around that sort of 20 700 or if you want to try and get super close underneath the bar candles. So, that level is about 20 800.
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Now if you’re not trading it doesn’t matter the point that we’re looking at here is to give us some idea about whether the market is trending up or whether we are trending down. So, this is in terms of our invalidation signals, so if we did get the breakdown then the market is invalidating the move up. We need to be prepared for further downside this comes in handy when there’s a lot of fearful news out in the market telling you that the market has to drop to new all-time lows. It has to go to three thousand dollars for bitcoin or any recessionary fear that comes out in the market. If you can stay abreast of where these support and resistance levels are it really does help understand what’s going on in the market rather than just play it like every other retail trader and not understand where these points in the market are. So, we’ve seen the rejections the market is now coming back to come to kind of test these levels probably around twenty thousand seven hundred twenty thousand eight hundred. I think if we don’t hold that then you’ll have to come back and test the next levels. But, the main thing is the fear and emotion will probably be higher and people will be fearing the uh the breakdown of 20 000 again which is beneath the old all-time high and then that just exacerbates the fear across the cryptocurrency market so in short term play here got rejected.
Over to the data. Now Google trend words this is so interesting bitcoin bottom huge trending term which is why I have it in the title, stay woke about these things sorry to use that term – it’s terrible. But stay abreast of the words in these video titles across all of YouTube, across all of twitter anything with articles that is based on search volume traffic on the internet look at the search volume for bitcoin bottom. It’s the highest it’s ever been in the entire history and I only went back to 2014. There’s not much for it, I’m going for the back and then here the data isn’t that good on Google trends. But this is massive. So, let’s look at the previous cycle December 2017 was the peak in bitcoin and then it had a very quick significant dump going forward to February, Bitcoin did happen to dump again.
But, that was uh just around the peak of Ethereum, so that was when all the alt altcoins were peaking as well. So, let’s take a look at a more macro picture here to go back to see what was going on in 2018. There was the dump in December which is why we can see the peak out here in December, then go to February, there’s that dump down to six thousand dollars on bitcoin have a look here you’ve got the peak in february for bitcoin bottom. People are waiting for this bottom to come in but then you look at the peak here in December 2018 that was the true bottom go have a look at the price here. It is December 2018. that was the bottom for the cycle. But the search term was at a lower high than in February and December that was your first major dump. There’s your second major dump June of 2018 was also a major dump but I don’t think it was right here basically coming back to February.
But again that was a lower high technical analysis works across anything with charts that’s why I focus so heavily on the ta rather than the fundamentals or anything else like that because it’s a skill that you can apply to everything else in life. This has helped so much December there’s your major cycle bottom and the Google trends was lower than the previous tops. The next bottoms January 2021, this is bitcoin bottom remove search term here. You’ve got May 2021, pretty similar to January, May of where we are in the bitcoin search terms, so here we go January freaking out, May freaking out is the same price and we have January of 2022. So, that’s the most recent one you can see that here and now we’ve exploded to the next one at this is the highest point for the search terms right now. So, bitcoin at 100. This is the highest. It could keep going up but I think we might be on that slight curve down. If we change the dates here just go back and look at the last 12 months.
This article is a transcription of a video made by Jasson Pizzino
Original video: https://youtu.be/wD85AVRhQGY