We need to discuss what has happened on the last three occasions for bitcoin. Every time we saw this we saw a mega crash afterward and why I think that’s not going to happen this time around. How that’s going to lead to great trading opportunities for all coins. Finally, if you’ve been following the channel for some time, I know you should be hitting that. Essentially, we’ve been watching the chart basically go through these patterns of this trending sideways move up, and then the failures. It’s important to look at where that failure happens and how it looks on a chart. There’s a lot of news, a lot of noise, fear, greed all that sort of stuff going around. But, if you can read this on a chart.
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Then even if you’re wrong in your interpretation. You think the market’s going to go one way this keeps you safe and that’s all this is about just to keep safe in the market. So, that you can survive you can then go on to thrive. Obviously, want to make money from the market. Let’s have a look at what happened to bitcoin on the last few occasions. So, people have an idea of where they could place their stops within their plan to prevent getting wiped out or liquidated in the market it’s not what you want. But, you want to understand what’s happening next and the signals to look out for. So, let’s have a look at bitcoin right now going back to yesterday’s video the first video I did here in Italy bitcoin breakout week crypto bull market won’t last so if that wasn’t clear nice, simple, and quick. I think bitcoin and cryptos are going to be moving up at this point with what we’ve seen over the last several trading days, of course, or even the last week or so to this new high of recent times.
But, I don’t think this is going to be the sustained crypto bull market that takes us into new all-time highs, I’m always weighing that up so I see there are trading opportunities at times, and other times I’ll be looking to buy up crypto for that longer bigger much crazier swing so these are the opportunities. I think we’re going to have uh for cryptos right now for trading whereas last times. I was not looking for crypto trades here in may this area. I thought there were some crypto trades to be had here in March when we went in that altcoin season which was really quite weak in comparison to all other altcoin seasons. This is what we saw from the march into the bitcoin conference top and then that failed that’s what we’ll look at. Then there’s also through December which was again really quite weak in comparison to previous runs in the market but the energy was still quite high. A lot of people were getting taken advantage of because their emotions were still extremely high even though the trend had changed by that point for cryptos and, of course, bitcoin. But we didn’t see that a little until later on to get even stronger confirmation but cryptos.
They were over, so I want to look at this time uh in terms of the failure signal here. We looked at yesterday we wanted to see a breakout for bitcoin that is almost dead on these couple of bars here we saw bitcoin just starting to climb up to the downtrend range here. So, that’s this one here specifically looking at two key things here for the trade we wanted to see volume come into the market, we got that you can see these two bars here volume came in and then we also got the breakout and the confirmation. We want to see the market close above these key significant levels and uh just recently on Twitter in the last 24 hours. It said 22k is that level reason being is these previous tops are in the market here about 21.4-21.7-20 700 and then for a round number for that psychological number 22k and guess what market has hit that been rejected at it. Now it’s testing these highs. We want to see it test it from the upper side. That’s the good side, the bad sign is what happened last time the last few times that these signals had happened, so I’m measuring this so that you can get an idea for it for your own trading as well. Look at the dump the bounce we have the dump and the bounce we have the dump and the bounce. This one is a little more tricky to see.
You can see it here. You can see the clear trend swing change here using our Gan swing indicator a link to that is in the video description as well that’s a key indicator that we use. it’s an exclusive indicator and then in this last case where we had the crash, this was. there with James and best answers and also rand from crypto banter was on that channel he was looking to go long in the markets here I said in that video that day publicly live. I think bitcoin is going to go down further based on the trend range reading a chart not just fundamentals and news and all that sort of nonsense. I call it nonsense because the chart tells us what we need to know not to brag or anything like that. But,, we need to know what is going on in the market that crashed for some reason. They were going long the chart specifically said there is more probability that it will go down first here. We are now getting a little more excited because I think we have a little more upside to go here the swings are up you can see this yellow zigzag-looking line. This is a specific gain analysis against swing indicators. There’s no other tool in trading view to look at that but you can learn how to do that you know anyone can go out and learn gain analysis. The break of 22 is a good sign because we’ve just broken these highs. But we need that close so we need to close above 22 at the very worst. You basically need it above those previous highs: twenty-one thousand seven hundred and eleven twenty-one thousand eight hundred and sixty-six so these last two highs. Otherwise, what could happen?
If we get a week close meaning the sellers step into the market. They take control of the market they start pushing prices down because exactly what we looked at yesterday just seeing that sometimes the sellers push. The price up to test any more demand coming in because if there is more demand that would then lead to a weak market because you need the buyers to push this price up. So, what can happen if the sellers keep pushing that price down then we get lower prices. Then we might come back and test the underside of the resistance level and that’s a weak position to be in because then we tend to go back down to the trading range, so back down to those previous support levels to test to see. If there’s any more demand to come in. So that, we can try and go higher now, if more demand comes in. Then we’ll go higher if less demand comes in and the selling pressure continues, of course, we go down. It’s as simple as that the last time this happened we saw the bounce all right. I’m using this top right here and the market tried to peek above it closed underneath. So, remember, I talked about right here just a second ago. The key here is that in the next eight hours the market will need to close above these levels so 21.7-21.8. If you really want to get specific but as a round number just.
If you want to remember something off the top of your head 22k. All right, so that’s we’re at and this is going to help us with our crypto trading as well. So, see what happens to the market after it failed and closed underneath came back to the underside of that resistance level and I went on a very strong move down. I was reasonably confident. I never know 100 because I just am not Nostradamus predicting everything to be 100 but from these levels here. You could start to see the market was really getting very weak. That’s why I didn’t think we would have an opportunity to come back and get to that 34k from that point tested the underside failure we have to come back and see where the buyers step in again and start the process all over again on a small time frame medium time frame, longer-term time frame etc. All right, let’s go back to the next one to see if this pattern continues to play out. This was the crash and well the crash down it was the dump of the volume’s in the fears. If you’re in the market you remember those days around that 22nd to 24th of January from that point. We went sideways into a bounce and then got rejected.
This is now my key level right here I want to see. If the market can overcome that selling pressure that happened on those days and if it can hold support and then move away from that level it got rejected. Kind of here but mostly right here in early March and then it got above it but it could not hold and guess what lower highs came in although it wasn’t directly underneath the level right here. It was still a lower higher than that previous high that came in so that’s the first very minor sign of weakness coming in. If you want to see that in the news headlines that would be telling you all over the news which they don’t tell you at that time they cannot because they don’t know.
This article is a transcription of a video made by Jasson Pizzino
Original video: https://youtu.be/PnEoKaf1vUw
