Tuesday BTC Price action analysis by Simon.

good evening fellow bitcoiners and you know other investors and Traders welcome Simon's trading Channel hope you're very well uh it's a Tuesday only just though bit of a late video um I've had a super duper busy day so um I hope yours have been fun and thank you for joining me for another one of my videos let's get straight on with the price action analysis after I've move that silly thing out of the way now I've put a little blue box of Doom on here although it's not a blue box of Doom really um it's but it's an in it's an area of interest that um I think is relevant uh I think it become more relevant if the weekly time frame closes below the zero L but or gets super duper close I mean it's fairly close at the moment so I use M as a momentum indicator and you can see how close it is interestingly uh of the ball r to date uh this ball run to date you can see the macd basically crossed up dur this segment um which uh I'm just trying to think back to when I when I thought oh yeah that's the bare Market done I think it's bull market time I don't know if it was here I think it may have been after this weekly closure um but but regardless of that the macd picked it out right so it crossed to the upside I think on this weekly candle um but certainly the next one and then you know it's been to the upside ever since and you can see I have to make the McD super duper big you can see that it it got really close to Crossing below uh during this massive consolidation period so basically the the price was pretty much going sideways um and the ma was cooling off and then next big run up and the mati came up and then the Ma has been coming down what's interesting is look how quickly the macd has been coming down relative to the price right it's that's not um uh a Divergence but any stretch imagination but you can see or you could hypothesize that you know this cooling off of momentum if Bitcoin doesn't break down and I would suggest the blue box is its is its ultimate um Sports PR for support then um turning back up from near the zero line without breaking below the bottom of this blue box which is basically at 45,000 also on there um as the cross below the zero line level at the moment although that will change the closer it gets to it then I you know I I just don't think that the situation has changed with regards to bull market bare market now you know there's I know there's sort of sort of lots of tweetings and things going on about recession and all that well whatever like the those things happen all the time and and the markets tend to either have a bit of a short downside and then they March so maybe this time will be different but it never is um and uh and you know so I'm not particularly worried I've said that a few times out but anyway for this week so this week there still quite a lot of it left that's a jolly small green candle at this point in time um and indeed for this to turn green uh Bitcoin needs to close out its weekly and on bit stamp for some reason but needs to close out it's weekly um which comes in at midnight on Sunday above 63,000 all right so that's enough on the weekly for now and for those of you wondering um I notic with the channels people don't sort of sort of justify why they put sort of lines and boxes on but the reason I put this one com is that you can see these uh these candle bodies here so they opens and closes are all up against the bottom and then that Wick and that Wick provided a support resistance line so the combination I think gives you an area of interest for support somewhere between 49 which has already visited and 45 I've talked about 45 before it's also on my $115,000 hypothesis move that um I think Bitcoin has done since basically hitting the macro low um and um yeah I don't want to see bit can't get down to 45 but do you know what I'll be buying some if it goes down there there's a giant spider just casually walks along my floor hello to you giant spider hope you have a nice evening munching on flies um there we are okay so that's all I got to say about that yes I would be very much interested in buying some Bitcoin at 45 but it would be probably better for Market sentiment and fear and greed if the ball runs continues without any bigger pullbacks than have already occurred all right daily time frame let's have a look at your boy now I'll leave the big blue box on what a big blue box you have Simon and you yeah so you know momentum is still down on the daily time frame and I don't know if you remember in yesterday's video I was suggesting that if Bitcoin can defend this area so daily closures or was it day before was probably a few days ago I don't know time tries um that would to me even on momentum is to the downside signify the daily uptrend is still intact I'd say that's parly close to not being intact because you can see that the structure that would be along these lines when I get up my brush from a low I mean if you just take it from the close so this structure of low high higher low high it's now um sort of on the verge of of being disrupted but I think true disruption would occur with this sort of move um and that would be a nice head and shoulders um because then you know you firstly you've got a a lower high um it's probably the first thing you need for change from an uptrend to a downtrend and then potentially excuse me potentially that would turn into a lower low so yeah I'd be lying if I if I said to you upside is more likely at the moment but I don't know like no one can predict the future um however momentum on The Daily is to the downside and will continue to be and continue to be red unless Bitcoin can Clos today above 59,000 and it doesn't really look like it's going to but you never know there are still just shy of three hours left it probably won't anyway um how many minutes is that that's eight minutes that is eight minutes of your precious time I hope you've enjoyed this little ride and if you have join me tomorrow for another one from midweek Bitcoin take care see you tomorrow bye-bye