#Bitcoin Important Levels ☝️ Analysis Update & Price Prediction #BTC / $BTC

hey everyone welcome back to cryptocash thank you again so much for joining me here taking a look back again here at our old friend Bitcoin seeing what's going on again to preface we got a heavy amount of liquidation down to the downside here if we see sub 57k we could very well continue a landslide down to 54 to 55 however there's a lot of support there too so you got to recognize that liquidation generally implies buying pressure or more important um just like areas of confirmation right or that's confirming itself as a support uh same thing as well here too with the inverse head and shoulder pattern we have here while it's never clean or precise uh Head and Shoulder patterns do have a higher success rate so if we can you start making our way back up getting closer to 59k punching through 59k with higher volume we should be in good shape again that's you it's it's a hope and a prayer right every single thing that you're like I hope it does this hope it does that that's the truth but the truth about it is that you want to keep an open mind make sure that you are not uh you know uh putting yourself in a position where you're doing too much for too little in other words don't go too high a risk in situations like this because it's not really we don't have a ton of confirming factors this is just a constellation okay patterns or constellations they should be used conjunctively with other things as well so let's go ahead and take a look see if there's anything else kind of contributing to the current situation for Bitcoin we want to look at some liquidation levels too oh before we continue any further please hit the like button comment below if you get a chance one or the other every video deeply appreciate it helps to get this in front of more people instead of those Moon boys who are um getting all the views because they have OMG faces on all the thumbnails again I'm not going to tell you something's going to go to the Moon cuz it's never will I'm just going to shoot you straight and let you know so again here's that $57,000 uh liquidation level roughly I think 15 billion in Liquidation in that range looks like that amount has changed a little bit unless actually no hold on if we zoom in a little bit more we can see yeah 5 8 7 come to think about it it's probably more like 20 billion liquidation at about 567 so we come down a little bit lower we're going to have some problems right however that does imply we have a lot of support where's a lot of liquidation has been swept here recently we're going to start building that base I think a lot of uh you know bears are running out of uh momentum and the Bulls are just holding line here 58k seems to be a point of contention for the moment okay so again we've held 1 2 3 4 5 six 7 hours now in the 576 to 58k range it's a good sign all right so having said all that let's take a look see if things shifted or changed since we last looked at this earlier and to preface just to let you know here as well just you know to kind of communicate what's going on the easy way to understand it is the daily time frame is going to be bearish okay it's on it's bearish on D near every single coin minus XMR which I'm considering a long withd if it pivots that's a different story altogether but the whole point here is that majority of the market is red a lot of coins are bleeding out while they're holding well in the current ranges now they've bottomed out still not pretty every majority if if not all alt coins minus a few outliers are all low all moving averages they're under 50 in the RSI they're uh only thing we're seeing right now is stochastic converging on The Daily okay that basically just tells us that we've been pushed down for a little while and it makes sense for the price to recover because we've been you know bearishly diverging ever since uh what August 25th okay so it's roughly what a full week or two week and a halfs worth of moving down and it's it's at this point where it's like you know I'm tired of it uh being pulled back right we want to jump up right I think speaking for Bitcoin that's probably what what it's saying if it was something I could say something forget it it's been a long day let's go ahead and talk about uh the 4our time frame so smas roughly the same scenario here this is what gave me confirming factors yesterday when we closed above the 50-day SMA or sorry correction that's a 20day SMA on the 4 Hour that's usually a good indication that that um you're on the right side of tracks here heaven forbid we broke below because of very monstrous uh fundamental Catalyst that push the price down um traditional markets are terrible today there's a lot of reasons why the price ripped back however we're making recovery I would like to see a closure above 585 if possible I'm not sure if that's possible today but in general getting back over the 20 I think is a helpful starting point uh we also want to kind of confirm to looking at the um RSI getting back up over 50 on the RSI is also a confirming factor which we had yesterday when we took our long position okay so again you can have all the confirming factors in the world and then you know some idiot in another country you know does something stupid and the market has that effect right that that ripple effect in the ocean or the water you throw you throw a stone in the water you're going to see that that natural U continuation outwards that's what happened here today regardless of that fact I'm not making excuses for ta that should have worked well because generally it's supposed to it's just that the way that the market is okay you can do a lot of hard work here in the market and it can be worth very little um just based on stupid fundamental catalyst so again that's just a very normal thing I guess I'm trying to normalize that so you understand that this is uh just another day in the another day in the crypto World okay the truth here is though 4our time frame doesn't give us any confirming factors it has it didn't earlier it's not going to now the hourly may be a slight shift of momentum here but I don't think so if we take a look at the each mobile Cloud we're riding up the cloud we are testing the lower lead while the lag spand free and clear and the conversion lines below the Baseline those are bad signs generally we're kind of testing this local point of control here again it depends on how far out you zoom right because if you zoom out a little further you'll see we're going to have more more control 59k so you got to recognize 59,000 is a strong resistance range we're going to need a lot of volume to punch through that but between now and then we can see that there's a secondary amount of volume at about the current price point of that 58,000 so we're starting to build that volume base that's a good sign okay so closing above 58k to me today seems like a good practical way of the price action recovering and the likelihood of the price continuing up to potentially fulfill this inverse Head and Shoulders pattern it's it's becoming more realistic okay now is that a guarantee no this 15 which is more like 20 billion which we just looked at is definitely an area we want to kind of be careful with and understand that we're in a situation that you know the price could very well Rak down there at any time so just be mindful of that do I think you should short at this point in short I would say no but you're going to find more statistical probability going down than up just that these kind of patterns that play out and the strong amount of volume that we're starting to see in this range leads me to believe that we're in better shape here than you might think okay so again um I think no trade is probably the best trade if you have a long position open just watch it just your stop loss higher you considering a short um nothing necessarily wrong with that you do have a larger probability of success just make sure of course again you're using good margins and not U overleveraging yourself right invalidation of the short would be a closure above 597 and then invalidation of a long is a closure below 57k right we got these this this channel essentially that we're in and there's no other way around it um you know Bitcoin is kind of doing its thing right it's just kind of where we're at just a bunch of chop chop salad as I've said before think I got some good comments on that anyways that's kind of a wrap um sorry it's not really what you're looking for I'm sure a lot of folks do like to watch this for you kind of talk them off the ledge other people probably just skimming on through to see if I tell you the answers that you're looking for and I'm never going to do that I'm just going to tell you how it is in right now we in this unique transition and it's best to probably avoid trading for the moment just based on how gnarly the market is it's weird because I say that a lot now and it's just unfortunate uh it's funny a year or two ago this really wasn't a big deal but ever since big money got involved it's been a real janky market so just be mindful that's really the world that we live in now okay all right thanks again for your time we'll see you the next one have a great rest of your day take care