Bitcoin: WAKE UP! - Something BIG Is Coming WITHIN A WEEK (BTC)

Introducing The Video Topic. all right ladies and gentlemen how are you are you asleep are you bored that's the market right now it's a boring Market environment but I can assure you that during this period of boringness there's actually a lot going on uh behind the scenes okay there's a lot going on in the charts that a lot of people are not seeing and I'm going to be recapping what's going on today cuz that's the only thing we have left to do recapping what's going on giving you the breakout date when we will be breaking out by giving you the reasons why Bitcoin is on the edge of a cliff quite literally touching the edge of a cliff like we cannot go further down it's simply put on the weekly candle close we cannot go further down this is the maximum low we can reach and then we're going to be looking into the calendar right when are events happening when will this Market get spiced up not only from a price chart perspective but also from a perspective of fundamental from information releases right looking into S&P 500 and things like that so just a broad recap video giving you an analysis of the situation right now and bringing you up to speed of where we are that's all I can really do now there's not much new information coming in the old information is still relevant right something doesn't lose relevance just because we've discussed it before I need to show you what's going on here so that you're aware so that when this breakout occurs which by the way will be happening within two weeks right within two weeks most likely within a week most likely you know again emphasizing that word within a week right within 7 Days uh so it's big stuff here let's get into Bingx & Bitunix Exchanges. it one thing before we start the bonix and Bing X exchanges are available for your sign up if you use my link Down Below in the description or the pin comment you will get a 15% trading fee discount for life on either of those exchanges they are both Global non kyc you can sign up from anywhere in the world they've never been hacked before and they're both very low in trading fees to begin with so go ahead and use my links down below get that 15% trading fee discount take your pick bonix or being X both great exchanges go ahead Everyone Needs To See This. and do that let's get into the content right start out with the absolute absolutely fundamental chart you need to understand it is the weekly chart RSI but we're going to start with the the patent itself right which we can see best on the weekly chart as well it is a descending Channel formation that that kind of I guess best defines the price action of the last 5 months this is the macro structure this descending Channel formation now descending Channel formations are bullish structures they generally break to the upside and so we cannot be macro bearish here we have to be macro bullish because the structure we are in is a macro bullish structure so I am macro bullish until this structure breaks if this structure does break then I will flip to being macro bearish it's really as simple as that now the bottom of this structure is not going to be easy to break because it is supported by two very important yellow lines let's go to the daily chart so we can best view these lines one of the lines is stemming backwards all the way if this chart loads all the way back from 2018 we can zoom in and see this price action from 2018 I can draw it more perfect if you wanted me to touches the candle close right here touches the wick right here again again I could draw it perfect if you wanted me to going through touching multiple bottoms throughout the the bull Mark of 2020 2021 including rejection right here and touching many more times on the way upwards including a resistance test right here with the ETF and a support test right here after the ETF which led to all-time highs a support test right here and a daily candle close right there so very important line sing from 2018 on top of that another important one stemming from November last year okay you can see those retests right there marking the bottom on the wick instead of the daily candle close as well so the bottom of the channel is not going to be easy to break right so not only is it a bullish structure but it's also a structure with a very strong foundation for support now what that what that means again it means two things one it's not going to be easy to break but two if it does break that break is extraordinarily major due to the difficulty of it breaking right the selling pressure that would be required to break the bottom of that channel would be significant therefore if it was to break down that would be a very significant breakdown it be very telling about where Bitcoin would go next overall we cannot be sure about bitcoin's macro Direction until we either break the channel to the upside or the downside so the channel really is the defining thing but we can get a little bit of a more concise look uh from the RSI as well now the weekly chart RSI is probably one of the most insightful things you will look at on bitcoin ever right just simply put look at these lines in the past right we have a go ahead and draw it in here descending resistance line right here when it broke to the upside it led to the end of the code over drop and the start of a bull market to the upside when this one right here stemming from 2021 broke to the upside it led to again I could draw it more perfect it led to I probably should there it is led to the bottom of the bare market and the start of the upward cycle in 2023 another line right here broke to the upside led to the end of that 7mon consolidation and the all-time high breakout and ETF decision we now have another descending resistance line forming on the RSI right on top of a ascending support line on the RSI which has led to Major Bottoms in the past okay and what this forms it comes together and it forms a massive triangle formation guys there's a reason why I said both the charts in the screen the price chart and the weekly chart are side the most important charts to watch right now is the reason why I said that I said it because it's true okay the triangle formation comes to an Apex Point comes to a point of no return a point of consolidation maximal right at around the 23rd of September the 23rd of this month which is literally 2 weeks away meaning that before that point like within the next week okay if we're being honest that's where the next week ends you know how how much consolidation can we do can we really consolidate further than that probably not likely within the next week we are going to be seeing a breakout of the RSI formation right to the upside or to the downside now we've already established that breaking out of RSI formations in the weekly chart is very very insightful the price for the price chart breakouts right the RSI breakout foreshadows the price chart breakout so that if we do break the RSI triangle to the upside this week or next week whatever it may be okay within the next two weeks we will likely see a swing to the upside and a break of the channel itself that is what is likely to occur whereas if we break it to the downside we will likely see a break of the entirety of this Channel and support structures that is what's likely to occur so really a lot is resting on this RSI triangle now for full confirmation for absolute confirmation you need to see a price chart breakout cuz the RSI is not the price the SI is indicative of price action it's a momentum indicator but it's not the price itself so if you want a 100% confirmation of where bitcoin's going you need to wait for the price chart breakout but if you want a good idea you're going to get it from the weekly chart RSI and we cannot consolidate much longer there in fact what you'll notice is that we are right on top of support we are on the brink we are on the edge of a cliff we look at Bitcoin in the shorter term time frame you can see that Bitcoin itself is on the edge of a cliff it's coming dangerously close to testing the support lines in the bottom of the channel and also the yellow ascending support lines right this is where we're at right now this is the simple reality anyone who's sitting here thinking oh we're fine bitcoin's fine it's not in a bad position yet it's like yes okay you're you're right technically speaking it's not in a bad position technically speaking we're still within the broader Channel but it's not in a safe position either I mean I wouldn't be happy to turn off the charts for 5 days and and walk away I'd want to be watching every few hours to see what's going to happen here cuz this could happen at any moment and if it does happen it could be massive right upside or downside so I wouldn't sit here and be too confident about Bitcoin structure right now it's not really a confident structure it's a structure that is yes okay bullish but could change very very quickly both to the upside and to the downside so that's my opinion on bitcoin right now and everyone needs to be watching that Weekly chart RSI and the weekly chart price chart as well to understand the broader context of the price chart structure which is the descending Channel formation with the two ascending support lines which I deem to be very Traditional Markets At A Crossroads. important now another reason why the situation is just so important is because it's not just Bitcoin in the edge of the cliff okay it's the S&P 500 as well I mean talk about the edge of a cliff across Market it's not Bitcoin it's S&P it's it's traditional markets in general S&P 500 is not looking too good right now I'm not going to lie to you it's really not we've we've got a massive bearish engulfing candle right here after a failed rally to the upside a lower high being placed that's not really too promising the RSI is the only save potential Saving Grace here for the S&P we had a white support line steing backwards from October last year it broke to the downside we flipped it for resistance I mean not looking good there very very ugly but now hopefully hopefully we're forming a triangle formation here in yellow on the ride hopefully this bottom will act as support and hopefully we can swing back to the upside for another move that is the only scenario in which these markets survive I mean again weekly chart rsis are not things to be joked around about there's a reason why this white line worked so well there's a reason why the resistance retest led to the top right here it's because the weekly chart RSI works and if we're in a triangle formation here which has been confirmed at this point breaking that triangle is again going to lead to downside price action and Bitcoin probably cannot survive that right so it's not just about Bitcoin it's about S&P as well and if we look into the S&P where we need to figure out what's going on with the macro right macro economy Etc we've got an fomc meeting in 14 days now it's unlikely to be honest we're going to see massive Clarity before the 14-day meeting uh you know interest rates really are determining what's going on right now if we see aggressive cutting that's good for the markets if we see slight cutting you know maybe not so good for the markets right want aggressive cutting here it's only aggressive cutting that is going to give investors a reason to get back into these markets during this downwards Trend uh not down Trend but during this downward price action right we look at the calendar that's going on it's not just the fomc meeting that is the most major thing in 14 days but it's also things like the upcoming unemployment claims the upcoming unemployment rate both of the next two days we know that unemployment right now is one of the things that's leading to these recession concerns the recession is not confirmed yet but there's massive massive concerns about recession and if unemployment claims come in bad that could bolster those recession concerns and that could lead the S&P 500 to drop down so Conclusion. although the market right now is exceptionally boring although everyone's here twiddling their fums waiting for something to happen not even looking at the charts anymore I really need you to pay attention you cannot walk away now right this is not the time which you want to walk away if we break down from all these structures we go downwards and you know you come back come back to the price charts and one month later we're down here at 40 okay okay maybe then you can take a break and walk away but right now we are not it's not over yet right the fight's not over we're on the brink here and it very well could be a perfect moment for a bounce in the same way it could be a perfect moment for a dump downwards there's no clear definitive answer I don't have the answer no one does we need to wait and see and we need to wait and see while using these metrics to view that so over the next couple of days you're going to see some progressions here you're going to see uh even if Bitcoin doesn't move you're going to see these macro events right these unemployment claims the unemployment data itself coming out and that's going to affect traditional markets which could you know in in concept affect Bitcoin and make a decision for Bitcoin so we'll see what happens here I'll keep you updated guys thank you for watching apologies for repeating myself but I have to there's nothing else I can do here you know I can't sit here and talk about a freaking altcoin there's no point doing that I don't think altcoins a good buyers and I can't sit here and not upload for 4 days because then people get left in the dark and you know 50% of my audience is new viewers so every video I make 50% of you haven't seen this content before it's very necessary for minut K posting for that reason but thank you for watching I Promotions. hope you enjoyed again check out the bit tunix and bingx exchanges 15% trading fee discount with my 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channel give a like give it a subscribe help me out there it means a lot and you might find it very useful guys thanks for watching hope you enjoyed I'll catch you tomorrow