BITCOIN: WHAT'S NEXT?! #BTC Price Prediction & Crypto News Today

IMPORTANT BITCOIN ANALYSIS welcome to the road to $1 million us let's get right into the Bitcoin chart for today starting on this 4our time frame for Bitcoin because of course yesterday we saw a big move to the downside here especially after we lost this Fibonacci golden bucket we saw a straight drop down to about $58,000 for the Bitcoin price now in yesterday's video I recorded it right here and we had about an hour left on this candle so I said at the time it was a big too early to say that we lost the Fibonacci golden pocket as a level of support however we needed to also pay attention to this ascending line of support and losing this would likely mean that we got more bearish momentum after that and that is exactly what played out so we got a bounce from this ascending line of support got rejected from the Fibonacci golden pocket and got one big move down all the way down to $58,000 for the Bitcoin price now in the case that this pullback actually Contin use further and we do not reclaim this 0.5 level then you could be looking further towards this 382 level sitting at $57,000 for the Bitcoin price now diving into the support and resistance levels for Bitcoin as you can see right here Bitcoin fell into this big level support sitting from 58,000 all the way down to $56,000 for the Bitcoin price and you may notice as well that yesterday I had this level marked in white because at the time I was saying we pumped above this and did not first retest it as a level of support I do not want to mark this as a level of support yet and obviously this turned out to be a very good idea not seeing this as a level of support because we basically fell into this level and fell straight through it because there was no support here right and now we bounced from this level of support below that we came back up and so far on this 4-Hour time frame we got rejected from this so therefore I am now seeing this as a level of resistance again sitting from 60,000 all the way up to 62.4k one other indicator that I talked about in yesterday's video was this ascending trend line on the RSI momentum indicator and we were right on top of this and as I said yesterday as well if we break this likely we would get more bearish momentum after that we got basically exactly what we expected which is bearish momentum in the market here one thing we could be looking out for is for example something like this where basically so long as we hold above this yeah we can just chop around sideways get some choppy sideways momentum but again breaking down below this level on the RSI momentum indicator on the one day time frame would indicate probably that we are getting more bearish momentum over a longer extended amount of time now moving on to the Bitcoin liquidation heat map first of all on Bitcoin: Liquidity Analysis this one we time frame as you can see recently we took out a massive amount of liquidity to the downside here hundreds of millions of dollars worth of liquidity being taken out here there is still quite a bit of liquidity to the downside left at about 57.5k roughly speaking so we may actually end up grabbing this liquidity however on this one week time frame it becomes pretty clear that right now most of the liquidity is to the upside because a lot of people obviously shorted this move to the downside so most of the liquidity is sitting at 65.2 2K so potentially we could come back up to actually grab this liquidity at some point now if we zoom in to the 3-day time frame as well you can see that again we took out a lot of liquidity there is little liquidity to the downside left and now most of the liquidity is to the upside once again for example in the short term we have some short-term liquidity right here at 63k for the Bitcoin price and in the case that you're not familiar with this typically the Bitcoin price gets attracted to where there is the most liquidity on this Char so in this case we do have most of the liquidity to the upside which is something noteworthy although there isn't a specific time frame so in this case we're looking at the one month time frame and yeah it's still totally possible that we actually need to grab all of this liquidity to the downside first as well as low as for example $54,000 before we then end up grabbing the liquidity to the upside right so to summarize this on the 3mon time frame we again have some liquidity as low as about 54.5k but again we have over7 billion worth of liquidity sitting at 70.5k personally I still think that so long as we keep trading inside this descending channel for Bitcoin Bitcoin is simply consolidating in this range and at some point we are going to break out to the upside and take out all of that liquidity that I just previously mentioned here however if we actually end up trading below the descending channel here for Bitcoin then I think yeah we may need to see much more downside for Bitcoin first before we actually end up reversing to the upside at some point so my base case here is that we basically keep trading inside this range for much longer here and basically so long as it doesn't break to the downside I think that at some point we are going to reverse here and actually grab all of this liquidity here potentially even breaking out and going much higher for the Bitcoin price but that of course remains to be uncertain so for me the way I am playing this Market is just taking it one day at a time and actually trading the lower time frames for Bitcoin so taking short positions when there is bearish momentum and taking long positions when there is Bitcoin: ETF In/outflows Today bullish momentum lastly I want to touch on these Bitcoin ETF flow tables for today because yesterday we saw a net outflow of about $127 million but as I said yesterday as well right before that we saw nothing but inflows and then the biggest inflows being basically at the top here so we had a massive inflow on this candle and on this candle right here so again these Bitcoin ETF investors bought the shortterm top again as they did right over here as they did right over here and of course in the case that you don't know we also saw massive outflows right here and we saw massive outflows right here so they're basically consistently buying High and selling low every single time so far so now we have seen a net outflow of about $127 million this could elude to the idea that this may already be the bottom here because again if we just look at the track record of the ETFs they get it wrong every single time and right now they are selling a lot of Bitcoin so we might actually get a pump here in the short term but at this point I would like to see some more from these Bitcoin ETFs so if we now see a massive outflow of let's say $300 million $250 million or something like that this could be a potential Catalyst if it aligns also with some key levels of support for example being reached that we might actually get a bit of another move to the upside because then the ETF investors got it wrong once again and this would be consistent with their trading history so far either way this has been today's market update thank you very much for watching once again and I will see you tomorrow in the next one