BITCOIN MEGA MOVE Steals The Show!
this is a zoomed in chart for Bitcoin for sure but it’s also a weekly chart and the context here revolves around the macro this is a macro indicator kind of looking very nice those colors that you see on the screen looking very nice that bright green is what we want to see I’m going to break down what that macro indicator is in this video so hit the Subscribe and let’s just jump into this before we even talk about that I do want to just look at the move that’s currently happening Bitcoin right just below 29
700 on its way to 30 000. we talked about this in a video last night Target to the upside out of this falling channel is around thirty thousand six hundred dollars or so the reason why and and this could happen today obviously this is only a few hundred dollars not a few hundred dollars but it’s it’s less than a thousand dollars away for for Bitcoin to hit this area but the reason why this is such a big move on the short term it’s kind of a special move on the short term as we’re about to
look at a special move on the macro with this macro indicator it’s this chart that I’m I’m very interested in right now because we have a larger pattern in play right now
in shorter term Moves In in an uptrend in a bull market the rising wedge for Bitcoin oftentimes can be a very powerful move or lead to a very powerful move so I just want to point this out Target to the upside just around forty thousand dollars now on this short-term journey to around the short-term Target of 30 630 700 I just want to be very mindful of what is what is in that general area and that is the swing high that we had back here in April mid April and Bitcoin saw resistance right and and
started tracking down in this in this falling channel so this target really confluent area of resistance it will be very very telling to see what Bitcoin does in that area how much momentum is behind this current bitcoin move I think will be defined and exemplified when Bitcoin gets to this area I will be watching very closely when Bitcoin gets that area uh on the chart now we go to the this other daily perspective this is what it looks like right you can just see Bitcoin breaking through this upper trend line this is a very big
move happening on this daily chart bigger than that shorter term move we just looked at but if Bitcoin sees resistance here are we going to start seeing consolidation into kind of this new setup of a potentially an ascending triangle for bitcoin’s next leg up and that’s something that I’m not going to cover right now but it’s something I could potentially just see us in anticipating for a future video if we fall into that situation but again what happens in this area uh this previous resistance area or Bitcoin as it tries to make its way to
the Target and Bitcoin right now even as I’m doing the video just hitting 29 800 so we’ll see if Bitcoin can can make the move I want to go over to the weekly chart this is why I’m doing this video and this special shout out to our sponsor of today’s video Lux algo because we’re using their indicator uh for for this this one piece of the chart and remember these indicators everybody they’re they’re not to be used as like this buy sync signal but it’s just another tool and in the tool chest for us as
we’re kind of using all of these indicators together when we start getting Confluence with all of these indicators it becomes a powerful thing it becomes a powerful tool of powerful visualization tool for us to mentally just be in a good good area mindset and that’s why I do this this is this is just strictly how I see these charts uh Lux algo providing a really really good tool here and there’s a link in the description below if you want to sign up with them 30 discount with my code but let’s talk about this very special
indicator all right so what we’re looking at here there’s there’s multiple indicators going on going off here but the one I want to focus on is is what you see here in blue and this is gonna we’re gonna bring into context prior to the last having something that happened back here we’re getting another shot at a very similar move right now prior to the next having and I’m very intrigued by it now this blue move that you see here this blue channel that you see down here kind of the inverse of this red channel that
you see there is called the smart Trail and it basically tracks downtrends and uptrends and we have just a resistance area would be in red and that’s what we see in a bear Market um and then we have a blue which would be a support area so what’s triggering now and we’re going to kind of compare to the last cycle what’s triggering now is not the fact that we have the channel there right that’s been there uh since around March but what’s happening is kind of this weekly macro confirmation of support because remember it’s not
only just a picture of an uptrend that’s happening in that blue Channel we want to use that blue Channel as a support area meaning if Bitcoin starts falling to that area what happens and we can just see within and I kind of alluded to this in yesterday’s video we see this kind of fall below these really key moving averages that red line is a 200 week this green line is the 20 week Bitcoin was falling below that that was kind of concerning Bitcoin bounced out of that and above those moving averages and you could just
see just above uh this area this indicator that’s offered by Lux algo you can just see the smart Trail support and right now on the weekly chart you can just see this green candle a very powerful Green candle so that is what I’m watching now when we compare it to the less cycle this is where it becomes really fun for me to watch over the years because it’s been years now I have always wondered and I think a lot of you and a lot of the crypto space has always wondered if if covet never happened
back here what what was going to happen out of this move going into the Bitcoin having I just I always wonder that and notice on this Lux algo chart this indicator do you see that blue Channel being created uh prior to this this Bitcoin having we’re getting a similar move here we’re getting a similar move here this shift on the chart the smart Trail being activated prior to the next having mind you hopefully we don’t get some type of just covet events that that demolishes this move and kind of puts us in another downtrend to
put in a higher low but this is intriguing to me to track and this is something I will be tracking because I think right now uh we’re kind of getting another reach like we’re getting another shot at at the LA at what was happening prior to the list having and now it’s prior to this having just just around 300 days or so uh before this next Bitcoin having and I’m very curious to see what happens with this smart Trail and if Bitcoin can can continue to maintain itself above the smart Trail uh indicator something worth
tracking if you’re interested again hit the link below uh and really just a special shout out to our sponsor of today’s video luxago so that’s what I’m watching on the weekly again I’m excited to track this because I can’t stop thinking what would have happened last cycle everybody let me know your thoughts in the comments below let’s see if Bitcoin can make the move above thirty thousand dollars today something else I’ll be tracking on the shorter term hit the Subscribe hit the like I will see you in the next video God bless
