This One Signal Says Bitcoin Has Bottomed

[00:00:00]Bitcoin's currently sitting at extreme fear, but remember fortune favors the bold or the brave. It has to be said it is worrying because BlackRock, they have just sold 97 million dollars worth of Bitcoin through the BlackRock ETF. So, there's a lot of fear in the market, hence why we're getting this extreme fear reading. But, what I want to show you is this daily chart structure here.

[00:00:24]We've already had this bearish structure, we've already played out. And essentially, what we're looking at is this support level coming in in the liquidity of that 58-59k zone. So, yes, there's a good chance we'll come back and touch that, but ultimately, it looks like we're very close to a local bottom. You can see in this 4-hour chart I posted earlier on X, we're basically um looking at resistance of 67.5 thousand, support's at 62,000 locally, but we've got all this liquidity at 61.

[00:00:57]Probably goes down to about 59k on some exchanges. But, ultimately, on the high time frame, on the monthly, we're sitting right back at 2021 highs. We're using that as the support just like we did in 2023 with the 2017 highs. And it looks pretty bullish for short, medium, and long term, I have to say because we are so oversold. You can see this chart for Bitcoin that I found on Coin GPT, the AI analysis tool.

[00:01:28]It shows that all the readings are showing oversold on the most tradable time frame, which is the 4-hour. So, we've got the stochastic, the CCI, the RSI, the Williams, all in a big reversal position right now. So, in summary, do be cautious on the lower time frames.

[00:01:45]We're in a downtrend. No one can deny that and it's been that way for quite some time, really, from the start of the year or even just before. So, I understand people that don't want to catch a falling knife, of course. But, if you're looking to accumulate Bitcoin, crypto for the long term, this is one of the best opportunities we've had in years, and that's exactly what I'm doing. And to make light of the very um difficult market we're in right now, here's a bit of fun and a bit of a plug. Many of you use Bybit. Um check out this, guys. Bybit just turned the World Cup into a trading desk. So, if you have a Bybit account or want to get a Bybit account, it's one of the best crypto exchanges. You do need to KYC, but it's worth it. It's the best platform. They've got the Bybit card, they've got great finance tools, they've got all the Anyway, go and look for yourself. Check out the link below.

[00:02:37]Enter the World Cup of crypto. It's really, really good fun. I've been doing it myself, and you simply can long a team to win, short a team to lose, and it's just a lot of fun. Today, you've got uh the US, who are of course the hosts, playing Australia. You've got Brazil tomorrow. You've got the Netherlands, Sweden. So, a lot of fun.

[00:03:00]If you want a bit of a light-hearted weekend away from the crypto, well, you can still enjoy Bybit, but you can trade the matches rather than crypto prices.

[00:03:09]So, check that out as well, link down below. Thanks for joining me. See you on the next one. Bye-bye.