Bitcoin Next Supports

Added: 2026-05-29

[00:00:00]Hello everybody, welcome back. Let's have a look at Bitcoin as we are dripping now from hitting the top of the range and the death cross. So, there was a chance that we could have bounced a little bit last night and just around that double bottomy type vibe.

[00:00:14]And uh yeah, overnight we decided to fall all the way down to 72,700 and which is quite close to the next major level just below 71,000.

[00:00:25]So, if that has to happen, so be it. And the money flow index is quite low.

[00:00:29]There's no bullish divergences on this 4-hourly. So, no real reason to to expect it to just sort of like turn around anytime soon.

[00:00:39]Same thing really on the daily. Two drives of hidden bullish divergence.

[00:00:43]Money flow index are pointing down and no real change of momentum. Not really.

[00:00:49]No real reason to believe that there is going to be a shift of momentum. So, to be fair, 71,000 seems appropriate. And unfortunately now that we've dropped overnight, we can confirm that we have lost the 20 moving average on the weekly. This wasn't too shocking to see.

[00:01:08]It's what we were saying yesterday and generally.

[00:01:11]It's nice to be above a Bollinger Band.

[00:01:13]It's much nicer when the Bollinger Band is horizontal or upward facing.

[00:01:17]Down like this, not so great. Not so great. So, we've lost that now. And again, yeah, 71,000 certainly yeah, about 71,000. You got 69,066 61 and 53.

[00:01:32]All of which are realistic targets for Bitcoin on the way down.

[00:01:37]I know.

[00:01:38]And we all thought we were going to the moon.

[00:01:41]Not really. I don't think anyone considered that this was ever going to get above 84,000 on this first pass. We were quite hot on the short-term time frames.

[00:01:54]There was bearish divergences. You know, there was a death cross retest on the daily, after all.

[00:02:00]And this is something I always say. I mean, I don't know if you're members of the patron or not, but I always say, always check your bias. Invert the scale, check your bias. If this is what the chart looks like, we'd be we'd be more excited, wouldn't we? We're like, "Okay, so it's going up. Okay, good.

[00:02:15]It's just consolidation. It's just consolidation. Wait, we're going up again. Okay, we're just pulling back, pulling back into a golden cross retest.

[00:02:23]V-shape recoveries take place in these areas. We like these areas because they can often find a decent support and a bouncy bounce and a push move up to where we came from and maybe beyond.

[00:02:36]Unfortunately, that is the inverse um chart and and here we are. So, we shouldn't be too shocked or surprised. Um but it was good while it lasted. So, if we do come down to 66, that's an entry point for anyone who hasn't got it. Obviously, I I've got plenty of Bitcoins. I don't need any more. Um but when we do, if we do, come down to this level or lower, yes, I will continue to buy the same things that I told you I was going to be buying that I have already bought when we came down to those low levels.

[00:03:02]Um they'll be things like MicroStrategy, Litecoin, Chainlink, boring stuff. I have to say, boring stuff.

[00:03:12]But those are the things that I want.

[00:03:14]Those are the cryptos that I want long term. Well, I mean, I've got plenty of cryptos. I just want to add certain things to my portfolio.

[00:03:21]And and basically, I never had any Litecoin really, so that's the main reason I wanted it because I believe Litecoin's likely to have a decent move over the next few years. Recognize I'm talking years here. Certain charts might benefit sooner rather than later. This is why we've done so well recently on the crypto stocks. They were looking good. They still generally do look good, but they are linked to Bitcoin's price action. So, you know, just allow them to do what they are expected of them. You know, based around Bitcoin coming down, you'd expect them to come down. Do they come down to entry points? Possibly. Anyway, like I said, I've got all of my strategies out there, you know, that I bought between 150 and 107.

[00:04:05]Don't really need any more unless we go down below 107.

[00:04:09]Uh which is quite unlikely.

[00:04:14]But from a futures perspective, those are the sort of charts that I'm looking to trade.

[00:04:18]Crypto is not quite right. Yeah, it's not in a bull market. Not yet. It's still a series of lower highs, lower lows with a death cross retest. So, yeah, it's it's about waiting patiently and hunting for the next trade.

[00:04:30]Bitcoin, like I said, support here, support here, support here. Then over on the weekly, you've got intermediate little areas as well based on your moving averages. Um support here, support here as well. The support's all over the place.

[00:04:45]The main thing is when you are when you start approaching these supports, you just got to make sure that there is some form of divergence on the way down. And at the moment, there isn't.

[00:04:53]Not on the 4-hour. There is some on the daily, like we said, but it's hidden.

[00:04:58]And on the weekly, well, we've still got the classic joinchy boinchy and looking for the all-time low signal, which is what we have always tried to play in the past that have led to the absolute low.

[00:05:12]And at the moment, the low's not been taken out yet.

[00:05:15]>> [clears throat] >> And if it were to be taken out, the money flow index is high up here. You're definitely going to get a drive of bull div on that.

[00:05:23]You're definitely going to get it. You know, we're we're sitting at 50, almost 57.

[00:05:29]So, I think it's highly likely that if we do make a fresh low, candle body closing low, you'll get another drive of bull div.

[00:05:36]What would be great is if we did sort of base this setup solely on a weekly, and we come down to 61,600. That would be pretty sweet because that'd be a golden cross retest on a weekly. You'd get your divergence on the money flow.

[00:05:50]And yeah, one bam, thank you, ma'am.

[00:05:53]Yeah.

[00:05:54]Bob's your uncle, Fanny's your aunt.

[00:05:57]So, that's basically all there is right now. It's just a matter of waiting to see if and when we come down to these major supports and whether or not you want to try a position. And whether that position's in Bitcoin or some kind of derivative of Bitcoin like Coinbase, MicroStrategy, you know, CleanSpark, Core Scientific Mining, whatever. But just remember, these things have pumped.

[00:06:17]You know, these things have gone up and they're still kind of going up even though Bitcoin's going down, so yeah, they've broken out in their own way, which means that, you know, when I was talking about buying this with about 90% now. Yeah, I wouldn't suggest buying it now.

[00:06:34]You know, that's you know, when I talk about some things to buy, I talk about buying them from lows, not from highs. You know, I'm seriously thinking about selling a lot of this today in order to get into MicroStrategy again from the low. That's my next plan, but again, you know, that's that's that's me and I'm not really able to hold anyone's hand in in in a trade like that. So, if you want to do those sort of things, make sure you plan it yourself and navigate the the risk accordingly.

[00:07:11]Also, just before we go, oil yesterday came down below 90 into the 80s. We actually saw a wick down to 88 $88. Here we have some bull div. So, a bounce on oil is appropriate. We already bounced hit the 21. If we bounce any further, it could go to 97. This isn't a long, this isn't a short. You know, we had fun on this. Now, it's just a guide to what inflation's going to look like in the in the in the in in the near future, really.

[00:07:43]And that helps us uh uh sort of navigate the trading environment because if inflation doesn't keep going up, then the risk of raising rates is is lower.

[00:07:52]I'm not saying that we're going to be reducing rates, but you know, there is also that that chance and that that there's the myth, I suppose, isn't it?

[00:08:01]Uh the myth that we might see even lower rates, which I really think would be a good idea, but that's why they don't employ me over there.

[00:08:12]Uh it's not it's not for me to say.

[00:08:14]But but yeah, I mean a trending oil in a downtrend is what we want. That's what we expected. We never made a new candle body or even wick high.

[00:08:25]So it was a buy the rumor and sell the news.

[00:08:29]Doesn't matter about the Straits of Hormuz, you know, the fun had been had and the reality is there's plenty of oil, all right? It's just a different supply chain, that's all. Right, I'll leave it with you there. Thank you for watching. Hope you have a nice day. Take it easy.