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Bitcoin Analysis: Looking Up as Bullish Wedges Form (Altcoins to Pump Soon?) - YouTube
Channel: BitBoy Crypto
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a falling wedge is a um a bullish
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pattern so they tend to break up rather
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than down
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um
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obviously this is not a guarantee you
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always know that there's like a
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probability so the probability of us
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breaking up should be like maybe 60 70
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and breaking down should be of course
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then uh 40 30 chance
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hey everybody welcome back to the
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channel it's monday and uh bitcoin is
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looking a little more positive than it
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was looking towards the end of last week
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um so we brought on the expert carl from
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the moon to see if bitcoin's going to be
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able to make it to the moon you guys
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don't forget to subscribe to his channel
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down below hit 500 000 subscribers so
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congratulations
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on that uh carl how are you doing today
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yeah i'm doing much better ever since i
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broke 500k of course
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thanks to your community um but yeah i'm
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doing well i mean of course the the
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prices have been a little bit um
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like we have seen some consolidation i
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think the whole crypto market has been
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cooling down and uh
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generally people start feeling boring
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but remember guys for bitcoin there is
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always another pump just around the
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corner and uh i think that's what we're
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gonna talk about today right yeah
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absolutely um you know a lot of people
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are while some people feel like the
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market's boring i think most of us are
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in agreement that we do have more upside
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coming so what what do you see for
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bitcoin you know in the coming weeks
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yeah exactly let's jump into the charts
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all right so the first very obvious
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thing here on the daily time frame for
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for me and for bitcoin would be this
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falling wedge that is forming
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and um a falling wedge is a um a bullish
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pattern so they tend to break up rather
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than down
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um
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obviously this is not a guarantee you
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always know that there's like a
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probability so the probability of us
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breaking up should be like maybe 60 70
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and breaking down should be of course
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then uh 40 30 chance
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um
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and there is one thing i want to point
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out as well before i talk about the
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target of this um
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this uh
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falling wedge and that is the um
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amount of
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support and resistance in this area
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right here
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um i'm sure you are aware of this as
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well that we have a lot of
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support or resistance so from back here
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in january 2021 uh around
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41.
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let's call it 41.8 but it's like more of
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a range right and then you have a couple
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of points here as well so essentially if
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you just isolate that like that
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like this you can see how many points of
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contact we have and this is the exact
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level that we are right now testing
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essentially we even got a small bounce
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off of it in the past few um hours and
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or days here
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um you can see that a couple of days
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here we've been just
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bouncing off of this level so
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two things are very obvious here in my
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opinion
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if we break the green support box then i
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think we are going to go down quite
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sharply um we are at the very least
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going to retest 3837
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if that happens which would be
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right
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here that would be another big level
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right because of some support right
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there
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so essentially if we break the green
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support box we're heading straight down
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in my opinion to 37.
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um interestingly enough this could
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happen and we could still be within the
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falling wedge actually as you can see
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here if you
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scroll up and do this you can see that
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this following wedge could technically
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take us all the way down to 37 and still
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be a bullish setup for a potential break
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to the upside
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um
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but um
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yeah that was that's just something i
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wanted to point out and what we also can
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see obviously for the bullish scenario
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is that if we break the resistance right
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here then that is a good time to put in
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a long position that is a great time to
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uh jump on uh the train because i think
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we could see something like this play
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out where we could go up to
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50
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3k approximately because that would be
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the target
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because the technical target out of the
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falling wedge is the top of the wedge
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and in this case it is 53 case so i
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think that was just a very very quick
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summary rundown of what i'm seeing for
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the bullish scenario for the better
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scenario
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uh do we have any questions on that
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yeah sure so so the target would be
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basically the top of the wedge
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um but that wouldn't really keep us
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bullish necessarily i mean that would
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kind of be us bouncing just back to
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where we were before what would the
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chances be that we would be able to
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break that target and uh you know
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get in a you know kind of a macro
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bullish pattern
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yeah that's a good point yeah even if
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you go up like this and if we if we
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reverse below 53k then that would just
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give us a lower high uh and a a double
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um top which would be obviously a
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bearish pattern showing us that we might
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even see something like this
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um so yeah it is important that we we
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kind of go above that level showing some
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strength in the bulls here in the bigger
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time frame showing us some um higher
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lows some higher highs that would be
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incredible of course um so that's
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remains to be seen we also do know that
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there is going to be some heavy
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resistance up in um
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a few different points actually i mean
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this this is uh definitely a big point
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of
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resistance um 50k
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because we have some support
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and some resistance we briefly went
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above it but then we got a massive
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massive rejection so breaking above 50k
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will actually be a big step for us and i
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would say this if we do break 50k then i
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think it's very likely that we're gonna
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go above 53k
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um essentially breaking above 53k
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is going to make it very very
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likely that we're going to see a test of
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the previous all-time high up here
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um in my opinion
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because it would be the second time we
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break the 50k level
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and another big level to watch would be
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i would say
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this level right
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here for very obvious reasons
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that was exactly where we got rejected
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there we got some support right there
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some support right there a little bit of
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resistance right there and this is the
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um yeah 53k levels so
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yeah those are the two like big lines
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for the bulls to to really uh test and
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um
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it's up to the bulls to to uh decide if
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they are able to do that right now or
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not but that's us right we're we're the
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bolts
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and i'm buying i'm holding yeah well you
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know i kind of looking at this i got two
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other things i want to ask you about
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real quick um
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do you see any
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uh kind of similarity uh in between this
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falling wedge and if you were to go back
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and look uh in january and in the
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beginning of january 2021 there uh you
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know you kind of see
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a similar falling wedge yeah i mean that
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kind of looks similar in my opinion and
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if we're gonna not only have new
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all-time highs but go to a hundred
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thousand you know that could maybe
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possibly be you know a a breakout you
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know similar to what we're seeing now
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um i mean 100 this will see falling
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wedge just like this is a falling wedge
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uh this falling wedge broke to the
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upside met the target and actually went
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way above the target so
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definitely that is something we can but
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i don't think that this is necessarily
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like it's not a fractal it's like
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there's nothing that really resembles
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i mean it's a falling wedge but that's
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basically all the similarities that i
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can see back here we were in a massive
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uptrend obviously here we have a uptrend
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but it's not a
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um it's not parabolic
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it's not parabolic in that sense i
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wouldn't say that it's so similar but of
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course it's a falling wedge and you can
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also argue that this was a falling wedge
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right here yeah and this following wedge
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did indeed also break to the upside and
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like i said volume wedges do tend to
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break to the upside so that that makes
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sense and remember we had also this big
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inverse head and shoulders this is a
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bearish pattern and i remember we talked
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about this on your channel
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and um
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and essentially this this played out
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also like
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bearish patterns and bullish patterns
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they they tend to do what you want them
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to do so that's why it's nice to trade
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them i remember i made a very nice short
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hair for example um
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and um here we've been longing and so
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essentially
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we can give probabilities the
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probabilities the probability of us
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breaking to the upside here should be
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higher than breaking down and that's
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that's my analysis right now um and um
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but yeah breaking this green support box
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would make it likelier that we are
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actually going to see a better scenario
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rather than the bullish scenario okay so
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last question i want to ask you about a
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couple of weeks ago um we had talked
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about uh the the large-scale fractal
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that we were looking at uh you know
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where we were looking at the top of the
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market with the rollover and then we
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were kind of seeing something similar uh
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with this recent breakout that now it
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looks like our falling wedge is much
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sharper than the following wedge that we
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had during the you know the dump after
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the may dump uh are you still seeing you
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know similarities between that fractal
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and this rack or do you think it's
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become its own thing at this point um i
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i'm still seeing similarities but i
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think that um it's getting less and less
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um
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similar at this point
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i mean
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this dump here would basically be this
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no sorry would be this stump right there
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and according to the fractal we should
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probably go even lower here down to 37
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and
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at that point we should start
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creating this falling wedge so
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it doesn't look exactly the same at this
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point
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but i think that
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yeah it's a good question i mean up
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until a few days ago i still i still
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thought the fractal is going to play out
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and we're still going to just shoot
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straight down to 37 but right now it
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looks like we are forming a um a bullish
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pattern on top of a a support here so
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i think the next two days are going to
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have to uh to tell us whether we're
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going to see the fractal payout or not
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so if we do break the resistance out of
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this falling wedge then the fractal in
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my opinion is out the window and it's
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just over
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and um it's not going to be something we
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have to pay attention to anymore but if
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we do break the green support box here
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then maybe that that actually does
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indicate that we're just going to go
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down re-test 37 38k complete the fractal
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and then we'll see if we're gonna see um
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uh yeah whatever the next move is gonna
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be but that's what i'm watching for
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right now well i get the feeling a lot
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of people think that uh this quarter
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four is gonna be really bullish um
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starting with october it's almost like
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people are saving their money for
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october that's how it kind of feels
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right now
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uh from people that i'm talking to
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they're expecting a very good october
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very good november so uh we'll see what
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happens there um timelines are getting a
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little fuzzy i i think you know sometime
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in the fall we're gonna see the top so
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you know things got to start moving
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sooner rather than later so carl thank
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you so much for joining us today um it's
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always or as always it's been very
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enlightening you guys don't forget to go
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subscribe to carl's channel let's get
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him up to 600 000. how about that we'll
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go from 500 to 600 thousand subscribers
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for carl and uh you guys leave your
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comments down below let us know where
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you think bitcoin is heading to
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that's all i got be blessed way out
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you
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