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BITCOIN PRICE IN DANGER (must watch)!! Bitcoin News Today, Bitcoin Price Prediction, Bitcoin Crash

Read MoreWelcome back to the cryptowatch channel everyone my name is josh and now that the nasdaq 100 index has confirmed a lower low on the daily time frame with yesterday's daily candle close this has now increased the probability of the bitcoin price playing out a dangerous scenario and i'll be talking more about that in just a moment so definitely.

Stick around for that but first getting into the 12 hour bitcoin chart today at the time of recording in this video the bitcoin price is still finding some support along this golden pocket which is coming in at around 37 to 38 000. and as i've been mentioning for a while now on the channel this range of support is very important for bitcoin to hold above.

And when you zoom all the way out to the three day bitcoin chart taking a look at the vp vr indicator we have the largest cluster of volume coming into play at around 37 to 38 000 per bitcoin so obviously this comes in confluence with what the golden pocket is suggesting back here on this 12 hour time frame as an important range of support for.

Bitcoin and you can see here in the vpvr indicator if the bitcoin price starts breaking down towards around 36 thousand so basically below 37k then this range of volume starts dropping off quite a lot below around 37 000 which means the bitcoin price doesn't have a lot of support below 37k which is why this support level is very important for.

Bitcoin to hold because if we do not we could see a drop down towards the lower 30 000 prices where we have previously found support over the past year or so but it is important to mention that at the time of recording this video right now we have not confirmed a break below 37 000 at least just yet and heading back to the 12 hour bitcoin chart.

Technically we are still seeing a bullish divergence here which basically reveals a lack in bearish momentum within this bearish trend so yes we are still technically in these barriers transforming lower highs and lower lows we have not confirmed a bullish trend reversal at least just yet and this bullish divergence on the 12 hour chance.

Isn't the only thing that is showing a lack in bearish momentum for example just taking a quick look at the 12 hour bitcoin macd we are seeing almost no momentum to either direction the histogram is extremely flat which is why over the past couple weeks for the most part the bitcoin price has pretty much just been chopping around sideways but.

At the time of recording in this video the 12-hour bitcoin rsi is testing this ascending line of support which is coming in at around 39 in the rsi and basically if the rsi breaks down here and forms a lower low then that will be a signal showing us that this bullish divergence is beginning to fade away and so if we saw something like that we.

Could resume this bearish trend with that previous bearish momentum but once again for the time being the rsi has not confirmed a break below this ascending line of support at least just yet and of course if we hold this line of support then this bullish divergence is still active while we're forming higher lows in the rsi but lower lows in the price.

Action and over here on the daily bitcoin chart honestly nothing much has happened since yesterday so i'll keep this really quick just summarizing what i said yesterday right now the bitcoin price is basically in no man's land we're in more of a neutral price range in between forty thousand and thirty seven thousand because at the moment the.

Bitcoin price broke below this ascending line of support which is currently coming in at around forty 000 technically speaking that was a bearish signal for bitcoin on the daily timeframe but we have not fully confirmed the bearish scenario until we see a confirmed break below around 37 000 because in that scenario like i just.

Said earlier we don't have a lot of support below 37k so essentially if the bitcoin price confirms a break below 37 000 then that means this larger trend we've seen in the bitcoin price over the past few months would be confirming another bearish trend on the daily time frame after a multi-month long bullish trend but obviously while the bitcoin.

Price is still trading below this ascending line of support which is coming in at around 40 000 once again we are no longer in this ascending parallel channel we are no longer in this bullish trend and so instead we're kind of in this gray area in this more neutral price range in between 40 000 and 37 000 and then the moment the bitcoin price.

Confirms a break of one of those important levels that is when we would finally begin the next significance trend on the daily time frame and just in case the bitcoin price breaks back above 40 000 one of our first technical price targets would be coming in at around 42 and a half thousand and that is because of this falling wedge pattern.

On the four hour time frame but in order to confirm that price target at 42 and a half thousand we need to see a confirmed breakouts above this line of resistance which is currently coming in at around 39 and a half thousands but remember we also have some resistance at 40 000. so basically if we see a confirmed break back above 40 000 then i'll be targeting.

Towards 42 and a half thousand but unfortunately if you're looking at the nasdaq 100 index on the daily time frame yesterday's daily candle close closed below this important horizontal line of support which was coming in at around 13 000 and as i mentioned over the past few days if you're simply looking at the trend in the rsi we pretty much saw this.

Coming in advance but of course we didn't see the confirmation until yesterday's daily candle close and when you're considering the fact that the bitcoin price and the nasdaq 100 index are heavily correlated then technically speaking this break to the downside forming a lower low in the nasdaq 100 index increases the probability of the.

Bitcoin price potentially breaking below 37 000 and playing out that bearish scenario now of course it is important to mention that even though the probability of the bearish scenario might now be increased we still have not confirmed the bearish scenario in the bitcoin price so ideally we need to actually wait for confirmation before.

Acting but i'm just saying it is important to be aware of these other factors that could affect the bitcoin price but with that being said there's a lot of people out there that think you cannot make money in the markets when it's going down but that couldn't be further from the truth because believe it or not you can make just as much.

Money when the market is going down as when the market is going back up and if you want to know how to do that make sure you're checking out one of these uploads popping up right here on your screen because these two videos show you how i make more money in crypto even when prices are going down but anyway that is it for this update i really hope.

You enjoyed and i'll see you all in the next video

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