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Bitcoin Chart Analysis Talk June 18 BTC USD

Bitcoin Chart Analysis Talk June 18 BTC USD
Bitcoin Chart Analysis Talk June 18 BTC USD

Bitcoin Chart Analysis Talk June 18 BTC USD everyone its James of geometric charts calm 7:30 p.m. Eastern Standard Time June 18th we got the daily chart of Bitcoin on the 5th and X exchange BTC USD so first of all the article is not investment advice second of all it looks like Bitcoin may be running into that top is owned so its made a crazy crazy move I dont think you need me to tell you that we obviously went from the threes into the nine territory Bitcoin is literally done from top to bottom I mean over two hundred and fifty percent move so where were we are up very very big in this move and price keeps trying to stretch and stretch and stretch and whats happening is essentially the foundation around Bitcoin like the alt coins are starting to really kind of slow down like its brothers and sisters are starting to slow down everyones exhausted they did everything just did a marathon just trying to do another marathon and and this is what happens like during these little these little tiny pull backs and then price tries to take off again well thats unless people are showing up to buy at this level which is just normal so just some simple basic economics supply and demand if the demand is not there obviously its going to have to come down to meet the demand to where its at so the first place would be somewhere back in this area as a nice little level of support which is in the low eight possibly the like seven like 75 area X 7 and 34 area I swear Id expect kind of a pullback to start and then I do think you know for my prior articles anyone thats been watching I think were gonna see Bitcoin at least touch down to this range this is the support range if Bitcoin can find some really strong support there the buyers start coming back in the market this could be a nice area for Bitcoin to have just a normal healthy corrective move and then from there another run up and potentially start establishing that uptrend right we have Facebook bringing out its new coin as well see how that all goes out a little odd that they would talk about it literally at what what I would call the top of the market for the short term not like this is the top of Bitcoin its going to zero and thats at the end of it but just kind of like this is a very explosive move so naturally that corrective move is gonna happen especially for bigger players that have been here for a while and their positions that are now up significantly so anyways you know I dont think when I talk about the market being like longerterm bearish its just from the perspective of what has happened in other bubbles and what has happened in history right and history does repeat itself and yes this time could be different but I swear every time I hear that its like the nail in the coffin for anything and more than likely there there will be a pattern to it and I think theres still a very tough road ahead for Bitcoin not that I dont believe in cryptocurrency I really believe it is the future its just now trying to figure out how or what coins are going to be most suitable for the future and eventually repeal replacing Fiat so again and I think Facebook I think their coin is a perfect opportunity for a social media organization that literally knows everything anyone thats on Facebook marketing you know how detailed that information truly is on every single individual so you know I see the benefit of cryptocurrency as in the benefit of understanding exactly who your citizens are and now that can get into like an Orwellian nightmare and etc but the point is is that you have a facebook taking a stab at this so we got a very large one of the largest companies on the globe saying that hey were gonna have a coin and you know the whole the whole reason on why I believe that cryptocurrency will be the future is because of that ability to see into it and what better platform then Facebook to launch a coin to where not only do they understand how you think how your friends think how you shop what youve done like like schoolwise workwise etc like they know every single detail about you because its given out there right so this becomes the ideal scenario just kind of going off on a tangent here just for a bit for governments to understand exactly who their citizens are whether its for a you know evil act or whatever I dont know you know Im not going to get into that but I see the point in cryptocurrency you know Ive talked about this on my earlier articles as in being the ideal currency to not only know what a maybe a local group of individuals are doing but now this stretches globe this stretches across all borders this gives everyone access whether its going to be used at larger summits like where where countries get together like youre the g20 excetera like that whether that information is talked about on what is happening globally or not it does allow access and to knowing exactly what your citizens are doing so the anonymous factor of these coins has pretty much been samurai through like a hot knife through butter and and it wont last it wont last its gonna all be exposed all open theyll know exactly what its what is going on at all times so thats kind of my reasoning on why I believe cryptocurrency will be the future whether its Bitcoin whether its the Libre that Facebooks introducing here or white cool and aetherium I dont know you know I dont think really anyone knows unless youre in the know or youve got a crystal ball but I definitely see the benefits of it from that perspective so maybe not the benefit for the citizen themselves but I do see the benefit from that aspect and and just understanding what Facebook has access to from being a marketer it its definitely I feel like the ideal platform to launch it through and maybe even something like Google you know coming thereafter with their own coin but anyways the point is is that when we look at bubbles and you look at the recovery it takes a long time for markets to recover you typically do not see like when you go to the dotcom bubble and the Nasdaq you typically do not see this style of recovery right it takes years I mean it took the NASA 15 years to finally recover that area and continue higher not saying that its gonna take Bitcoin 15 years or anything like that but Im very surprised at the magnitude of this move given on how like like how fast this happened after a bubble phase and the the only consistency to this market is this longerterm negative line set in momentum so in that that has plagued Bitcoin this entire time and it plagued it during this massive massive run and now things are just really starting to get a little more aggressive so in the in the longer term I still remain not only because of that just because of the habitual patterns and everything Ive seen in the past as well like I talked about in my prior articles is that during these pumps you see a lot of commonalities and those commonalities are volume dropping right so were like Ill talk about this is we were 5 billion up ok on average for 24 hour volume and got a little above 5 billion I think it was like five and a half maybe closer to 6 I dont remember exactly but anyways the point is we were in that zone ok and then from there we started slowly dropping and then it started rapidly dropping not necessarily during this decline but just in this area and now Bitcoin on average for 24 hour volume is still around like two two and a half billion it kind of oscillates it peaked up to to eight but the point is that less and less people are showing up right this is something thats very common back in these tops for anyone thats been watching these YouTube articles anyone subscribe our mind everyone knows if youve been involved in the market thats a common one right talk about the wave washing in and out on top of that you have the alts slowing down right they start to lead pace they start to take off theyre starting to run the marathon and then Bitcoin starts kind of following thereafter right everyones like oh why do you trade a bit cool anyway you know you trade like coin or trade us or you know trade blah blah its doing so much better but then what happens is towards the tail end of those moves like while Bitcoin is launching like a rocket and still going off those altar really starting to decline and as of now thats pretty much what I see here so I do believe we were very close to that shortterm top and that this market is gonna get ready for just a natural corrective move now if Bitcoin starts crashing through like 64 61 on bit Finex like butta I would say give it to in like 6, 000 to about 6500 fifth and X if its crashing through that area then thats thats it get ready for a retracement in a very similar fashion to what weve seen back here not that its the end of the market but the whips the pumps and dumps are still there thats what that would signify if Bitcoin holds up in the six thousands and continues upward and onward then I think here we are building that case to kind of rebuild this market rebuild that structure rebuild the confidence in the investors and then that essentially paints the way the golden brick road all the way back to 20, 000 and way beyond so hopefully that kind of like clarifies everything and and what I believe like for the future or kind of why I still remain even though weve made a massive movement insane move but still the were in a market thats notorious for producing these very very convincing moves but the one commonality or multiple commonalities of these tops is now starting to rear its ugly head here so anyways thats pretty much it I think short term over the next few weeks were going to to see that decline Bitcoin may have a little more of a violent shop to it a bit i know white coins trying to hold up here very strong like coin made essentially made the path for everything to follow and the like coin is doing everything it possibly can to hold up here but I do believe that over the course of this next week two weeks were going to start to see this decline in Bitcoin and its going to start to migrate its way back down and the sentiment that one from bullish is gonna start to turn a very bearish and thats exactly what needs to happen in these markets the markets just get refreshed it happens with all markets you have the ebb and flow of sentiment investor psychology and thats essentially it from from bullish too bearish from bearish to bullish and back and forth so anyways thats it for now I will produce another article on Thursday I do believe unless theres some crazy reversal going into tonight where Bitcoin is somehow skyrocketing over like ninety four hundred BitFenix then we are forming that top and this is a bearish candle and that would equate to the beginning of this corrective move down toward what I believe would at least be the low to mid 6s then from there depending on how price reacts to this zone I think will determine a lot for Bitcoin going forward so anyways I thank everybody for the time sorry for going off on the little tangent hopefully that kind of like just explains my whole position and thought process its not that I think its all going to zero to hell in a handbasket like like many people want to believe but I do think theres a purpose I just think that this is a little premature for a market that definitely went through a bubble and a bubble is not defined by price action its defined by what happens to the investors during that process its more of a psychological bubble than anything so anyways I do thank you for your time I hope everybody has a great day great night depending where you are in the world if you do like the article like comment subscribe follow and I will talk to everybody on Thursday

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