Bitcoin's Record-Breaking Rally Continues, Surpassing $57,000

Bitcoin's Record-Breaking Rally Continues, Surpassing $57,000

look at that beautiful Bitcoin pump we

ended up trading in some consolidation

some price correction right here and

we've seen a beautiful beautiful pump to

the upside now clearing all of our highs

and this one is really really

interesting I'm going to come back to

this chart in just a bit later on in the

video but we have also cleared seemingly

basically our last or our second last

area of resistance on this entire chart

before we can start talking about

hitting that Bitcoin all-time high so uh

there's a lot to cover with you in this

YouTube video I am definitely super

excited for it so if you are doing me a

favor and smash up those likes as you

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profits you generate are yours so we'll

get to that in just a sec but let's take

a look at this stuff right here I mean

this is your most typical bullish

breakout you could possibly get and

we've actually got a beautiful chart

right here of Bitcoin on the 2-day where

you can see that this is actually quite

a common uh typical sort of body

language for Bitcoin in terms of

producing another pump to the upside

it's something that we were watching as

well and it's also a pattern that we've

highlighted quite a bit now this is a

very zoomed out two-day chart going all

the way back to the beginning of 2023 so

uh in real life if you look at this on

shorter time frames there are way more

examples than this and we've already

covered many of them so those of you who

are subscribed you're going to know

about that quite well so I'm not going

to go into that stuff again right now uh

but what I do think is quite interesting

is that on larger time frames like what

you're about to see here we do have the

same pattern producing all the time

which is this nice pump to the upside

followed by a nice controlled pullback a

continuation pullback continuation uh

and then and then a pullback that just

kind of continued for a little bit uh

and then we started to see things change

a little bit where we weren't

necessarily trending downwards but we

were just trending sideways and this is

the pattern that we saw repeated on all

sorts of time frames like just right

here it's so tiny you can be barely even

make it out and we are on the two-day uh

but of course we have definitely done

the same thing again now uh with this

current bit of price action which is

absolutely phenomenal and at the same

time we've done that coming off support

with the 4our ichimoku cloud which is

absolutely great because this is a uh

useful reliable in my experien longer

midterm kind of uh indicator that can

provide in this case support to the

market

uh you know and all of this really just

kind of begs the question now uh are we

headed up to that next zone of

resistance because if we zoom out and

talk about where that resistance places

Bitcoin uh you know it would be up at

about that $58,000 price tag uh which we

uh you know I mean we were kind of

struggling at this level previously back

in 2021 and also briefly uh at the end

of 2021 uh we did find a little bit of

support here in this range a very tiny

little bit of resistance so this is

definitely uh in my opinion the next

clear level on the chart and there is

really nothing that should stop Bitcoin

from getting there just according to

what I'm seeing here uh now that doesn't

mean that something won't stop Bitcoin

from getting there and we'll cover that

in just a second uh but if we do take a

look at this price range just here uh I

first want to focus your attention on

everything that takes place uh you know

in this particular price range and what

we can see very clearly is that when

Bitcoin does manage to break this key

area at

52.3 uh

52.4 uh even the just going back to the

very very first time that Bitcoin ever

broke that price level it took one day

for Bitcoin to get up to this resistance

level like it literally happened inside

of the same day that we broke it so that

definitely tells us something now on the

way down it took us 2 days to collapse

all the way from this level down to this

one right and what that tells us just

right off the bat is that this is

clearly a price Zone where Bitcoin

doesn't hang around for long you know

this is clearly just a Transit point for

Bitcoin Bitcoin doesn't spend too much

time in this price range spanning

between

52.4 and $58,000 $56,000 up here uh

Bitcoin just Zips all the way up and

then Zips all the way down right and we

can continue to see that playing out

right here most um almost happening

right here uh and then again down and up

and down and up just on this one little

Wick here continuous price action

constantly showing us the same damn

thing yeah Bitcoin does not spend too

much time in this price range it just

goes all the way up and then all the way

down and sometimes that happens inside

of one day sometimes that takes a little

bit longer uh but it is very clear that

that's how Bitcoin responds to this

range so now that we've gotten that

confirmed breakout well at least I think

it's the most confirmed breakout we've

had in a while uh you know that

definitely works in bitcoin's favor if

we look at this same key level and draw

uh with the measure tool up to our high

we're up by 2 and a half% which you know

some people are going to be looking for

a 1% breakout some are going to be

looking for three and some are going to

be looking for more or less than those

numbers but see typically one and three

are the standard numbers and we haven't

quite hit that more conservative 3%

Target but we have moved up now after

some really healthy consolidation right

so if we're trying to judge if this is

real price action then it's definitely

showing the right signs and there's a

couple more bits that I want to discuss

with you about why this is looking good

including for example the S&P 500 but

one of the big problems I have with all

of this price action is that this is

still coming in at a very dangerous time

for the market you know one of the key

things that we need to understand about

this market now and this is

so [ __ ] unusual ladies and gents I

mean this is really not something that

typically happens ever uh you know we

have now from our low that we

established right at the end of 2022

very beginning of 2023 uh we have now

moved up by over 200% Yeah by over 200%

now uh in a matter of over a year I mean

this this was what like uh from January

to February so what is that like 13 14

months now that we have been uh able to

triple in price and we haven't really

had strong pullbacks right we usually

get much stronger pullbacks than what

we're looking at so far in this market

where if we take a look at this that's a

20% move down it's actually slightly

less than that I drew that uh a bit

incorrect yeah no it is 22% uh you know

we had another uh you know 20% right

here and we had another you know 21%

right here and then this one was also

another 21% so uh strangely like all

literally within 1% of each other in

terms of these corrections but all of

them only 20% Corrections which for

Bitcoin I mean we're used to like 40%

Corrections and things like that so one

of the things I was warning you guys

about while Bitcoin was crashing in 2022

early 2023 is that when you get such a

long time period of Relentless selling

like this which is the exact opposite of

what we're in right now a long period of

Relentless buying like this uh you know

you are going to pay for that and you

are going to get a very severe

correction and that's why when we were

down here I was telling you guys I'm

seeing a $3 $40,000 Bitcoin even though

everybody thought I was batshit [ __ ]

crazy and that's why when we were down

here I felt confident enough to buy a

bunch of Bitcoin with a real position

you know a lot of these [ __ ] munching

YouTubers and Twitter gurus out here are

trading 10 million positions at a time

and they're each putting like $5 in or

they're you know putting maybe even like

a 100K in but they know they're making

200k off your off your commission uh you

know so it's just a business model for

them if it goes right or wrong it

doesn't really matter uh but this was a

legitimate trade that I put in at 21.5

obviously because that's you know that's

what I do I'm actually trading in these

markets just like you and uh and and the

reason I was able to go into it with

that same conviction uh was be well with

with a lot of conviction was precisely

because I was aware of these market

dynamics where these reactions are going

to be very strong if we're not getting

any relief right I mean the only relief

we had during this entire downtrend was

this move right here and that was was

definitely a nice one but it was only

one uh and that was in an entire

downtrend that lasted 382 days and took

the price down by 77% and to put that in

perspective in order to break even

that's a 340% move up so the percentage

losses are always a lot hotter to

recover than the uh you know on the

other side when you're coming up uh you

know so that was able to give me the

conviction to trade this up uh you know

and I'm definitely feeling the same way

to the downside now because if we do

look at this from that more macro

perspective like I just showed you

earlier on in this YouTube video we have

broken pretty much all areas of

resistance right we still have that one

key area resistance at about $58,000 and

that's what I showed you just a couple

of minutes ago and that's absolutely

great and we are going to take a look at

that again but that's pretty much it

right like there the atmosphere is very

thin here there is really not that much

standing between Bitcoin and its

all-time high right now which

considering that we haven't had a single

significant pullback is highly highly

unusual and we're basically in a

situation now where if you start looking

at the numbers you start looking at the

sentiment you start looking at the way

people are talking about the market

you've got to start asking yourself do

you have right now the typical and I

mean the most typical recipe for a

disaster in the crypto markets yet to

come and the price is primed for it do

we have that recipe or do we have the

recipe for this thing to continue

trending up and we're going straight to

heaven and uh and and and this is it you

know like we're we're in a new paradigm

we're in the future of finance and and

absolutely everything is fantastic again

and we're straight back to yacht parties

and Bugattis and formula sponsorships

and stuff like that is that where we are

and uh and you know obviously these

these are questions I'm posing to you uh

you know and I'd love for you to be able

to make your own decision and you know

you can watch this content and whatever

else you use uh to help you make those

decisions but I feel pretty certain uh

that even though it's not quite played

out yet that doesn't mean it's not going

to play out that just means the reaction

is going to be even more extreme just

like it was over here I'm not using any

different style of analysis than what

was 100% correct when we were down here

I'm just saying it to you again at

another price point where it's very

uncomfortable on the opposite side of

things so uh you know I think that's

really important to be keeping in mind

right now if we take a quick look at the

fear and greed index for example let's

go ahead and refresh this and we're

sitting at a reading of 72 updating in 5

hours and we've been fluctuating around

extreme greed now for the better part of

this entire month uh since basically

February 9 uh we have been sitting at

about extreme fear or just below uh you

know which is very telling about where

sentiment actually is in the market uh

you know and and I've already

demonstrated this to you right like if

we start scrolling on Twitter and taking

a look at what Twitter is saying about

these markets it's the same damn

situation ladies and gents there's just

absolutely nothing uh you know that you

can see in this market look at this SN

is grossly undervalued I'm not trying to

comment on these people each of the

people I follow on Twitter I think are

phenomenal people to be following on

Twitter uh you know so this is nothing

bad but what I'm trying to do is just

understand is there anything I can see

that balances this bullish narrative at

all and the answer is absolutely not

like everyone's sharing their uh p&l

numbers everyone's sharing that they

were correct about their long positions

that something is undervalued uh you

know that we're seeing a pennant

breakout and obviously this is all

happening because we're seeing actual

breakouts in the market so naturally if

everything looks bullish on a technical

perspective then things are probably

looking bullish we can't do anything

else as technical analysts other than

look at what is happening now and what's

happened in the past right so it's

totally reasonable that that's what

we're seeing but at the same time uh

this is where things to me get very very

risky uh and I'm definitely interested

in seeing how I can keep my Capital safe

because I think Bitcoin is indeed going

to go much higher than this particular

price level uh but I certainly would not

be placing bets that it's going to do it

from here uh you know I think that we're

going to have to look at some sort of a

pullback before that were to happen uh

you know and to me that would put

Bitcoin in a much much healthier

position and I think one of the

beautiful things that Bitcoin has going

in its favor right now is that no matter

what happens it's got phenomenal support

below it if we take a look at this on

the daily time frame we can see that

Illustrated really nicely right here

where the daily ichimoku cloud is still

so far away for Bitcoin I mean if

Bitcoin sees a flash crash now that's

going to take Bitcoin all the way down

to $43,000 and by the way we spent an

entire two months in that price range I

mean I know it seems kind of far away

now and it certainly has been a solid

minute it's been about 3 weeks since we

were up there some I'm sorry since we

were down there so it has been some time

since we've been in this price range but

I mean this is a phenomenal price range

to see Bitcoin returning back down to

for some support and if we use the

support that we've got on the ichimoku

cloud going into the middle of March

that still sits at about $45,000 which

is a really really nice price area for

Bitcoin to enjoy some support right here

on the weekly time frame uh we've got a

massive Red ichimoku Cloud and this is

about to close up and turn into support

heading into uh September so very very

far away but toward the second half of

this year which also means that if

Bitcoin were to print a you know quite

bearish bit of price action throughout

the course of this summer uh that's

going to lead probably very nicely into

a phenomenal area of support on the very

very large time frames and that's not

something we can rule out like right now

it looks like it's absolutely impossible

for the market to Trend down because the

only thing it's been doing is trending

up but let you not uh let's uh let's let

us not forget let you what am I talking

about let us not forget that 2022 was a

year of a Relentless downtrend and so

for me to say that hey you know we could

actually get a pretty [ __ ] next four

five months like I know you don't want

to hear it and I sure as [ __ ] don't want

to say it but let's not you know let's

not be stupid just for the sake of you

know hoping that more money lands in our

pockets CU that's not how the markets

work and we can actually make a lot of

money if we stay very realistic about

these kind of things uh and that's

actually where exchanges like bit come

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anyway uh byit uh does not really like

doing this uh we we've spoken to them

about opening some more of these

promotions up for you guys and uh they

don't really want to do it uh it's

costing them a lot of money I don't know

how long they're going to keep it up for

and this is very new I've never really

seen anyone ever do this like it's

literally a free [ __ ] position it's

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like that is literally what bit is doing

so please do take advantage of this

while you can I don't know how long it's

going to last for and I think it's very

cool that this is available right now uh

but if we do come back to the price

section here and talk a little bit about

where this thing can go uh you know for

me it is basically going to be coming

down to that key resistance up ahead at

about $58,000 and we are very near by to

it now what is the possibility of

Bitcoin just kind of deciding that well

we're going to find some random magical

invisible resistance here and then crash

back down you know I mean what is the

chance honestly I don't think it's

particularly High other than the fact

that this is just so ridiculously

overstretched at this point uh that it

becomes very dangerous at any price

level now at this stage but I think one

of the things that is looking quite

interesting on the note of some

potential trades is just the possibility

of a bit of a retracement because if we

get a retracement down here uh this is

all a support range now that Bitcoin

could be able to take advantage of not

only just this sideways range but also

this diagonal downward channel uh that

Bitcoin was trending in as well forming

a beautiful uh kind of falling wedge uh

descending Channel pattern right here

and uh and you know if we do end up

seeing a nice kind of pull back down

into these levels that can be something

very useful uh to bring the market back

up toward those kind of 58k levels that

we haven't seen now for about 3 years or

two and a half years depending on where

you're looking at uh which is very very

cool indeed and I think altcoins are

also showing us similar science right

now because we've seen some really nice

upside on ethereum right here some of

the best upside we've seen on ethereum

uh for quite some time in fact if we

take a look at this on The Daily uh you

know we haven't been up here since the

beginning of this year and before that

since October of last year so these are

price levels that ethereum isn't really

seeing typically against Bitcoin and

certainly when we get here it's not been

for long uh but we have also seen

bitcoin's dominance fall just a little

bit within our same range here so

there's still some nice downside to go

for bitcoin's dominance if it's going to

bottom out right here but I think the

overall trend remains very very clear uh

that regardless we are still moving up

and we're just kind of pausing doing the

same thing bitcoin's price does but for

Bitcoin dominance right here uh and if

we do take a look at ethereum just to

kind of zoom in on what's going on over

there uh it is looking absolutely

beautiful over here as well with some

really nice upside and some very strong

macro resistance up here as well which I

think is worth taking into account if we

just go ahead and throw a fix range

volume profile and take a look at where

some of this uh some of these spikes are

coming in you can see that this is all a

strong area of resistance stretching all

the way up to about $3,500 and that's

where it really thins out and to give

you guys a sense of perspective Bitcoin

coin is like basically I don't know I

would say like around over here uh you

know maybe over here uh you know so

ethereum still lagging behind by quite a

bit there's a lot of money to be made on

ethereum but of course I don't want to

be buying it just yet I think that

there's still better opportunities yet

to come for ethereum uh where I can buy

it at better levels against Bitcoin so

that is definitely something that I am

personally looking forward to now one of

the key things which I think is

important to talk about in this market

is of course the S&P 500 we've got about

2 hours until the session closes and if

we look at this on the 4-Hour time frame

we've seen a really nice continuation to

the upside here with a small downtrend

starting off this week and that could be

a sign of more blood uh more kind of

downside to come if that's the case then

we're finally going to start seeing

things reel in potentially uh so that's

something that I'm going to be keeping

an eye out for because if we do start to

see things kind of reel in and become a

little bit more reasonable uh for the

S&P 500 then that is probably going to I

mean uh some downside for Bitcoin

obviously we've seen other stocks for

example like Nvidia uh doing absolutely

phenomenally obviously Nvidia being one

of the key companies that people are

looking at for the AI boom right now uh

you know these are stocks that are

contributing to a very bullish S&P 500

uh and there's lots of them so it's

happening directly and indirectly uh but

of course these things uh you know are

are also now getting quite ridiculous

the S&P 500 broke its alltime high and

it's just been on a straight run up ever

since which is of course not super

unusual for this particular index but

you do still want to see pullbacks

taking place and I think you know we are

basically at a really nice time to do

that now especially considering that the

S&P 500 has started off a week with some

red and uh it's doing so uh above the

5,000 level which to me makes it a

beautiful area for a potential deviation

or a fake out or just you know to get

some people in very very excited and I

do feel like 53k could be a similar type

of bull trap in this market so for me

it's it's definitely quite a tense Zone

in the market it's something that I'm

watching very carefully I think there

are some really interesting trading

opportunities that could be opening up

here I think a lot have already opened

up and a lot more are going to open up

especially when I mean if cuz nothing's

guaranteed but I mean let's be honest

this is probably uh you know fairly

clear that eventually this thing needs

to see a sharp pullback uh you know but

if we do get that sharp pullback I think

that's where things could get really

nice cuz we're going to see relatively

uh you know lowrisk plays coming into

the market uh because things are going

to start looking healthier again which

means that it's going to be a lot easier

to start putting Capital uh you know in

healthy places and then you know just

making nice lowrisk high reward plays

which I think is absolutely essential

because like I've said before if you're

filling a bucket of water uh but the

bucket has a hole in it uh then uh

you're not going to be particularly

successful so uh there you go ladies and

gents look at that pump just taking

place on bitcoin right now pushing this

a little bit higher right here there's

really nothing standing in the way of

Bitcoin and 58k 56k from a technical

perspective uh it really I mean just

from this particular chart it really

just is a case of now well this thing is

very overstretched uh it's definitely

quite dangerous right now to stand in

its way uh also I would say quite

dangerous to be in it uh but I am still

actually in my Bitcoin long position so

I'm just very curious before I head on

off to take a look at that particular

position here on

byit because uh this is a position now

that I've held for a decent amount of

time and made some decent profits on it

as well and it looks like the number

hasn't updated uh because I thought it

would be higher than this but it seems

like it's only and I say only in speech

marks but it seems like it's only at

1,500% profit for my Bitcoin position so

uh that's a little bit strange I thought

it would be higher than that but I don't

know maybe I I got something wrong uh

and of course my Tron position uh is

doing a little bit better than that I'm

sorry a little bit worse than that at

800% profit so uh you know sometimes we

have bad days uh but that's completely

okay all right ladies and gents I hope

you have enjoyed this one if you have

you know exactly what to do definitely

do check out the link uh the links in

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you all in the next one cheers