Bitcoin does something we’ve been waiting months for touching the 20-week moving average cardano right now, trying to break free of resistance. What is up, everyone welcome to crypto cap adventure hit to subscribe hit, the like on the way in let’s jump into the video first off shout out to my wife, because she’s awesome, we just started a movie, and i opened up. I mistakenly opened up the chart and i was like dude. I have to go. Do a video real, quick, i’m doing it for all of you.
Listen, she’s, she’s, she’s, pumping that price too, so she’s on board with this. She might even be up there watching this right now hit the like button on the way in everybody. I’M gonna try and make this brief short kind of cover. What’s happening right now and listen, we might get rejected here. Bitcoin might get rejected here.
I don’t know: what’s gonna happen overnight tomorrow this weekend, oh my goodness, tomorrow we got this crazy, crazy, stuff going on white house um congress voting on on this amendment and the infrastructure bill and all this stuff. I don’t know if you’re aware, i’m sure you are, i don’t know how you can be in crypto and ottawa. Listen. I have two flies like flying around me right now. It’S if i look distracted.
This is why i couldn’t get them before i started. This live stream so um this, and this is from this – is from august 4th this tweet there’s there’s a crypto provision hidden in a must-pass bill that will allow mass surveillance of the crypto economy. Luckily, an amendment has been introduced that addresses these issues. So there’s the amendment that first amendment, the the the uh lummus toomey widen amendment and then another amendment came into play and it’s really really detrimental to crypto and it’s getting it’s getting voted on tomorrow. It’S going to be a big deal.
It’S going to be very interesting to see what happens with price, but the white house is endorsing proof of work over all other consensus mechanisms to be enshrined in law. It’S disastrous. It only excludes proof of work mining. It does not nothing for software. Devs staking all this kind of stuff, so that’s in play right now everybody be very careful out there we’ll see what happens there.
I think in the long term, in the grand scheme of things crypto will survive. I truly think so and i tweeted earlier. I think i think crypto is actually going to thrive and oftentimes these very, very negative events. We see time and time again in crypto, uh kind of acting as foundational to bitcoin and crypto thriving. So, let’s keep an eye on it, keep an eye on it tomorrow, especially, but this is the move i wanted to talk about in this video.
This is crazy, everybody, the 20-week moving average being touched, and the reason why it’s crazy is because we’ve just been talking about it for a while, i mean i’m not going to show the clip, but this is from july 8th around a month ago, talking about it At 32 000 saying, let’s see if this 20-week moving average uh gets touched, and i said one way or another, even if even if bitcoin’s entering a bear market, it’s gon na get touched. I’Ve really thought that, and this is it this is the move it’s happening now we wait. We wait for confirmation, it’s gon na, be so interesting in the next in next couple of days, even next week, because this is happening like you know, one day, 20 hours before the weekly close, so we have to watch how this weekly closes. Maybe there is a bit of resistance, maybe we don’t break it right now, if we close above it, that will be extremely intriguing, but then we have to watch the next weekly close if we go all the way back and look at an actual bear market entry. Bitcoin, you know, look how i interacted with that 20-week moving average, and this is the move.
Basically, we’ve been waiting for something like this and we’re kind of like right here right this bounce, all the way back up to the 20-week moving average. It took a little bit longer and that’s a good thing in my opinion, you can just look at the consolidation took longer to get here. We’Re there now, but what’s going to happen, will bitcoin fail like it did the entry of the last bear market or on this weekly as bitcoin? Are the bitcoin bulls going to get over extension and separation from that 20 week, moving average breaking above confirming what many of us, many of us macro bulls, especially have been thinking that we are in the middle of the bull market, and this is a consolidation for Bitcoin for crypto in general and that’s the question is that where we are and we’re getting very close to confirmation, you know i – and i actually brought this up on my phone because in the title i put momentous right uh, it’s it’s an extremely momentous time for Bitcoin i brought up a definition of great importance or significance, especially in its bearing on the future. This is extremely significant.
We’Ve been waiting so long for this um and truly we’ve been we’ve been waiting months since this all-time high and we’re plummeting below the 20-week moving average notice. If you’re, looking at this 20-week moving average last time, we were in the area was on the way down, and that was in may last time we were breaking above the 20-week moving average like potentially bitcoins getting ready to do now. That was all the way back in april of 2020 So this is an extremely important area on the bitcoin chart. Putting aside the whole narrative of bull market bear market, what’s going to happen next, when bitcoin gets to the 20-week moving average and test this area, it’s extremely important, it’s very significant, so yeah it’s momentous, and i had to do a video on it because we’ve been Talking so much about it and it’s happening right 12 a.m.
Whatever on on a friday saturday morning, i should say – and this is the move uh on the daily chart – this is what it looks like this uptrend, a hundred right around 100 over 111 days. I guess probably from that all-time high and the move all the way back here to that 20-week moving average at the beginning of that bear market over 60 days. So the consolidation i’m telling you is such a good sign for bitcoin uh and then on the six hour. This is the ultimate move that we’re tracking on the short term, we’re still eyeing that target here. 46.
000. Now we were, i forget, where we were when we did the live stream a little bit earlier today, but we’re obviously higher now bitcoin getting overextended now from this resistance area in the short term. That’S the swing high to swing low up to this resistance is fibonacci. Bitcoin broke that earlier and now we’re even getting continued upside. We are at the 20-week moving average area right now.
This is on the six-hour chart, but that’s 20-week moving average right around here right now, so um. We have to be very vigilant, very careful in terms of what is next for bitcoin. However, this is a very good move for bitcoin and the reason why i say we have to be careful is not only because of 20 week moving average, but just in general, when we have a setup like this, that you see on the chart. The breakout of the triangle – you know me, everybody, i’m always talking about throwbacks, to triangles it’s just because it happens so often and it’s you and you and i sit here and we’re like man. This is awesome.
We want to see a continued parabolic move. Maybe we get a little bit of a dip to 38 000 and then we’re still like mid august and we’re just going parabolic still. We want to see that and we’ve seen it before and it’s possible, but the thing is like in the back of my mind, we’ve also seen especially out of triangles and charts like this and and with triangles it’s it’s like a 60 plus throwback rate. We’Ve seen this these awesome breakouts and gains, and then it’s like it gets reset and and bitcoin comes all the way back down. And could you imagine if bitcoin does that and we have to be prepared for it and and even if it does do that, it’s normal, even in a continued uptrend right?
So this could be really making us wait until fall more more into fall before we’re getting the true parabolic gains we want to see, but let’s track it right. We’Re we’re at a really interesting area on the short term, uh right at this 20-week moving average area and this breakout area the 46 thousand dollar target out of this and the this the descending triangle. So, what’s funny is, i think, maybe earlier this week i circled this. I don’t remember what it was. Maybe even last week i circled this area because i was seeing a lot of similarities in terms of what bitcoin’s doing on this chart, and wouldn’t it be nice if bitcoin does get this continued up trend similar to to this area.
Back here on that chart – and i think i don’t remember if i was looking at the daily or the six hour when i circle that but a lot of similarities in terms of the momentum and uptrend of bitcoin right now in what happened back then in february. So that’s bitcoin, that’s what i’m tracking and it’s looking good everybody at the very least. This is what we need. This truly is especially if you’re, if you’re, watching the technicals and you’re doing technical analysis stuff. This is what we need to see bitcoin at test this area.
It’S all about technical analysis is all about waiting for confirmations, and this is what we’ve been waiting for. We’Ve said that you know at least i’ve said i think, we’re in the middle of this bull market, this one six, one, eight line being balanced, bitcoin bouncing off that area, uh, so much so much on-chain metrics suggesting the accumulation that is happening and so much so Many different pieces of data suggesting we’re in the middle of the bull market, but we have to be very patient and waiting for this 20 week moving average to be tested and we’re there now and we’re going to continue watching it and see what happens so. Are we going to get immediate rejection here tonight? Am i going to wake up tomorrow and this weekly candles like coming back down to 41 40 right? Will this weekly candle close above the 20-week moving average?
Will it close red because the resistance is too strong here? These are the things that i’m wondering really in the next 48 hours or so uh, even less than 48 hours. So time will tell we’re going to track that we’re going to watch it cardano i have to cover cordano everybody. You know i’m big on cardano. Let me start with this: alonzo purple has arrived one giant step closer to cardano’s smart contracts now weeks away weeks away.
I mean this is crazy, so car alonzo purple is here. It was announced by iohk. Today, here’s a tim, harrison, tweet and the phases are moving along. Smart contracts are just like cruising up so fast and we go over to cardano important to know, as bitcoin is kind of testing that 20-week moving average cardano. You can see a very clear break now.
Above that green line, this green line here is a 20-week moving average for cardano. You can see cardano price at the dollar 44 right now was just at a dollar 45 cardano above the 20-week moving average we’re gon na we’re gon na continue monitoring this chart, because the thing is as smart contracts are weeks away. I’M telling you i’m telling you there’s so much upside potential, i’m not saying it’s guaranteed. I don’t ever want to hype it up, i’m very extremely long and bullish on cardano. Even if we enter this ridiculous bearish environment, i’m still going to be sitting here.
Doing bullish videos on cardano, that’s just the bottom line, but from where it sits. You know we know we’re prepared for downside. We know there’s risk we get it but from where it sits. When you look at the weekly momentum, oscillators look at the look at the weekly stock rsi. This quicker moving momentum oscillator, it’s still an oversold!
It’S been in oversold since june. Really the end of may and we’ve been doing a lot of comparison to where cardano is right. Now, under this 20-week, moving average to where it was at the beginning of the bull market, consolidating at the 20-week moving hours before the breakout and look where look where the stock rsi was then oversold similar to where it is now, there’s a lot. A lot of upside look where the rsi was the slower moving momentum, oscillator cordano at a very similar area, before making its way, listen, making its way from 10 cents right here to two dollars and 50 cents right here that same upside potential. Is there only cardano’s, not at 10 cents right now, cardano’s at a dollar 44 So again i i know i don’t want to sound too bullish, but that potential upside is certainly there, especially if bitcoin is going to continue in this bull market, so be ready for that and if you’ve been watching my youtube channel everybody, you know we’re always prepared For downside as well, it’s it’s there’s no guarantees in this game.
It is so stinking risky and at as we trade here at a dollar 44 and we’re talking about upside we’re talking about smart contracts. We see the potential for three four five dollars, plus eight dollars by the end of the year. We know that’s a possibility. We have to also know the possibility of man, the bears the resistance. It was too strong right, something i mean how’s this going to end up playing out right.
The this this infrastructure built tomorrow is that going to be a catalyst for something bearish. You want to be prepared for this scenario, so be prepared for downside, but there’s a lot of upside potential, even the macd, this histogram down here, turning around right next to my video, so really cool stuff on the weekly. I it’s it’s the best chart to look at on cardano going to the daily. This is the this is the resistance that we were talking about earlier. We started talking about.
I believe yesterday we’re in this resistance area, and i charted that because it’s it’s on the daily chart, a nice illustration of what we just saw on the weekly chart right. I was comparing what’s happening here on this chart on the weekly to what happened here and if we look at the daily with no wicks. This is what that looks like, and it’s just a really similar resistance here on the daily chart. All while the moving average is kind of converging together, we talked about this in the video the other day. Remember as i, and and and look look at all, these moving averages, maybe a little tough to see.
I hope you can see that, but moving averages converging in the same way and what we’re waiting for as i zoom in here is this the 20 day moving average to cross above that 50 day, so that green line to cross above that blue line is what We’Re waiting for and cardano right now in this resistance area, so i don’t know what’s going to happen. This is why we track, but if we can break and get separation from this dollar, 46 786 line would be tremendous for cordano. Uh would be a very strong bullish confirmation, but are we going to see resistance up up to the 786 here and then maybe come back down? We see this a lot when we’re getting moving average crosses, come back down kind of test that area again and then make our way back up end of august. We have to be patient on the six hour and this is really the first step to all of this greatness.
This bullish greatness happening for cordano. Remember we got this breakout out of the the ascending triangle. We just talked about it earlier and it’s i don’t want to repeat myself too much, especially because we’re only probably about a few like three or four cents higher than where we were when i did the live stream earlier. But it’s it’s stepping stones, everybody little stepping stones. We still have the dollar sixty target and, most importantly on the midterm, chart we’re looking at the midterm here that fibonacci resistance.
We have to keep an eye on it. We broke it uh yesterday, i should say yesterday now right: it’s 12 50 I mean we broke the 786 line. This is a six hour chart so like three candles ago and we’re looking for that five to ten percent over extension is what we talked about earlier, so the 786 line right around 1 39 and right now we’re around three percent, so we really want to see cardano get up into that dollar 46. I mean actually really dollar 47. To you know, dollar fifty plus range now remember going back to this other important fibonacci that 786 right around 1.
7. So 1.47 proving to be that next stepping stone for cardona to overcome we’re going to continue monitoring it, we’re going to continue tracking it, but time will tell do you guys. I guess you probably can’t see the fly. There’S like a fly just like going right around my head, it’s driving me insane, so that’s it!
Everybody big things on these charts right now, very big things. So i wanted to do an update video for you, uh bitcoin. Just look at that i mean. Can i even zoom in anymore? Am i all the way zoomed in look at that man?
It’S just crazy, because this is extremely decisive for entire crypto markets, all confluent with what’s happening here with this thinking infrastructure bill tomorrow. It’S insane to watch all this play out and it’s going to be very, very cool, very interesting next 24 to 48 hours as this weekly candle on bitcoin does something and as cardano also tries to do something so appreciate all of you coming by time. For me to go back relax, i i literally we just started a movie me my wife and i was like: can we pause it real quick? So i can go do this. I had to cover this because it’s kind of it’s important, it’s important thing.
So i’m gon na go chill thanks to sarah, my beautiful wife and thanks to all of you for just cruising by and watching hit the like button for me on your way out. It really means a lot to me hit the subscribe if you’re, not a subscriber and i’m probably going to do an update video tomorrow, because i i’m sure something crazy is going to happen, have a good night. Everyone, a good start to your weekend. I’Ll see you all next video god bless, you