So guys, big things are happening for bitcoin right now on the chart, because we are about to see a buy signal which has pretty much never been wrong here. Guys, i’m going to show you this i’m going to talk about it and we’re also going to talk about the markets in general here the bitcoin markets, because are we about to maybe smash the 42 000 level? Finally, as you know, i have been skeptical previously and uh. Have i changed my mind? Well, we are going to talk about that.
We got big big things. Also, we got some whale movements. I also want to talk about. Welcome back everybody, my name is cristiano. Bringing you cryptocurrency videos every day, teaching you how to make money in this market.
If you’re new to this channel, make sure to subscribe and also activate the bell right now hit all so you get all videos i post on the channel. You do not want to miss out on the big moves in the crypto space. Okay. So let’s begin on the shorter time frames we are actually. This is on the daily timeframe.
So, let’s go to the four hourly. We did see uh. This is actually nice. So we did go down here, you can see, we went down, we uh got supported at the edge of my orange box. We went up.
We actually formed a little bit of a w pattern here. Actually, the technical breakout of this uh w pattern would be up here at the red line. Uh and some people were probably yesterday um calling for bitcoin to just crush this level again, because we were seeing a couple of green candles. But again, this is big resistance. This is not something that you just you know, go through like nothing, but things are becoming a little bit different right now.
So let me zoom out here and, as you remember once we broke down from the red line previously in may of 2021 and uh. Well back then, i said that we are going to go down to the 30 000 level, probably and uh. This is going to be very strong support, so i feel that we are going to go sideways for a prolonged period of time and that you shouldn’t do any big moves in the market. Apart from just buying the support down here at 30, 000 and selling up at 42 000, that was my strategy. This is what i said as soon as we broke down from this level right here, and i mean so far it has been working out.
Amazingly, i mean going down here: making 40 profit the first time, uh 40 on this one is taking profit buying down there 40 buying down here 30 to this peak scaling out here another. What is that 45? So meanwhile, bitcoin has been going sideways a lot, but still there has been big big opportunities in the market, and this was all due to me, uh thinking that we have to have both price consolidation and time consolidation. Now we have had the price consolidation. I do believe that we have had the price consolidation.
We have gone down to 30 000. So that’s cool! That’S big enough of a correction time wise. As you know, i’ve been saying. I think that we are going to have this uh sideways movement into the end of the summer and we are getting there so right now.
I am completely 50 50 guys. I am 50 50 And what i mean by that is that there’s a 50 chance that we are breaking the 42 thousand dollar level. And we continue – and you know, continue the bull run and there’s a 50 chance that we go down here to the 30 000 level again and continue to go sideways now for some people that might sound weird, because we are so close to the 42 000 level. But we are not very close to the 30 000 level, and that makes sense, but remember everything between the two red lines is just noise and whereas previously i thought that maybe there was a 5 chance or a 10 chance each and every time we went up To the red line, i thought that it was at maximum a 10 chance that we were going to break it and continue, and there was a 90 chance that we were going to continue to go sideways and actually probably come down to the 30 000 level. Again.
So it’s all about probabilities, guys! Right now i am exactly 50 50. If we are going to break this or if we are going to go down to the 30 000 level again, there’s no shame in you know not being certain about the direction of the market. I mean we’ve, as i said, been making so much money playing these swings already. So now i am just taking a step back and i’m watching this unfold.
If it’s going to break forty two thousand dollars well, i’m going to act accordingly. If we go down to the 30 000 level, well, i’m going to act accordingly as well, so i’m just going to let the market do its thing. Now we do have something pointing towards direction that we are actually going to break this level. First off we are uh right now on the weekly time frame on my long term. Chart – and you know the first time went down here.
I pointed this out that yeah every single bull market we go down to the blue line and then we propel up from this level so so far so good. According to this, in fact, you can see that things are looking pretty similar to the last bull market. Right here, when we went down to the blue level and then had a parabolic face, we went down to the blue level. Here. Are we going to have a parabolic face?
I think we are going to have that. The question is, if we’re going to have it right now or maybe in a month’s time uh, but we’re going to have it eventually also same thing here in the bull market of 2013. Other than that, what do we have and i’m soon going to show you something very, very important, so stick around guys, but the traditional markets are green. The traditional markets are looking good, so this is also a good thing for the bitcoin markets. But here’s the big thing so right here, you can see that we have a couple of indicators down here, we’re on the daily time frame.
These are the hash ribbons. What are the hash ribbons? Well, the hash ribbon is a market indicator that assumes that bitcoin tends to reach a bottom when miners capitulate, as in when bitcoin, becomes too expensive to mine relative to the cost of mining. So it’s a on-chain metric and i mean we can dive deeper into what it actually means right here, but these are two moving averages, but the important thing to note here is that if we go down in history i mean this is on coinbase. So this is basically since 2015.
You can see that we did get a buy signal right here. From that point we did go up. We got a buy signal right here. From that point we did go up, let’s continue, and this is an indicator that doesn’t show up. Often you can see in 2019, we got one prior to that.
It was actually 2016.. So it’s a rare signal and right here we did get a buy signal, went down up from three thousand dollars up to thirteen thousand dollars in 2019. We had another one here, and this is a special one, because this is actually the covet crash, which you already know, i feel is a black swan event, and this would never have happened. Should certain circumstances not have been very very black swan in their nature, but nonetheless we did get a buy signal here on the hash ribbons.
We did go up from that point. How much did we go up well to this peak 56 percent? But, as you already know, if we didn’t get that shakeout in the market, i think that we were just going to go sideways here and continue to go up and that’s this whole bull run would still be the same as it is today. Okay, but we did get another buy signal right here at 6500. You can see how we progressed.
We got another one here at 9, 000. got another one here at what is that uh 17 000 continue to go up after that almost got one right here i mean almost, we didn’t get this blue buy signal, but we may be about to see in the Coming days, a buy signal on the hash ribbons now until this actually, you know confirms flash’s blue, you know we don’t have this confirmation right here on the hash ribbon indicator, but still be prepared for this, because if bitcoin continues to go up, this is also going To probably print that buy signal, and, of course, if you want to know about the developments and if you want to know as soon as we get, this buy signal make sure to subscribe and also activate the bell right now guys um. Let’S talk about ethereum for a bit actually before we do that. If you want to start trading yourself, don’t forget to claim your 1 200 bonus over on femix and 1 610 bonus over on buybit you’re, also able to get 20 discount using the code stacker 20. On the best trading tool out there lux algo, so let’s talk about ethereum and ethereum, went up to my red line or redline my orange line here at 2838, as we were, anticipating um and uh yeah ethereum made history yesterday, uh ethereum is now actually burning a Lot of ethereum so far, four thousand 100 ethereum has been burnt and you can see that yeah the transactions, the transaction costs, are being burned right now, very, very bullish for ethereum.
In the long run, it’s essentially taken away part of the supply by burning these fees. Next, stop for ethereum should we break this orange line is two thousand well three thousand, and then we got a big test here at the orange box at three thousand four hundred, so i’ll keep you updated. Regarding that, that’s what i got for you today, guys hope that you enjoyed this video. If you did, let me know down in the comment section and i’ll see you in the next one.