What's going on guys welcome back to the channel so talking about bitcoin here you guys know that i made a video. Yesterday we went a little in depth on the price action of it talking about how and where you could expect bitcoin to go during this downtrend, and even if you look at my screen, you can see. I still have this text here. Bitcoin is going to this green line next um.

So a lot of those pictures you guys see will be on twitter um. So if you're not following me, there that's completely fine, but many of you guys found me on twitter know that i posted a picture yesterday. Saying bitcoins going to the green line: next um, you can see, we got pretty close, didn't quite get there. So what that means is we did not go there.

Next, we actually sustained this level. So you can see. We broke this level kind of pushed towards the green line um, but then we reclaimed it and we're kind of trending upwards. So within just this moment right kind of this this moment you can see, we've actually held that zone, at least for the time being and you've created an inverse head and shoulders formation here all right, so you can see that um now it doesn't mean that we're Not going to go to the green line, it just means that within this bearish momentum is push.

We didn't fully reach the green line. It looks like we got close enough to go well yeah. We did, but no we didn't. We did not touch that green line.

Yes, we got close, but the reality is: is the market is not yet ready to go to the green line as per what the market has said here, all right, it has given us a accumulation inverse head and shoulders pattern in the negative one six month trend As opposed to going to the negative two yearly trend, and again it doesn't mean that we're not going to go there. It just means for the time being, there isn't quite enough selling pressure to push it to this price point within this move. Now again, if you look at this from a larger scale, let's go look at a yearly chart here. You know.

If you look at a yearly chart, you would say: well i guess we did go to the green line right, we're pretty close, but the reality is. We we really didn't uh, didn't get there all right. So what i want to show you now is going to be pretty cool right. So the concept is, is when one of these levels breaks, then it's going to break out to the next one down right and just like kind of here where it bounced and broke up through.

It went up to the white right and then it fell from the white down to the yellow and then from the yellow to the white. And then you can see it pretty much just moves in between that and that's the concept of the statistics channel right or even here you can see when we broke out. We ran to the white and then when we pulled back it was back to here. So that's the idea all right, but there's also levels that show up in between these ones right.

They can maybe give you some guidance on the in between right. So when we change this down to 180-day four-hour chart you'll see the six month trend in between now. So you can see that six month trend here create that little downward wedge, and so you can see the six month. Trend is right here.

So it's currently the six month trend, that's in between the negative one weekly trend and the negative two weekly trends and daily trends. That's preventing us from going to the green right! So, there's a reason why we're not just going from here to here perfectly and that's because from going from here to here, we have a six-month trend in the middle six-month, and that has a level here and a level here we almost well. We did surpass this. One sure, but we just didn't fully, have enough momentum to go the green, so we're getting trapped in between the six months trend right now, so there's really two outcomes here right you either break it down or you would go up and out of it right now.

If you break up and out of it, that would mean that markets could arguably be trying to retest this negative one weekly as re-test. The breakdown fill the gap right to then trend back this way, or it's just a short-term blip. That's going to get knocked out of the bottom zone and then we're going to run right into the green all right. So that's really what you're you're kind of looking at so now when we go look at say like a five day, five minute chart and we kind of zoom in this is what it looks like right.

So, on the longer term chart - or you know time frame we had just said well - it's either we're trying to go to here and retest fill the gap go back down or we're going to flop around and we're going to go back to the grain right. So you know exactly where your levels are, that need to be surpassed for that move to even happen, and you know what level needs to be surpassed on the downside for that move to even happen right so a lot of times it would just come down to Watching the price action right and deciding when or when not, maybe you get time for your entry and then trying to trade to the direction of either one of those next trends right and that's the concept all right so uh, i'm not quite yet sold that this Market's really going to rip back to the 35 000 fill that gap right away. Part of me thinks we're gon na continue trending lower um, but, as i said before, we are on the six month trend and in the event we get like a pop out. I could see us going back to 36 000 no higher and then we would run back down more, so the reality is whatever it wants to do.

Coming out. Um of that six months trend is fine by me right. So what everyone does coming out of that six month trend, which is really these two candles almost right right right there, all right, whatever wants to do up or down uh it's okay, but here's the idea. If you go down you're going to run down into this green level and arguably this green level and then you might look for a little intraday bounce, otherwise you can in may break up fill this gap tag your negative one weekly and then, if you do that, You're going to want to enter short here or you're going to want to be selling if you're playing it as a trader, you'll, be short looking for the move to go this way and then get back to the green okay.

So that's pretty much! What we're looking at for bitcoin in the short term um - and that's that's, that's really all we got for you here so hope. You guys, like the video stay tuned for the next one.