Bitcoin Update – Video Transcript
Hey everyone, from Investing Shortcuts. What’s going on? It’s your boy Jerremy Alexander Newsome. Hope you’re doing absolutely fantastic. By the time you’re watching this, our goal is to kind of get an idea, and a general direction, of what our big boy, the grand daddy of them all, bitcoin and what it’s gonna do.
Right now, we’re in a really nice pennant pattern. Gorgeous triangle, and we’ve been in this one now for a few days. As far as the crypto setup is concerned, what we’re really looking at, is how this is gonna break out. To get a good glimpse of that, we’re planning on zooming into a four hour time frame, and turn some longer term moving averages on. This particular juncture, depending on where you’re at, we’re really banging our head against the 100 on a four right now.
My thought, is plain and simple. I’m just waiting for it to break out. Once it breaks out, usually, that’s gonna be a pretty good situation and signal for what bitcoin might do in the future, or at least even a short term trade. Remember, you can play these little short term levels.
Think on how far this breaks out, by the time you’re looking at this, I think, around the 28th of September, what we’re gonna be looking at is, see if it’s gonna have a pullback and some type of dip buying opportunity. If it does break out, very similar to how it back over here, you likely will get retest. I kind of scroll back. Here’s the original breakout, had this really nice double bottom, right there. Had a good double bottom. Again, this on the four hour chart. You’ll see how it broke out of the 100. Had a fierce breakout, good for some quick opportunities, a good pullback and a really nice opportunity to buy that S curve.
That’s what I think you’re gonna be looking for and keeping your eye out for on bitcoin. I like the breakout. It isn’t a buy low, sell high location. As wild and bearish as most people are right now, it is still being held up pretty well, by this major level of support. This is just a natural and healthy accumulation, which will be undergoing for a while longer. Just gonna take some time. Good supports down here. Very, very key levels. Right now you have an inside week. We were inside last week. If we can break out of this, which hopefully we do soon, that can be a phenomenal run back up to 8,000, which again, we’re talking 2,000 points.
Making some good money. Making some good gainages. That’d be about 30% growth. I’m all for that, if we can get that on bitcoin. We’ll just have to see. If it breaks down, the bearish side of this, first target’s gonna be the 100 simple on a weekly. I am sure that you all know, you are able to short bitcoin, if you are on the right exchange. That’s just something to keep in mind. Anyway, that’s pretty much my analysis. Hopefully that is helpful. You rock. Thanks so much for watching. Bye.