I have already said you guys that the price here has broken out of the 60 1.80 fibonacci level. Now we are heading towards this 76.’ fibonacci level. This yellow line that is going to be around 61 to 62. 000 price level, and if you look at the previous example here, you can see whenever we were able to find support of this 61.80 fibonacci level, we always tested the yellow line. That is 76.’. You can see here pretty similar broke out of this red line to 61.80 and came and tested the 76.’. We even went higher. The point is doesn’t matter. We failed to touch the top point, but price at least came to this yellow line of 76.’. So, in our case, right now, the upper target in a weekly timeframe for me is going to be around this 61 000 to 62 000 price level. This trend still looks very, very bullish because you can just add this one: single, rising trend line to pinpoint this price structure, because you can see in every time when we were following this rising trend line unless we didn’t broke out of this. The price clearly headed towards the upper direction. You can see here right in a weekly timeframe. The price of bitcoin looks very, very bullish, and you can see that very clearly so now we can also follow this rising tree line and any sort of a pullback. This rising trend line could act as a very strong support, and then you can see we could also head towards this top of the channel and if that’s going to happen, then we could be nearing this hundred thousand price level very, very soon guys, and also, if You look at this in a daily timeframe.
You can see in a daily timeframe. We did talked about this price structure. In my video we have called this price target pretty accurately so far. Fifty three thousand fifty five thousand – and i also said you hey after fifty five thousand – there might be some shakeout, and this is exactly what we witnessed yesterday and now we want to know if this is going to continue, which is our short term target label. For me right now guys i will be looking around this price level, this 1.272 and 1.414 fibonacci extension level, so between this line, it’s going to be my target table because i just showed you with weekly timeframe. There is a very likely scenario that we are going to test the 61 to 62 000 price level, because this 1.272 is at 59 700, and this 1.414 is around 63 000 price level. So now i will be focusing more on this price target here between this 1.414 and 1.272 fibonacci accents level, so that should be around 61 to 62 000 price level, because you can see this unbalanced volume is still flashing, some bullish movement. I said it on my previous video that whenever we were breaking out of this previous temporary high, this was the previous temporary high we broke out of it. Impulsive move followed. I shared you with each and every movement here. Whenever we broke out of this previous temporary height and impulsive move followed – and this is also flashing right now – that hey this unbalanced volume is clearly flashing.
The trend here still has some more capability to continue further in an upper duration. There might be some shakeouts on our way, but doesn’t mean the trend is going to be berries right. Keep that in mind guys and also, if you look at this histogram rsi histogram is also flashing, really nice positive scenario and also guys. I would really really appreciate if you could just take two second of a time and smash the like button and for those individuals watching this video for the first time hit the subscribe button and the bell, and also let me make you aware that right now famex Is giving away around 680 bonus to those individuals who sign up using my ref link down below and it is for limited time only guys, because you can see, we only have two more days left, follow the instruction and claim your bonuses. So now guys, if you want to look at this right in bit different way, you can also use this single white cops re, equivalent phase scenario, because i have said you, according to this wyckoff, i think there were only like few individuals who actually looked at this Price structure – i was among them, i said you guys hey this here is a white cups reaction face and after breaking this race line, there is going to be some impulsive move ahead, and this is exactly what we also witness with price action: a bitcoin. If you look at this here after this price rupture right breaking out of this race line the price he has already like, moved around ‘, so that is a very nice impulsive move.
So, according to this example as well, there might be some shakeout on our way right. You can see the shakeout type of scenario, but still it is indicating a move in an upward direction. So for me right now, even if you are going to see any sort of checkout, what you can do is simply add this ascending channel, because you can see this a7 channel upper line is acting some sort of a resistance. But we are aware – and we are also saying that – hey because this line here is also flashing out – that there are going to be some sort of a shake out. But this shakeout doesn’t mean the train is going to be bearish. Maybe it’s going to be some sort of like consolidation type of scenario, but still i will be looking more likely moving in an upper direction towards our target of 61 to 62 000 price level, also in a bigger timeframe. Right now, and also here in a daily timeframe and right now, if you look at this in a wyckoff’s reaction phase scenario, this is also flashing off the move here in an upper direction and now let’s look at this price structure in a bit different way. So this is also in a daily timeframe and i have actually used this williams led indicator for those individuals asking me which indicator i’m using guys williams alligator indicator. So if you use this village alligator indicator, although it’s a lagging indicator, let me be real here, but still you can see it has given us some very, very strong indication before the train has actually starts moving in a certain direction.
I told you also in my video whenever you see this green line crossing over this red line and the blue line. That is going to be an impulsive move. And if you see here whenever we had this proper crossover of this green line at the top blue line at the bottom, the train always headed in an upward duration. It has happened many times you can see guys, but whenever you see this blue line at the top and the green line at the bottom in this case, that’s a sign of a trend reversal. Similarly, here green line at the top blue line at the bottom train headed in upper direction right now, this is clearly flashing, some bullish, because this train is clearly hitting an upper duration and any sort of a pullback. This top line here could be acting as a support, and then the price could still continue further in an upper duration, because if you look at this rsi – and let me change this price level of 50, this rsi over 50 level is actually flashing. The strength here is there to continue further in upper direction, because every time when we had this crossover, proper crossover like this here right. This rsi also started moving above 50 level. You can see from here on. The rsi was clearly hitting in an upper duration. You can see, for example, from here on exactly after this crossover. There is also started clearly heading in upper direction, so this crossover, along with this rsi, also gave us a really nice indication that train here has potential to continue further in an upper direction so guys these are some of the scenarios.
I see right now, looking at the price section of bitcoin in a weekly timeframe in a daily timeframe. So now let’s also have a quick look at in a smaller timeframe. So, right now this year is bitcoin. You have seen a four hour time frame in a four hour timeframe. What we can do pretty simple guys. We can actually look at the price scenario using this rising train line, because this rising trend line now is clearly flashing that hey. We have to be bit careful because you can see here. The upper line is where we are getting some sort of a rejection, so the price here of bitcoin is clearly fashioned that hey this upper line area has previously also acted as a resistance, lower line played as a very, very strong support right so now. This is also flashing that hey, if you want to continue further in an upper duration, first break out from this upper line of this asian channel, and then there could be some impulsive move waiting us ahead in this manner. But i personally think this is going to be more like a consolidation type of scenario and a slow move towards our price target area. To be honest because any sort of a pullback we can also see the lower line is here going to be acting as a support, so let’s see. If this is going to be another pullback, then we know this lower line is going to be a very strong support and if you want to add another movement here using this ascending channel to the upside, you can also see.
So. This is a channel. The upper line here was a very strong resistance line. You can see here right plenty of time, it’s rejected price, but once we were able to find support, it headed straight to the upside. So now we know the lower line has two strong support around that price level, so for bitcoin, any sort of a price pullback. This upper line of this bigger sne channel and on the lower line of this ascending channel, the small async channel, could be acting as a very, very strong support around this price level of 53, 000 to 52 000 price level for us right now, it’s a very Good sign that price of a 50 level it has a very, very strong support and in a bigger time frame or in a daily timeframe, any sort of a pullback. According to this analysis, you can also see this 100 fibonacci access level of 53. 000 is going to be one very, very strong support along with this upper line of this ascending channel. This is some of the scenario i see looking at the price section of bitcoin and now let’s look at ethereum price action. So if we look at this 80 usd price action guys right now, you can see. Let me hide this fibonacci label. Okay. So if you look at this only by using this async channel the upper line again rejected the price just like in the past enterprise section. You can see this upper line is a very, very strong resistance line, but this doesn’t mean the train is in a bearish state, because if you have watched my previous video, you know i gave you a very nice example.
What exactly could be playing around this price label? If you remember properly, i said you guys hey this rejection here. What we are witnessing could be forming a very nice broadening which type of scenario, so we got a rejection again after reaching the upper line area. Now there are going to be more like a consolidation type of scenario before an actual breakout starts appearing, and this is also exactly what we are witnessing right now with eight the price action, because this here isn’t improving with type of scenario which we talked to my Yesterdays, video right and you can see the breakout from this point b till this point e area. This was our upper target and look at this guys after this price movement. Here our upper target is around 2200 and, if you add this fibonacci extension label here from this point here to this break, up on, you can see guys. The price here is also flashing, exact price target of 2 200. Here the 1.618 fibonacci exchange label. To be our next possible price target for ether, so please be careful. We do see some sort of a consideration and also fake out around this area, but still you can see this 1.618 fibonacci, stable and also this asynchronous target is also pointing out that the price of ether can still go higher and reach this 2 200 price level And if you want to look at this in a smaller timeframe, or also look at this indicator here to the downside, no problem, if you look at this here guys, this rsi right now is also over 50 levels.
As long as we are over 50 level, that is a very good sign that is showing the strength this day to continue further in the upper direction and also, if you look at this macd macd is not that clear. Here we have this bullish crossover against some berries crossover and now it is actually more likely showing this kind of scenario here from the past price structure. Here more like a consolidation, type of scenario and that’s, why? I said you hey, expect some consolidation before we see another impulsive movie in an upper duration, and if you look at this on balance volume on balance, volume, it’s also pretty similar to bitcoin price action. Whenever we broke out of these previous temporary basis line or previous temporary price level, this high point – you can see here right, impulsive, move, impulsive move after here right now. This unbalanced volume is also pointing out that ether could also be flashing. Some impulsive move in an upcoming day, so that’s why? I was telling you that, even though, if you are going to see sort of a pull back or shake off type of scenario, our price target is clearly flashing, a very, very bullish movie in an upper duration. So any sort of a price, pullback right, any sort of a price will be expect. This lower line here from this asynchronous image, acting as a very, very strong support, and also this 100 fibonacci accents level 1700 is a one very, very strong support for ether.
Now let’s switch this chart into smaller timeframe for our time frame. So if we look at this here in a four hour timeframe, you can see. I just said you in a full hour timeframe. If you look only at this price structure and monitor the price per minute, we could be forming a very nice ascending channel and those people who have been watching my video. I gave you a very nice indication that this year, this broadening, which breakout, have a scenario, double bottom type of scenario here right all – was flashing. The trend here is going to continue towards the top of the channel, and look at this price of ether did came exactly at this top of this channel, and now we are finding some resistance. We had a pullback, and also where did it came exactly at the bottom area, which we previously also acted as a very, very strong support line. So now any sort of a pullback you can see. This lower line is going to act as a very, very strong support and to the upside. We still have some more potential to continue further in upper direction because, according to the surprise movement, our price target here, the possible price target is going to be around this 1.618 fibonacci accents level of 2 2200 price level for ether right now, and if you switch This, even in a smaller time frame hourly time frame, you can see in hourly timeframe right now.
We are also flashing again. This double bottom type of scenario, which usually indicates hey. Since we have clearly broken out of this neckline. There is a very likely scenario that we are going to see some impulsive move here in an upward duration, at least at least around this 2020 to 2030 price level. Again, and if you want to say hey, i want to add this decent important image. We can do exactly like this here guys, so you can see this here. It looks like a very nice descending broad language. If you want to measure the price targeted to the upside following this, this any broad image guys what we can do is you can see if we are going to see any sort of a breakout. The upward line is also clearly being targeted just like here. If you have watched my video, i showed you right. This decent broad image was also flashing. Possible target was the top of the channel, and now this is also flashing on top of the channel. So we are going to expect some more consideration before price again reaches above this 2000 price level, and also this 2 200 hour upper target label and any sort of a pullback. This lower line of this acne channel is going to act as a very, very strong support, so guys these are some of the scenarios i thought sharing with you in today’s episode. I hope you guys enjoyed it. I hope this video was helpful enough if that’s.
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