BITCOIN MARKET Boom shakalaka, as consumer confidence, falls to all time lows. It appears, like things, are getting better for the global markets, particularly for risk on assets like bitcoin and cryptocurrencies. Today'S video we're gonna be taking a look at bitcoin.
Finding a support on the pi cycle. Bottom support and some very interesting charts saying that there could be a huge shift to the upside. You definitely wan na stay tuned, [, Music, ]. What'S up everyone randall here from crypto love, today's video we're taking a look at bitcoin, finding support on the pi cycle.
Bottom support band and what could be in the future for bitcoin all coins crypto currencies, particularly with the shifting global narrative. Maybe the whole recession, was a little bit overblown before we get into it guys make sure to like subscribe click.
The notification bell push the like button: let's get to a thousand likes now, it seems like we have firmly found footing in just regular fear, no longer an extreme fear that we are in for the last few months overall today, the market down about three percent bitcoin At 24, 000 ethereum at 1877, bnb at 317, cardano, 55 cents, xrp, 37 cents, solana, 43 dollars and dogecoin 8 cents.
And if you want any top coins today, based on artificial intelligence and machine learning, they would be shiba, inu energy web chain link near protocol and civic. And if you want to check out token members for yourself, there is a one week free trial down in the description.
Now, if we take a look here recently, consumer confidence index just fell below the 2020 crash, even below the 2008 crisis and even below the high inflation periods of these 70s and 80s. Pretty much people don't have confidence in stocks, but here's the great thing as with most contrary indicators when sentiment, gets extremely pessimistic.
We become open to a possible reversal as expectations improve from very low levels. As a matter of fact, if we take a look everybody's like ah, the recession is going to be two years uh the recession.
But if we actually take a look at facts, we can see it keeps getting better for the markets this month. The global supply chain pressures are starting to alleviate with a sharp drop in the index. We can see this drop right off the cliff right here.
Guess what, as things come back to normal, it doesn't appear like we are headed towards recession territory. As a matter of fact, we can see right here. Initial signs of risk taking are seen with money flowing into risk on assets.
You can see this giant pump right here coming above the line right here. The last time this happened was in april 2020 before a 70 bull run on the spx, and you remember how big the bull run was for bitcoin and cryptocurrencies.
At that point, it went up a lot now bitcoin at this point today, dropping down a little bit from the past few days. Finding support on this blue line, the pi cycle bottom support band within this larger bullish trend in these white lines.
Right here, if we were to break through this band, first support we would find was right around 22 800 dollars, which is a 200 weekly moving average. The lower end of the po of the bullish trend is roughly around 22 000.
However, on the upside, we could go all the way up to around 27 000 before we see the top side of that bullish trend. Now, if we take a look at bitcoin on a monthly time scale, it's making a huge shift to the upside.
We can see bitcoin here kind of having this sine wave or cosine wave depending upon where you started. But if we take a look right now, we have bottom formation in line now. If we take a look at the indicators here, we have the fib mas closed.
The arun oscillator, which generally has picked out the bottoms, with very good clarity right now, picking out a bottom with a very good clarity. A lot of people are wondering, is bitcoin ever going to come up yeah, it just needs to get through the bottom.
That'S all also with this vi indicator. We have bottom formations when it crosses right here and we're just about closing across which generally signals the end of the bottom, the beginning of the uptrend.
Now, if we take a look at the capitulation confluence model from the real plan c, this is three models: combined, realized losses, network, cost basis, change and sopr. We can see that every time we had it down in this negative area, that was the bottom down in the negative area, the bottom down the negative area, the bottom down the negative area, the bottom.
So guess what you know what happens after the bottom? We start going back upwards and if we take a look here, this hasn't occurred yet, but very very close. The bitcoin three-day rsi breakout when we take a look at the rsi on three-day time scale.
Rsi is a very, very good predictor. Once we break out of an rsi downtrend, huge bull runs ensued. It happened previously down here and look at that plus 280 percent happen down here. Guess what 570 percent it's about to happen once again, if we break out there particularly find a support above there, we could have a huge massive bull run ensuing because as of right now, bitcoin is sitting above the rainbow trend for the fourth time, the trend line Is above the price that was the starting point of the bull market as we see right here, we have broken above this rainbow trend.
Now, if we take a look back in 2018, look at this once we broke above the trend, look at what happened at bitcoin price, but that's not the only time that it happened because, as we broke above that trend, look at this in 2015, massive bull run In 2012, once we broke above massive bull run, so this is very, very good news that the markets are turning for bitcoin and for cryptocurrencies.
If we also take a look at this one right here with the blog macd support, we can see we have another giant bull cycle coming with a crossing of the macd on this support line down here each time indicating a massive bottom before the price went up Significantly to what levels you might ask well how about these levels? If we take a look here at bitcoin and tricks? Well, the tricks to the bottom indicated a bottom, and then the bull run came afterwards.
So this is another great bottom indicator. We'Ll take a look. We'Re down at the bottom right now potentially could be headed to 200 000 plus per bitcoin. So that's all for today's episode. Things are looking good.
Despite not having confidence, we could have things bounce back faster than anyone is expecting, especially since we're headed towards more people. Investing in risk on assets all that money is going to flow back into bitcoin and cryptocurrencies, sending the prices up a lot higher than anyone expects.
Thank you for watching i'll catch. You guys later have a good one love you
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