Summary
In this video, Nick discusses the recent price action of Bitcoin (BTC) and provides insights into its potential future movements.
Facts
- Bitcoin (BTC) experienced a move to the downside, with a target of 26,974 to 27,153, reaching a low of 26,966.
- Nick analyzes the price movement, suggesting that it’s part of a bearish trend with a potential fifth wave to come.
- Smart money concepts indicate a shift from a bullish state to a bearish one, leaving behind a fair value gap.
- Nick discusses potential support and resistance levels, mentioning that the target low for BTC is in the range of $22,477 to $23,787.
- They anticipate possible bear market rallies and note the importance of breaking certain resistance levels for a temporary bullish trend.
- The weekly chart shows higher highs and higher lows, but there is a potential head and shoulders pattern forming.
Analysis
Nick begins by discussing the recent price action of Bitcoin (BTC). Nick notes that BTC has experienced a move to the downside, with a target of 26,974 to 27,153, reaching a low of 26,966. Nick believes that this move is part of a larger bearish trend, and that there is a potential for a fifth wave to come.
Nick then goes on to discuss some smart money concepts that support their analysis. Nick notes that there has been a shift from a bullish state to a bearish one, and that this has left behind a fair value gap. This suggests that there is further downside potential for BTC.
Nick also discusses potential support and resistance levels for BTC. Nick believes that the target low for BTC is in the range of $22,477 to $23,787. However, Nick also anticipates possible bear market rallies, and note that a break of certain resistance levels could lead to a temporary bullish trend.
Long-Term Outlook
Nick’s analysis suggests that the bearish trend for BTC is likely to continue in the short term. However, Nick also believes that BTC has the potential to be a long-term winner. Nick points to the strong fundamentals of the Bitcoin project and the growing adoption of its technology.
Conclusion
Nick’s analysis suggests that Bitcoin (BTC) is likely to experience further downside in the short term. Nick has identified a potential target low of $22,477 to $23,787. However, Nick also anticipates possible bear market rallies, and notes that a break of certain resistance levels could lead to a temporary bullish trend.
