Full transcript of “Bitcoin Closes Below the Bear Market Resistance Band”. Click a timestamp to open the video at that moment. Need another video? Use the YouTube transcript generator.
0:00 Hey everyone and thanks for jumping back into the cryptoverse. Today we're going to talk about Bitcoin and how it just closed back below the bare market resistance band. If you guys like the content, make sure you subscribe to the channel, give the video a thumbs up, and also check out the sale on Into the Cryptoverse Premium at into the cryptoverse.com. You'll have to excuse my voice. Um, I lost my voice earlier today. I was uh watching the USA play Sagal and my voice is gone. So, um here we are. So, I'll do the best I can. Bitcoin closed below the bare market resistance band.
0:47 And this is what we said, right? Right? I mean, we said very clearly over and over and over again how Bitcoin will get these rallies in midterm years where you get above the bare market resistance band briefly, but there's no followthrough and you go right back below. And how it typically plays out is Bitcoin rallies through it but then gets rejected off the 200 day moving average. Okay? So, and and a lot of times the way it works is this and we we pointed this out a several weeks ago. You go up, you tag it, you come back down, you tag it, you know, you go back, tag it again, and then you get rejected. Okay? And we we
1:34 we talked about this not that long ago before it all happened. Not because we had a crystal ball, but because we had a chart and can see that that is how it plays out. That's your 2022 pattern. And you also have your 2018 pattern as well. So, Bitcoin is now below it, right? It's now below the um the bare market resistance band. I'm not great at predicting short-term price action because as I've said before, short-term price action is akin
2:19 to a random walk or geometric brownie in motion. But if I had to guess, if you said, "All right, guess the path." I would say what's most likely to happen is that Bitcoin tags 70K soon, bounces back up for a few days, and then goes back to the February lows. And I could be wrong, but that is how I think it'll play out. So, you know, something like this where right now Bitcoin heads down to 70K, but the first time you tag 70, you're
3:04 probably going to bounce off of it for a bit, but then it'll likely come back down here. That is how I think it'll play out. And now the bare market resistance band is resistance once again. We're not above it. In fact, in 2018, the lows match. You have a February low, a higher low in late March, early April, the lower high in May, and then we went down into late June. And as Bitcoin came back down,
3:50 you can see it bounced right at $7,000. It bounced at $7,000, went back up for a week or so, and fell into June, right? Okay, so that's how it played out and then volatility basically dried up until Q4 where the bottom fell out and then the next bull market began. So what do I think is going to happen in the short term? If I had to guess, I would say that you have your February low. You have your higher low in late May late March, early April. You have your lower high in May.
4:37 You'll probably see people talking about this soon where Bitcoin hits 70K and they'll say, "Look, it'll bounce, get rejected, go down to to the February low." That's my guess. I could be wrong, but that is in fact my guess as to how this market will play out. If you guys like the content, make sure you subscribe to the channel, give the video a thumbs up, and again, check out the sale on Into the Cryptoverse Premium at into the cryptoverse.com. I'll see you guys next time. Bye.
