CRYPTOCURRENCY Bitcoin tops $39,000 for the first time in nearly 6 weeks, adding $114 billion to the crypto market.
Hey guys good afternoon to everyone and good morning to everyone from europe and maybe north america as well but we’re back once again for another bitcoin update on what’s happening in the crypto markets and as i begin when i woke up
earlier i said this morning i saw bitcoin around 35 000 us dollars that a few minutes after it jumped all the way 37 38 and 39 to where it is right now so please do note that this video is being recorded for 19 p.m asia hong kong singapore time
philippine time and whatever movements that happen after we’ll talk about it also in terms of where the range is and i i it’s so interesting now because um there’s a lot of movement going on but you still get to see it from a formation of support and
resistance and how interesting technical analysis is in terms of how you can analyze not just the stock market but also the crypto market so by the time i’m recording this video bitcoin is around thirty seven thousand nine hundred ninety it’s up nine
point sixty eight percent ethereum is also up two thousand three hundred twenty one uh it’s up six percent um then you have majority also of the outs following suit so please do note that where bitcoin goes everyone follows every every other outcome is also going in that particular direction so if you’re new to this my name is marvin girmo i’m a stock market trader and investor but over the past few months i’ve been posting videos also about um cryptocurrencies .
It’s been something that’s so fascinating for me particularly right now during the lockdowns that we can’t really go out and the best Thing that you could ever do is just deploy capital invest and make your money work hard for you but no
matter how much i talk about it here i just want to reiterate that don’t buy sell hold or avoid a token or crypto just because i talk about it here please take the time to learn please take the time to do your own due diligence your own research to talk to your own financial advisor because this is for information purposes and it’s your money and it’s your responsibility don’t
do anything just because you hear it of a friend just because you hear it off of a youtube channel you have to take the time to be able to build the skills that will be able to help you make money and on your investment for the long term but anyways i want to start everything off with bitcoin and as you can see right here now it’s very very clear how bitcoin has moved um
it’s so interesting that it has broken past the 20-day moving average and that being said also it has pushed above the upper
bollinger band as well so if you’ll allow me to zoom in you’ll see this that even macbee has started to show us a change in direction uh it really hasn’t dipped above the zero line cross yet but it’s showing us that there is a change in direction already
in the movement of bitcoin and that being said also we’re seeing the bollinger bands for those who attended their stock smart sessions um yesterday we talked about bollinger bands that we’re starting to see the upper bollinger band and the
lower bollinger bands start to open up which is showing us also bits and pieces that hey there might be more legs into this upward movement um more than what we’re currently seeing right now but that being said some bullish signals that we
have is smack the change in direction um 20-day moving average break out from that touch of the upper bollinger bands then one two three four five straight days of bullish candlestick right after it started to bounce from the 29643 support level.
so that being said though i want to pinpoint a couple of things that there could be selling and we’ve seen selling already happen um as you can see it right here somewhere around the 40 525 mark uh selling is evident right there because we saw it from an intraday perspective hit that today then retrace as it moved closer to it so resistances to watch out for 40 525 and
the 200-day moving average which is around the 44 468 mark so we won’t in my opinion fully reverse up until we break past the 44 000 mark and when we break past that then most likely we could see more larger pushes for bitcoin over the next few weeks as well that being said if we don’t break out also from the 40 525 mark then we just were just inside still the
consolidation pattern where bitcoin has been over the past two months and as you can see after the drop of may 19 we really haven’t gone past the 40 525 mark so a breakout from that would be something that would be very very interesting to
see um but from today’s perspective when we move closer when we moved closer that we saw bits and pieces of selling happen and if you allow me to zoom in i’ll use it for our candlestick you’ll see this you’ll see this that okay the closer we hit this level um we are seeing bits and pieces of hesitation already we are seeing sellers also start to uh somehow come out so .
we have been in this area for one two three four five six seven eight almost eight hours already hearing the thirty eight thousand mark so again this is very very close ready to the resistance that we have at the 40 000 level so i’ll update you how this would go how this would progress but in my opinion if we don’t break out of 40 525 then we just stay in this
consolidation level and without any evidence of breaking out then you can just proceed and just straight 29643 support resistance 40 525 that being said i want to show you ethereum because ethereum also has moved in a similar level in a similar fashion that um as you can see right here uh let me just fix this now uh sorry i i inputted the raw ethereum uh here
you here you go uh there so if you’ll see this ethereum similar to bitcoin is somehow break um bouncing off the support level i’ll try to put the support line here so you have full context of what i’m trying to say so this is the support of ethereum right
now whoops so there that’s your support level for ethereum and then i want to also put in the 200-day moving average of uh of ethereum as well so we have context also on where it is i’ll just i’ll remove this first i’ll hide this first then this is where the 200-day moving average is as you can see um i guess one of the biggest difference between ethereum and um bitcoin at
least from this perspective is ethereum is back up already the 200-day moving average similar though to bitcoin one two three four five six six straight days of upward pushes has made it go above not just the nine-day moving average but also
the 200-day moving average uh as well so the difference though is from comparing it to bitcoin is that the upper bollinger band of bitcoin has started to open up and then it’s also showing us a divergence with the lower body turbine as well but um
both of them have you’re we’re actually seeing a change in direction from macd so bitcoin ethereum both are showing a change in direction bitcoin ethereum um breaking out from the moving average of the bollinger bands but where they differ
is that bitcoin is moving past already the upper bollinger band while ethereum though has already broken past the 200-day moving average so that being said next possible resistance to watch out for at least for ethereum um is this you have maybe
one here one short term one here but if you’re gonna put a bigger one and stronger one that you could also peg for ethereum is you could put one here around the 2 84 mark then another one right here uh which is the bigger one and
stronger one and where we saw the all-time high at around the 4204 level.