welcome back to the crypto Channel everyone my name is Josh and right now Bitcoin is rejecting from this previous line of support now acting as new resistance which is invalidating this short-term pattern but on the larger time frames Bitcoin is still potentially repeating history so I'll be talking about all of that and more later in the video so definitely watch to the end first of all starting off on the weekly Bitcoin chart and right now Bitcoin is technically still playing out this larger bull market signal which confirmed around 3 months ago and the last two
times this signal confirmed we saw a bull run in the price of Bitcoin for the next one year approximately following these signals but of course during these larger bull runs we can see short-term dumps along the way during the bull market and if we're taking a look at this weekly Bitcoin chart right now the price of Bitcoin is still potentially repeating history because right now we're still seeing very similar price action and also very similar signals here in the macd in the weekly time frame to what we saw around 1 year ago so first of
all we saw a bullish crossover in the weekly Bitcoin macd on this weekly time frame once again around October 2023 and what came next was a bull run in the price of Bitcoin with almost no major pullbacks at all up until around December 2023 of course and then we saw the exact same thing this year a bullish crossover in this indicator than a major Bull Run starting around October this year all the way up until around early to mid December December and then we started to see a Slowdown in the momentum in the weekly Bitcoin
macd just like last December in 2023 and so as I've already been saying for weeks now on the channel this is very normal price action and this price action is what I've been expecting for the last couple of weeks essentially just a Slowdown in the short term during the bull market obviously we already had this massive bullish move over the last few months so we're still due to see a bit of a Slowdown here as we are losing some bullish momentum in this indicator on the weekly time frame and if we're looking at what happened
last time we saw a continued slowdown for the next 1 month approximately all the way up until near the end of January and then it was around the end of January even early February we finally started that next major bullish move but in the meantime for the next few weeks following this point right here we saw a lot of choppy sideways price action meaning short-term dumps and short-term bounces back to the upside here and there just chopping around sideways on the larger time frames really not doing all that much and so as I've already been
saying over the last few weeks I continue to expect a Slowdown in the price of Bitcoin so not any significant bullish move like what we saw in November I do not expect that at least for the next few weeks possibly another month once again if we're looking at what happened last time we didn't see that next major bullish move until basically the very end of January the start of February and so just don't be surprised if we continue to to see a Slowdown in the price of Bitcoin in the coming weeks possibly over the next
1 month or so before eventually we see that next major move and if we're taking a look at the 4-day time frame the super Trend indicator is still sitting in the green indicating a larger bull market and if we're taking a look at this weekly Bitcoin chart of course we're also seeing this massive bearish Divergence which is already technically confirmed on the weekly Bitcoin chart and so this also supports the theory that we're likely going to continue a slow down in the short to midterm as in at least over the next few weeks possibly another
month or maybe even longer but at least over the next few weeks I do continue to expect a Slowdown and once again these bearish Divergence supports that slowdown as a likely scenario because a bearish Divergence usually plays out in the form of either a pullback or at the very least some choppy sideways price action as the most common outcomes from a bearish Divergence but as I've talked about recently here on the channel a bearish Divergence is not always a bearish reversal signal to reverse out of a bullish Trend into a new bearish trend which on
the weekly time frame would essentially be a bull market into a bare Market it's not always the case because we saw a small bearish Divergence right here on the weekly time frame just for an example and that obviously did not reverse out of this bull market here we just saw a minor correction over the next one month or so before eventually the continuation of the bull market and of course if you zoom into smaller time frames you can find many examples where we see little bearish divergences before eventually continuing higher later on but what it
does mean is that it's still very likely we will see a Slowdown over the coming weeks as a very likely scenario during potentially the larger bull market here and so on the larger time frames not a lot has changed honestly over the last few weeks I'm still saying the same thing as I said weeks ago because it's still playing out exactly as expected and if we're taking a look at this weekly Bitcoin chart of course we still have a lot of resistance at around 102,000 now that we're trading back below that level due to this
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but with that being said taking a look at this daily Bitcoin chart and right now technically speaking the bearish Divergence on The Daily time frame is still currently active as I've been talking about since this first red candle close right here on the daily time frame which confirmed the bearish Divergence and so obviously I've already been talking about this for well over a week now on the channel and since I've been warning about this bearish Divergence we've continued that short-term pullback exactly as expected because usually we end up seeing either a bit of a pullback
or just some choppy sideways price action as the most likely outcomes from a bearish Divergence and right now once again on the daily time frame this is still active but even if we invalidate this bearish Divergence with a bit of a breakout here in the daily Bitcoin RSI we still have that much larger bearish Divergence to pay attention to on the weekly time frame and so like I said earlier in the video this is simply just pointing towards a bit of a Slowdown a bit of a setback in the short term which is perfectly normal
to see after seeing so much bullish price action over the last few months and if we're taking a look at this Bitcoin chart on the 12-hour time frame just over the last day we've actually seen yet another rejection from this previous line of support now acting as new resistance so as of right now we've seen multiple rejections from this line further confirming it as resistance and currently this line is sitting at close to $100,000 at basically in between 999,000 to 100,000 but right now it's moved up closer towards 100,000 and so as I've been talking
about recently here on the channel we have a lot of resistance at around 100,000 based on this level right here and also resistance B B on the volume profile indicator at around 100,000 to 101,000 and like I said earlier we also have this Fibonacci level of resistance at around 102,000 so really right around 100,000 and just above 100,000 we have a lot of resistance right there on the price chart but if we can finally break out above that area ideally seeing a breakout above 102,000 in that case that could potentially trigger a short squeeze sending
the price up towards the all-time high at around 17 to 108,000 and then potentially around there we could also find a bit of short-term resistance and also based on the volume profile indicator now that we've broken back below this massive spike in traded volume we could potentially find a bit of short-term resistance right here as well in case we see another short-term bounce and that area is sitting in between around 97,000 to 98,000 acting as short-term resistance now that the price is below that area but of course we also have short-term support to watch out
for where the price could likely bounce from so we do have support right here based on these candle closes sitting at around 94,000 and more support down here major support actually at around 925,000 to where we have seen multiple bounces from over the last week or so and then based on the volume profile indicator we have another spike in traded volume in between around 915,000 to just above 92,000 so really in between around 915,000 to 925,000 we have a lot of support right there here in the short term but if the price of Bitcoin confirms
the break below that area of support below 91 to 92,000 with candle closes below that area then in that case obviously in the immediate short term that would be a bearish signal and would likely send the price down towards around 87,000 to 875,000 because right around there we do have an important level of support if we were to break below around 92,000 and if we zooming into the shorter term looking at the 4-Hour time frame as of right now the price of Bitcoin has essentially invalidated this possible double bottom pattern also known as a w
pattern because over the last one day obviously we are tempted a breakout right here to the upside with a very very slight candle close just above 99,000 here on the 4-Hour time frame but then the very next 4-Hour candle close confirmed back below 999,000 at around 98.9k and so essentially it immediately invalidated right here as we can see and so of course this is why I also talk about other points of resistance like this line right here which can obviously still affect the price of Bitcoin but overall of course we still have these barish divergences
playing out here on the daily time frame and the weekly time frame that I've also been warning about recently here on the channel and so despite the little short-term patterns that we see from time to time on the smaller time frames of course as I've been saying overall I continue to expect a Slowdown in the price of Bitcoin basically either some chubby sideways price action or most likely a pull back once again a Slowdown or a setback from the bull market at least over the next few weeks because that follows very similar price action to
what we saw one year ago a massive slowdown all the way up until potentially the end of January as a likely scenario especially based on this weekly Bitcoin bearish Divergence now confirmed and so that is the current situation for the price of Bitcoin and the levels of support and resistance to watch out for and if you want to trade any of these moves in the price of Bitcoin or any other crypto once again check out those links below this video to claim those extra bonuses and if you want to actually know how to trade crypto
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