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welcome back to crypto wall channel guys in today's video we're going to discuss about dropping the Bitcoin price that we had in the previous 24 hours but before that I want to wish you happy Monday and the start of the new week and now let's begin so since we bottomed out and start this new bull rally over here we went up pretty pretty pure Bullock over here and as we can see the Bitcoin price did drop from this level of support of rising wedge I didn't mention this rising wedge in the previous videos and I said it shouldn't be played out because we are in uptrend and the uptrend is your friend all until the end now I'm not saying that the rising well did played out because of the rising wedge pattern itself I also mentioned that this area of $9,000 over here and also the $9,200 is one of the most important ones after we broke this trendline over here this big trend line that we have on the daily chart that we had in a previous 8 months or so now why I believe that this rising wedge played out is not because of the rising wedge itself as I said it's about this resistance of $9,000 and also if we bring that for EMA's over here we can see that a 200 daily exponential moving average declined us pretty well and this moving average is also very important to determine in which trend we are right now in this is perfectly fine to be declined after this parabolic move which means for now we have still chances to go up why I will show you in a minute so in previous 48 hours I saw many people panicking for this drop on the Twitter on the social media and I will show you why you shouldn't worried about it if we move this trendline just a little bit over here we can see it's matching perfectly fine with the 200-day exponential moving average and one hourly chart and with this channel that we had over here Bitcoin needs to correct itself we need to have some sort of a drop in order to let the Bears take profits let the Bulls take some kind of a reliefs and after that starts growing up we don't want to see parabolic moves ending or because those parabolic moves will exhaust the Bulls and will drop the price further lower even harder than it should and we will have much bigger losses so it's better to correct on this sort of a way also this resistance over here act pretty well which means it gives us perfectly good look on the Bitcoin price what bitcoin price needs to do in order to continue bull market on normal way bitcoin exhausted itself in the previous days or so and we needed this correction and for now we are finding perfectly fine bottom over here on this channel one of the very interesting stuff into this channel is also we have just two very neat touches which means that the Bulls are pretty strong we had just one touch another touch and we separate ourselves from this level of support over here which is very important to see we don't want consolidation all the time on this level of support and break it and retest some major levels that we broke in the previous days also if we bring the RSI here we can see that the other side is touched over bot zone in this is very important we are not in overbought zone and the bitcoin is just fighting some sort of a correction this is very good to get detached from this level and continue to going a little bit sideways and continue to go on the upside afterwards so we can see also that the volume did drop a little bit and that also caused this drop correction let's say it's not the dump it's not manipulation it's just a natural in normal correction for now and it seems look like the Bitcoin is starting to correct itself over here so we are still not dropping for the lower which is very important and also I did mention about the volume it's very important to have big volume in order not to see any further dumps big whales can always sell big amounts of Bitcoin and make a big pressure if we don't have volume to defend ourselves now if we switch on the weekly chart we have even more bullish stuff to see because exponential moving average is below us and we are finding pretty neat support over here and I hope if we manage to retest it that we're going to bounce pretty well also one very bullish thing over here is the MACD MACD on weekly chart is converting into the bullish side and this is going to bring us even more bullishness than ever because we are coming out from red since many many weeks ago so be ready to see some crazy moves in the Bitcoin price overall bitcoin is bullish for now because if you are in doubt just zoom out and you will see what is going on as long as you're going to the short timeframes you're going to see noise and you're not going to understand many things so zoom out on for hourly chart is not so bad one daily one weekly even one monthly you can see pretty interesting stuff that the Bitcoin is in very good position to push us on the upside and hit two all-time highs now also I want you to start this week with a little bit laughing and this news you can find also on our Instagram page Peter Schiff lost his Bitcoin claims owning crypto was a bad idea so as we can see all men needs to learn that the Bitcoin is money for the people by the people and if you're going to have your own money you need to take care of it it's not a bank and you need to realize that chief added that his bitcoins now intrinsically worthless and has no market value he also added that I knew owning Bitcoin was a bad idea I just never realized it was this bad after shift tweeted about his loss the crypto community was quick to jump to the rescue for example co-founder and partner at Morgan Creek Digital Anthony pompe on responding by asking if he forgot his password which Schiff has responded that my wallets forgot my password so as you can see these are people who do not understand nothing about technology unfortunately and this stuff could occur if you not educate yourself first before you jump into anything Witter is trading investing or owning something that you don't understand CompTIA know then as shift to email him directly the software just executed the commanded humans give it it can't forget anything email me and I'll try to help you recover the loss Bitcoin however it looks like the Bitcoin may indeed be gone for good as shieff responded Eric verges set up the wallet for me and even he thinks there is nothing I can do but you're welcome to try if you have any ideas it's unfortunate that this man was so negative about Bitcoin in so many many months or maybe even years if I remember and now this happened this is just going to bring the even worse situation - and towards the Bitcoin from his side but that doesn't matter because sooner or later they will all turn to the digital assets whatsoever now I hope you enjoyed our content and/or technical analysis on the Bitcoin price please don't forget to leave us a like and hit that subscribe button if you liked it let us know in the comment section down below what would you fix on our channel and what kind of videos would you like to watch in the next episodes I want to thank every single each one of you for watching our videos as in always until the next video happy trading and goodbye
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