The best crypto setup since 2020 is here, and Bitcoin could be entering the bull market right now. In this video I compare today's Bitcoin (BTC) price action to May and June of 2020, when crypto saw big red candles and nearly 20% swings in a few days right before the bull run took off. I walk through why the macro environment today looks more like 2020 than anything we've seen in six years, and what consolidation could look like before the next leg up.
On the charts, I cover Bitcoin testing the 20-month moving average around $87,000, the 50-week moving average near $78,000, a daily trend line breakout with support at $82,000 to $83,000, and a potential inverse head and shoulders with a target well above $100,000. I also break down Ethereum (ETH), which has a similar inverse head and shoulders with a neckline near $2,600, plus the key daily and weekly moving averages if it pulls back. On the macro side, crypto is coming out of quantitative tightening and the business cycle looks ready to shift from contraction into expansion, the same backdrop we had in mid 2020.
CHAPTERS
0:00 The best crypto setup since 2020
0:47 Bitcoin volatility in May and June 2020
3:03 Total crypto market cap and where we are in the cycle
3:37 End of QT and the business cycle shift
4:54 Bitcoin 20-month moving average at $87K
6:05 Bitcoin weekly support at the 50-week MA
6:47 Daily trend line breakout and $82K support
7:32 Potential Bitcoin inverse head and shoulders
8:36 Right shoulder scenario and the $70K level
9:05 Ethereum daily inverse head and shoulders
10:32 Ethereum neckline and moving average supports
12:07 Ethereum weekly chart
12:42 Bringing it all together
13:46 Embrace the short-term volatility
► Get the risk models I use to track accumulation and exit zones. Free trial
On the charts, I cover Bitcoin testing the 20-month moving average around $87,000, the 50-week moving average near $78,000, a daily trend line breakout with support at $82,000 to $83,000, and a potential inverse head and shoulders with a target well above $100,000. I also break down Ethereum (ETH), which has a similar inverse head and shoulders with a neckline near $2,600, plus the key daily and weekly moving averages if it pulls back. On the macro side, crypto is coming out of quantitative tightening and the business cycle looks ready to shift from contraction into expansion, the same backdrop we had in mid 2020.
CHAPTERS
0:00 The best crypto setup since 2020
0:47 Bitcoin volatility in May and June 2020
3:03 Total crypto market cap and where we are in the cycle
3:37 End of QT and the business cycle shift
4:54 Bitcoin 20-month moving average at $87K
6:05 Bitcoin weekly support at the 50-week MA
6:47 Daily trend line breakout and $82K support
7:32 Potential Bitcoin inverse head and shoulders
8:36 Right shoulder scenario and the $70K level
9:05 Ethereum daily inverse head and shoulders
10:32 Ethereum neckline and moving average supports
12:07 Ethereum weekly chart
12:42 Bringing it all together
13:46 Embrace the short-term volatility
► Get the risk models I use to track accumulation and exit zones. Free trial
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