Hey everyone and thanks for jumping back Into the cryptiverse today we're going To talk about Bitcoin and we're going to Be providing an update on the bull Market support ban we'll of course of Course look at the 50-week estimate the Two in a week estimate see where the Last week came in and and what we're Looking at this week if you guys like The content make sure you subscribe to The channel give the video a thumbs up And check out into the cryptiverse Premium at into the cryptiverse.com Let's go ahead and jump in so we Actually had an interesting development This week uh like many of you I'm sure Or I like many of you are probably Watching the weekly close sort of see Where it would come in namely because The price of Bitcoin has has been Wrestling both with a 50-week moving Average and the 200-week moving average And you know they might not seem like Very important levels but the 50 week is Is actually quite symbolic I I think of Sort of the health of of Bitcoin You know either whether it's below it or Whether it's above it and we'll talk About that a little bit more in the Video to provide the sort of the first Update with the bullmark's workben it is You know still trending higher it's Currently between 19-6 uh to 21 2 or so So it ranges from almost 20K up to
Around 21k you know that's generally the Range that it's at right now so you know If Bitcoin were to roll back over I imagine that would be where the Bulls Would want to try to hold uh in the Event of of a pullback but what's more Interesting to me right now than the 20 Weekend and 21 week EMA it's 20 week Estimated the 21 week EMA are the 50-week estimate and the 200 week Estimate now we did a video a little bit Ago on on Golden crosses and death Crosses so if you remember that on the Daily time frame we had a golden cross And what do we say about Golden crosses If you remember what did we say about a Golden cross is that normally when you Have a golden cross you get a dump right After it 10 15 is is actually quite Standard and in this case from the Golden Cross you can see the Bitcoin Dropped around eight nine percent or so So a fairly standard move after you get A golden cross but what did we also say That normally when you get a golden Cross at least in the short term the Trend Still Remains intact right I mean So like you know bitcoin's turning Higher You get a golden cross and then you get A dump right after the Golden Cross Which we see time and time again and Every time you know every time we get a Golden cross we talk about this and
Um a lot of people don't want to believe It but then we get a dump and then we we Sort of then continue the trend Um the main sort of caveat to this time Of course is it's at least in the short Term Bitcoin has continued to Trend and Recently pushed as high as what 25.2 k 25.3 k somewhere in that ballpark Of course depending on the exchange that You use Um but in the same manner we also had a Death cross in the weekly time frame now There are a lot of you know a lot of Weekly death crosses on the S P 500 Generally speaking these you know these Crosses are just lagging indicators they More or less tell you what you already Know but what's funny is with the golden Cross and the daily time frame we saw a Dump Right after it Here on the weekly death cross right After it we saw a pump right so it's Funny because typically what you see When these you know when these things Play out is you know if it's a golden Cross you normally see Um the price dump in the short term Followed by the continuation of the Trend and if it's a death cross you'll Often see the the price pump in the Short term followed by the continuation Of the trend so just a couple caveats There and and I think it's worthwhile to
You know to look at these moving Averages Not to say that it's impossible to break Them you can see that that Bitcoin broke Through the 200-week SMA back in August I mean you know we we came back above The tune we got somebody back over here But it is at least notable to sort of Consider that you know when you look at This chart Bitcoin spent a decent amount of time Above the 50 week last week but at the Very end of the week we were unable to Close above it right we saw selloff Going into the weekly close unable to Actually close above the 50-week moving Average now the reason why it's somewhat Important is if you go back and look at 2019 you can see that the breakout of The 50 week led to a sustained rally for A while but if you go back to 2015 we Got rejected by the 50 week and this was Basically by July of 2015. I mean this Was a year and a half after the bear Market had started so you know it's not To say that you can't get rejected by The 50 week just because we're we're out Of 2022 and we saw rejection by the 50 Week as late as mid 2015 and and so Arguably this 50-week moving average is Is a somewhat important level it's a Line in the sand that's worth watching 2015 was rejection and it led to sort of The collapse of the price of Bitcoin and
In 2019 it was yeah we we went above it And um and ultimately it led to sort of Um another surge in the price of Bitcoin For going into another like you know six To nine month bear Market or something Like that and if you look over here You'll see we had a wick above it come Back down and then the following week we We shot through it right you go to 2015 We sort of wicked up to it the next week We just simply got rejected off of it And came back down so this week is is Going to be I think a very interesting Week to be completely honest right does Does Bitcoin rally through it and close Above it Or does it just get does it just get you Know shot back down you can see that we Actually Wicked above the 200 week Estimate now if you're curious where the 50-week SMA is it's a moving Target so Last week it was around 24 7 or so but This week it's come down it's not on 24 5. really to be exact 24 461 or so but Around 24 5 is is really where it is so We sit just below the 50-week moving Average and we also sit just below 200 Week moving average which is now at 25 1. so you know I know a lot of people Are calling for you know a surge to 30k Or you know whatever it might be And that's always in the cards if you Know if Bitcoin can can break through But
This still is an important level and we Haven't really broken through it yet Um and there are some things to keep a Look at you know keep an eye on right Like the dollar is has been in sort of Like this you know this weekly uptrend For a while now and and I mean and we Talked about this you know as well I Mean after about four months similar to The 1980s uh we saw a surge in the in The in the dollar You know after about a 16 week move the Downside this was I think a week longer But we have seen the dollar at least Move higher here in the short term so Um that's something that that Bitcoin is Going to have to face now I imagine if The dollar rolls over here then the Bitcoin can see sort of see that Breakthrough but if the dollar continues To inch higher then I do imagine it's Going to put some of that you know some It's going to put some headwinds on on Some of these risk assets and make it so It's a little bit harder to break Through these levels because if the Dollar continues to Rally it's a sign of Risk off Um and and it's going to make it harder And harder uh if that is the case now if The dollar sells off then Um you know perhaps we we would have the Strength to to ultimately break through And of course the other reason why we're
We're interested in in these levels is Going back to the worst case scenario Video series where you know the NASDAQ Ultimately saw a rally into the 50 week After you know after the bear Market Um was mostly over but was unable to get Through and had one more rejection and And move back to the downside so I think That this is actually a pretty important Level to watch this week okay now Wix Above it are good Um you know but it doesn't necessarily Mean anything if if we just come right Back down and and put weekly closes back Below these levels so you know if you if You're really looking for that sustained Push to the upside these are the lines In the sand you need to get past If you don't get past these and and you Sort of and Bitcoin stalls out here like You know like the NASDAQ did during The.com crash or or like we did in mid 2015 after a rally to the 50 week as Well I mean this Rally from this low Here sorry this was 2019 Um 2015 from this Wicklow here this was About a night an 80 a 90 rally if you Don't cherry pick the wick it was about A 52 Rally or so Um so This is a a level to watch this week is Is you know Can Bitcoin ultimately break through And sort of
Set a a new course here in the short Term or do these levels provide too much Resistance for Bitcoin Um and and that's why I think that's Really what to watch for over the next Couple of weeks is is can we break Through or do we just see continued Consolidation just below with the Inability to break through in a Sustained manner so that's what you're Looking for and even back in August we Got above it but you never really saw Any follow-through right like we got Above it here and then the next week we Came back down a little bit got above it In a more significant way in in early August but then the following week we Just came back down below it once again So that's sort of the line of the sandal Watch this week and it's arguably a much More important level to watch than the Bulmar sport band I mean the the 20 we Got some in the 21 weekma I mean they're Always there if if and when Bitcoin Dumps I mean it'll dump eventually it's Just a matter of from what price Um so they're always going to be there But we still sit just above you know the 20 week estimate 21 week EMA and it Would actually take a fairly substantial Pullback to the downside to get back to The 21 we came about a 13 move the Downside to get to the 20 week us to Maybe about a 20 move to the downside so
And these levels will continue to sort Of slowly Trend higher uh until until we See that pullback by by Bitcoin so just Something to watch for this week I mean You know we have these move we have These key moving averages that have have Plagued Bitcoin for for quite a long Period of time and I I think I think our Attention is is deserved to be put on These long-term moving averages given The inability of Bitcoin to really break Through them in a sustained way so far Or at least over the last um you know Really at least since late 2021. if you Guys like the content make sure you Subscribe to the channel give the video A thumbs up and again check out into the Cryptographers premium at into the Cryptoverse.com we have several Different tiers including a free one Links in the description below see you Guys next time bye
