Bitcoin has surged more than 30% off the lows and pierced the $80,000 marker, and everyone is suddenly calling it a new bull market. Gareth Soloway, Chief Market Strategist at Verified Investing, goes straight to the chart to answer the only question that matters: have the charts actually confirmed it?
Gareth walks through the beautiful rally off the breakout, the pierce of the $80,000 even number, and the bigger wicks now forming on top that signal selling pressure building into the move. He breaks down the key trend line he alerted to just days ago, the former support that has now flipped to resistance, and explains why that level is the reason he started a small short position on Bitcoin. Gareth then merges that trend line with a horizontal resistance zone to show just how much overhead supply price is running into.
From there, Gareth reduces the entire bull-versus-bear debate to one simple technique anyone can use: are we making higher highs and higher lows, or are we still stuck in lower highs and lower lows? He shows why Bitcoin has not yet taken out the prior high near $82,830, what a break of that level would actually mean, and where the pullback levels sit if the structure does flip, from an aggressive first support near $73,000 to the stronger, more conservative $67,000 zone. Video by Gareth Soloway.
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Chapters
0:00 Is Bitcoin Starting A New Bull Market?
0:35 Join Gareth's Top Squad
0:56 The Breakout And The $80,000 Pierce
1:38 Reading The Wicks: Selling Pressure Builds
2:16 The Key Trend Line And Gareth's Small Short
2:42 Former Support Becomes Resistance
3:15 Fair Weather Friends And Talking Your Book
4:33 The One Question: Higher Highs Or Lower Highs?
6:44 What A Break Of $82,830 Would Mean
7:28 The Pullback Levels: $73K And $67K
8:22 Remove Emotion, Trade Like The Casino
9:29 Rumble Wallet
10:09 Bottom Line: Anticipating A Pullback
Probability over emotion, being the casino instead of the gambler, and why following the charts beat chasing fear and greed.
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