Bitcoin is bear flagging into resistance, and Gareth Soloway, Chief Market Strategist at VerifiedInvesting.com, walks through whether the chart is setting up for a flush. Gareth breaks down the breakout that made him look like the fool for a while, the stretch where the chart went quiet and energized its battery before ripping higher, and the exact trend line combination that stopped the rally cold. He shows how a pivot low dragged forward through the prior highs lined up with an ascending trend line, and why two factors landing in the same place is what separates being the casino from being the gambler.
From there Gareth runs the structure test that decides whether the bear market is over. Has Bitcoin made a higher high? Has it made a clean, dramatic higher low? He explains why the answer is no as of today, why he stays beholden to the charts even as a long-term Bitcoin bull, and where the reversal candle and the inside bar consolidation point next. He also gives the level he will buy, the confluence of the 61.8% Fibonacci retracement with a major pivot high zone near $66,500 to $67,000, and why he ranks some Fibonacci levels far above others.
Gareth then turns to gold, which is hammering into support after reversing its entire move up just as quickly as it made it. He marks the line in the sand for the bulls near $4,325, the downside level if that breaks, and the zone where he starts nibbling and accumulating. An ascending trend line rising into that same area gives the buy zone a second factor.
Gareth closes on why institutions would rather retail investors stay emotional, and how logic and discipline change the game. Video by Gareth Soloway.
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Chapters
0:00 Gold Hammers Into Support
0:44 Why Gareth Covered His Gold Shorts
1:02 Gareth's Top Squad
1:24 The Bitcoin Breakout That Recharged
2:44 Two Factors And The 75% Win Rate
3:32 Has Bitcoin Bottomed?
5:48 The Bear Flag Forming Now
6:21 Bitcoin Buy Level: $66,500
7:02 Ranking The Fibonacci Levels
7:56 Gold Support At $4,325
8:29 Gold Buy Zone Near $4,165
9:32 Rumble Wallet
10:22 Gold's Ascending Trend Line
11:31 What Institutions Don't Want You To Know
Probability over emotion, being the casino instead of the gambler, and why following the charts beat chasing fear and greed.
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