BITCOIN HAS ONLY DONE THIS ONCE BEFORE!!! BITCOIN NEWS TODAY & BITCOIN PRICE PREDICTION! (explained)

BITCOIN HAS ONLY DONE THIS ONCE BEFORE!!! BITCOIN NEWS TODAY & BITCOIN PRICE PREDICTION! (explained)

welcome back to the crypto world channel everyone my name is josh and right now bitcoin has officially closed 10 green days in a row there's only ever been one other time in bitcoin's entire history that this right here has actually happened so in this video i'll be going over what this means for bitcoin i'll be taking a look at the last time that this happened for bitcoin i'll also be talking about the potential breakout of this massive resistance range right here which of course we are testing right now and i'll be talking about the bitcoin fear and greed index all that and more in this video so make sure you're watching all the way to the end so that you're not missing out on any of this important information and if that sounds good to you just before we jump into it make sure to leave a like on the video down below and if you're new to the channel make sure to subscribe to the channel with notifications turned on so that you're not missing out on any of these future videos but with that out of the way let's get straight to what this video is about so first of all zooming into the four hour chart now over the past four to five days approximately i have been saying that bitcoin is due for a bit more of a cool off here in the short term it was right at that peak just there roughly around five days ago once again where i did actually call for a bit of a short-term call-off so even though the upside price action has definitely slowed down here in the short term compared to closer towards a week ago just here when we experienced that short squeeze just there for as long as the 42k level is still resistance it would still make sense for bitcoin to cool off here in the short term once again i've said almost every day over the past two months that if we can get a confirmed break above 42 000 us dollars then i would flip much more bullish on bitcoin now of course the price over the past one to two weeks here has been very bullish and we are in a four hourly uptrend and so technically speaking the trend is your friends and of course we're continuing to form higher lows and higher highs but taking a look in the rsi here on the four-hour chart we have actually formed yet another bearish divergence as you can see just here in the price we have formed higher highs but in the rsi on the four-hour chart we have formed lower highs so that is a bearish divergence and so what it basically means for the bitcoin price is just in the immediate short term we are due for a little bit of sideways price action if not slightly to the downside you know something like what we saw a few days ago just here once again we did actually see a bearish divergence just there and that led into pretty much some sideways transaction and slightly to the downside and what we saw just there around two days ago that's normally what i expect from a bearish divergence so look it's totally possible that bitcoin can just continue to pump to the upside here and immediately break above this massive range of resistance that is totally possible but it would be much healthier for the bitcoin price if we can actually see a bit more of a cool off here once again considering the fact that on the daily chart we have now seen 10 daily candles in a row close green and so what we need to realize is this right here the 10 daily green candles in a row is extremely rare in bitcoin as in it's only happened one time in bitcoin's entire history before this time so this is the second time that this has actually happened now it does actually depend on what chart you're using on what exchange you're using because of course exchanges have slightly different prices so for example here on the coinbase chart this is the coinbase chart on the daily chart zooming back out throughout bitcoin's entire price history just here this actually takes us back all the way to around the beginning of 2015 is as far as this coinbase chart goes the beginning of 2015 once again and so throughout this entire price history since 2015 there's only been one time in the bitcoin chart that we've actually seen over 10 consecutive green daily candles in a row and that is right here pretty much in the middle of the 2017 will run in around april to may 2017

in fact from the 23rd of april 2017 we saw one two three four five six seven eight nine 10 11 12 days in a row that closed green so yeah once again that took us from the 23rd of april 2017 up towards around the 4th of may 2017 was the last green candle and then we snuck in a quick little red candle here on the daily chart before another six green candles so of course during that time period just there bitcoin was incredibly bullish because of course that was in the middle of a major bull run so after we saw all of those bullish candles back there in 2017 what happened next was once again just some short term cool off periods where we basically just consolidated sideways for the most part you know this time for example we pulled back a little bit to the downside but nothing major as i've said on the channel recently i do not expect any major crash ever since the initial crash to the downside around two months ago when we bottomed out at roughly around 30 000 the first time around i said on that date two months ago that the worst of the crash is behind us considering the fact that that was roughly around a 50 crash for bitcoin about two months ago once again from around sixty thousand to thirty thousand so another fifty percent crash would take us down towards fifteen thousand and as i've mentioned in previous videos over the past couple months i saw that as a very unlikely scenario so as i've explained in my recent videos anytime i'm talking about potentially bearish price action in the short term that is only in the short term and it is not a major crash it would only be you know slight consolidation areas like this or slight little pullbacks like this because in the longer term i do expect bitcoin to continue pumping to the upside like what we were during the middle of 2017 just here now taking a look at this bitcoin chart this is the brave new coin liquid index this is actually the bitcoin chart with the longest price history zooming all the way out this actually takes us back all the way to around the middle of 2010 so once again this chart which goes under the ticker blx on trading view gives us the longest price history for bitcoin and going back to that 2017 bull run just there in around april and may right there as you can see we do actually have a little red candle on this chart which breaks up those consecutive bullish candles so on this bitcoin chart on the brave new coin liquid index chart we actually did not see 10 consecutive bullish days back then in the 2017 bull run on this chart once again but considering the fact that this chart goes further back from the coinbase chart we can go back even further and take a look at some previous price history so taking a look at bitcoin before the first halving even happened the first halving was roughly around november 2012 and zooming into this area on the chart right here this is august 2012

from the 7th of august 2012 up to the 17th of august 2012 we saw 10 consecutive green candles on the daily time frame on this bitcoin chart once again back in 2012. so this actually gives us a second time that this happened for bitcoin so on this chart just here this is actually the only time bitcoin has closed 10 daily candles as green consecutive daily candles because of course once again in 2017 this chart did not show all of those consecutive green daily candles but on the coinbase chart it did show that for 2017 but of course it doesn't show the 2012 price history because the coinbase chart only goes back to 2015. so whether you're looking at just the coinbase chart or just the brave new coin liquid index chart by the way there's only one other time in bitcoin's entire history on each of those charts that bitcoin did actually close 10 or more daily candles in the green consecutively so we are more than due for some sort of red daily candle actually form here now of course we can continue to form green candles that's not impossible but once again it would actually be really healthy for bitcoin to just fit in a couple little red daily candles here it could even just be one red daily candle because what we also have to consider is the bitcoin fear and greed index of course when bitcoin was at around 30 000 us dollars trading at these extreme lows just here especially after that massive crash around two months ago we were at extremely fearful levels in the bitcoin markets this by the way is talking about the majority and as you can see just here even just last week when bitcoin was closer towards 30 000 us dollars the majority were extremely fearful for the bitcoin price and of course the majority are usually wrong when everyone is really fearful that usually means the bitcoin price is starting to bottom out and we are about to head to the upside but on the flip side when everyone's extremely greedy especially when we're at all-time high levels when everyone is just fomo into bitcoin that usually means that we aren't due for a bit of a short-term pullback or at least some sort of consolidation area and as you can see right now the bitcoin fee and greed index actually shows us the first greed signal that we've gotten in quite a while in fact to be exact the last time that we saw a greed signal flash on this indicator right here was actually back on the 12th of may this year and taking a look at the bitcoin chart on the 12th of may that was right here so once again we had some bearish price action leading into a nice strong bounce here for bitcoin and there were a lot of people beginning to flip bullish again on bitcoin at that stage and that's just when more bearish price action was just around the corner as soon as everyone started to flip greedy as they are right now but once again i do not expect any sort of crash like what we saw a couple months ago just here if anything i would expect you know some short-term consolidation in around this area and we still actually have to be paying attention to the 21-week moving average right here that's coming in at approximately 45 and a half thousand us dollars because taking a look at this moving average throughout bitcoin's history right here in 2019 roughly around september 2019 we broke below this exact moving average and at that point right there we did actually enter into a bit of a short term bearish time period in the bitcoin chart right here now long term once again if you're simply just dollar cost averaging and holding for the longer term you would have done very well but keep in mind we did have that initial crash to the downside we had sideways for quite a while and then we saw a major move to the upside right here and we still found strong resistance along the 21 week moving average that actually led into another decent pullback here in the bitcoin price over the next few weeks and going back to a little bit before that when we finally broke above the 21 week moving average at the end of the 2018 bear market this was actually in around march 2019 we finally broke above this exact moving average and basically as soon as we did that even just over the next few days the bitcoin price began to explode to the upside and over the next few months it continued to explode to the upside so this is also a major moving average that i am paying attention to right now and i have previously mentioned this on the channel as well so once again that is coming in at approximately 45 to 45 and a half thousand us dollars obviously it's changing over time slightly but i will continue to update you guys on this moving average and on the other indicators that i am using on the bitcoin charts and i also want to hear your thoughts on the recent bitcoin price action in the comment section down below let me know if you guys think that there's going to be a continued pump in the short term or if we could experience a bit of a short-term consolidation pullback i would be interested in hearing your thoughts in the comment section down below to get an idea of the market sentiment as well but anyway that's just about everything i have to say for this video i hope you all enjoyed the update and i hope you got something valuable out of this video and if you did make sure to leave a like on the video down below and if you're new to the channel make sure to subscribe to the channel with notifications turned on for more videos like this one we're slowly getting closer to 50 000 subscribers and that is just a crazy number i can't even believe i'm saying it and i've only got all of you to thank for it seriously if i could thank every single one of you personally i totally would see i just want to quickly say that i truly do appreciate all the support that you guys show on these videos every day but anyway that's really everything i have to say for this video once again i really hope you enjoyed and i will see you all in the next video