Yesterday Bitcoin broke down of the Ascending triangle hit lows on The Daily RSI not seen since the pandemic crash And more importantly retesting very Important support but I personally think I am seeing something very important That Bitcoin potentially is still going To crash a little bit lower so I will be Exactly explained this on today's update Video I will talk about the massive Deleveraging that we're currently seeing In the open interest across this Market I will talk about the image short term And many more important stuff so don't Forget to stop all that like button on Today's update video then we smash it Back about 500 likes that will be Absolutely incredible and with that of Being said let me jumps straight away in Towards the content so yes it is right Now weekend it's Saturday so we will be Once again expecting the Bitcoin is Going to hold for somewhere around the 26 000 US dollars since that was the see Me close price the twenty six thousand Dollars is going to be the level that I Will be watching but of course if I am Looking at previous weekends every Single time they see me get played up Perfectly but also the volatility was Super low right now volatility picked up And if I looked at the Past Times the Bitcoin was in a weekend and the days Before were super high in volatility

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There is a very big likely possibility That we will be creating a CME Gap so I Won't be surprised that over the course Of this weekend we once again will be Creating a CME Gap but then we're Expecting and this is going to get Filled up somewhere on the Monday or Tuesday further on we can see that only Even the short term right now for Bitcoin we are starting to create some Higher lows on the RSI while the price Section is creating lower lows so we are Potentially starting to create some Bullish divergences however there is no Very significant reaction from the price Section of Bitcoin yet so far and make Sure to stick in the video a little bit Longer because I will be talking about What I do really think is going to be Happening with Bitcoin in a moment from Now on once I'm going to go in towards The higher time frame because there I Can be making up a little bit of a Better story so quickly talking about The four early time frame if we are Looking at the RSI right now here we can Currently see that the RSI on the four Early time frame hit a low of 5 on the Index and if you're looking back at the Policy you can see that literally no Time before the Bitcoin RSI was so low On its index and that makes it a very Interesting point that even in the Pandemic crash here the RSI was not

Hitting five on the u4 Alley time frame So Bitcoin is currently on the four Hourly on an all-time low on the RSI Index what we can learn from the Previous occasions here you can see also RSI was significantly oversold then Bitcoin recovered very quickly here as Well RSI was significantly oversold Bitcoin recovered quite quickly back Towards the offset before once again Dumping so we can see that every single Time once the RSI is so super oversold We tend to see somewhat open bounce here So I won't be surprised if we are going To see a little bit of a bounce here Because if I'm currently looking at the Funding rates they are very negative and Why this is happening is because many Many liquidations take took place here On the market on bitcoin literally we Had the largest liquidation event here Even bigger than the FDX collapse what Is of course absolutely insane and if You are looking at the open interest in The market we have seen a massive dump In terms of open interest and do be Exact here more than 35 of the total Open interest on bitcoin left the Markets and literally the majority of The open interests were long positions That are currently exiting the market And due to that reason we're seeing the Funding rates being so negative and due To that reason I won't be surprised that

Bitcoin is going to be seeing a small Bouncer since also the 40 time frame is Quite significantly oversold but before People understand me not clearly I Personally think we could be getting a Small little bounce here but in the end Of the day I think Bitcoin is still Going to be failing on the week here Because usually once Bitcoin empty is Very sharp wakes towards the downside They tend to be feeling up the Wicks Because that is where the liquidity lies In the market so I think only in the Short term we could start to see Potentially a bouncer and right now Since we basically flip the macro Trend Here I do really think we're going to Still see some bearish price suppression But yes I do remain to be expecting that Bitcoin is going to see a small little Bounce in the short term but the end of The day we could still fill up this Wick Here because if you look at previous Occasions on the market also in the FDX Collapse we had a massive dump towards The downside we didn't fill up the Wake Here but then we moved back towards the Upside Consolidated and just a few weeks After we hit that Wick we touched that Liquidity and we moved back towards the Outside here as well we wait towards the Downside then the day after we hit that Liquidity we moved towards the upside we Had a very big wick towards the lower

Lower side and I personally think we're Still going to grab the liquidity before Bouncing back towards the upside but it Doesn't necessarily have to be happening Today here so if you're looking also at The open interest on bitcoin to give you A very clear indication right now a lot Of leverages going out of the market and This is actually a super good thing for Us the long-term holder in the market Because the lower the Leverage is here The more better the buying opportunity Is actually in the market and currently We aren't low in terms of open interest In the market not seen since March 2023 And basically if you're zooming out in The entire trend of Bitcoin to see Whenever it's a good buying opportunity Is whenever the open interest is also Low in the market so let me make this a Little bit bigger here and you can see Every single time once the open interest Is dropping here towards these lows Right here we tend to see at least a Small bench towards the upset so here we Saw it down towards the upside bounce to 25 000 for almost seventeen thousand Dollars here from the FTX collapse was Low all the way up here towards Approximately thirty two thousand US Dollars then as well here on 45 000 we Were had a low in open interest and then We bounced back towards seventy thousand US dollars so once again open interest

Is low so it is indicating there is a Very good buying opportunity and there's A lot of deleveraging going on here on The internet short term you can clearly See it if you go to the one hour time Frame for Bitcoin you can see just so Much long positions are getting close Right now here you can see every single Hour more and more open interest leaves The market and you see that the price is Getting a little bit suppressed because Yeah people are closing their long Positions on bitcoin right now here what Makes it in my opinion very very Interesting time to be accumulating and I'm not necessarily saying on Leverage But also on spot so that is also what I'm currently doing and of course I've Still got a small little trade on Ethereum where I am going to double down On if ethereum hits 1500 US dollars but Currently I am in about approximately 37 Loss here about 18 000 but I'm going to Add another 50 000 US dollars if big oh Sorry if ethereum is going to hit 1500 US dollars so yeah I am expecting it Could still go a little bit lower here But I am not necessarily super worried About this trade right now on the Internet short term since also the Funding rate is quite significantly Negative only moments so yeah I talked About why I think Bitcoin could still go Lower but one thing I am not expecting

Is that Bitcoin is going to be breaking Below that's very important horizontal Support line so you can clearly see this Is a very important support line that Previously Iran provided very Significant support and resistance for Bitcoin and personally I think we're Going to be holding this level and what I've been saying also in yesterday's Video here is that I will be expect Acting the Bitcoin is going to trade in This sideways consolidation phase I Think it's going to come down again here It's going to be bouncing back towards The upside it's going to come down again Until the whole thing is going to close In here so that is basically what I'm Expecting right now in the image short Term for Bitcoin quickly talking about The daily time frame the daily time Frame is currently hitting alone the RSI Not seen since the pandemic crash of Bitcoin back in 2020 what happened in 2020 we saw quite a Stealth Recovery Back towards the upside and it took us An approximately 50 to 60 days here Before it recovers back towards its Previous price here towards the upside So yeah we are right now in same loans In terms of the RSI on The Daily time Frame as the pandemic crash and also as The crash of 2018 in the bear market for Bitcoin but since this move is so Stealthier I do at least expect that

We're going to see someone consolidation Before we're going to see another move Getting initiated we did broke the Uptrend that we created from the Beginning of 2023 and due to that the Macro is Rhino shifting around a little Bit here what I really want to be seeing Here is Bitcoin holding this level if we Do break below this level because 25 000 Was my main support to be looking at That if Bitcoin breaks below this level Then we're quite screwed because yes you Can clearly see this is really the bear Market territorium the 25 000 as long as We hold above that here we're still Looking quite decent in my opinion and Of course if you're looking at the four Day time frame you can clearly see the Trends in Bitcoin in the history on the Super Trend indicator basically the Super Trend indicator was very bearish Right here was a very good indication Bullish right here right now it still Remains to be bullish so as long as We're not breaking below 25 000 the Super Trend indicator is going to be Remained to be bullish and of course if We break above 25 000 I really think the Macro trend is going to be shifting Around here towards a more bearish Buying strength here right now I still Remain to be believing that we could Start to see a smaller bathroom of the Support line but you have to be paying

Attention the liquidity is probably Going to get corrupt so won't be Surprised to see Bitcoin down to 25 to 24.8k before moving towards the upside So be prepared for that I wouldn't be Going long necessarily right now here Since I'd still expect the 24.8k is a Reachable target for Bitcoin to be Hitting before really bouncing and Reversing back towards the upside so That was it from you today's update Video I truly hope you did learn Something from it and if you did so Don't forget to slap up the like button And I'll see you guys on the next one Peace out goodbye

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