Yesterday Grace SKU once again dumped Millions of dollars of Bitcoin on the Open market and this is really causing The Bitcoin price action to have a Significant downturn and on today's Video I will talk about what this will Mean for the upcoming days for the Bitcoin price action I will talk about The price action what we're currently Seeing on the market this massive dump We had yesterday and right now we're Seeing a small little recovery and many More important charts that are going to Tell us about where do I think Bitcoin Is gain be heading towards next and when Are we going to get that opportunity to Get our trades filled up here so I will Be talking about this and many more Important stuff so without any further Ado don't forget to sble that like Button back up of 1,000 likes that will Be absolutely incredible and with that Of being said let me jump straight away In towards the imminent short term of The Bitcoin price action so on the Imminent short term we can clearly see Bitcoin broke below that very important Red line of support and after that we Saw a slight little move towards the Upside I said Bitcoin is creating Another Rising wedge pattern we broke Down again went to 40.2k just above my Price Target where I think Bitcoin was Ultimately heading towards and that is

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Of course 39.7k we'll be talking about That in a second again why I think so so Yeah Bitcoin hit 40.2k and after that Saw a significant bounce back towards The upside and right now is once again Trading below that previous support Level and currently this level is acting As resistance further on we can see that Of course on the bigger chart here that 40.6k basically was just a level that Provided support for Bitcoin because Yeah this previous level right here is Right now still holding Bitcoin up as Support and if we're zooming in ever so Slightly we can currently see that Bitcoin is retesting that very important Level that previously around acted as Support sitting here around 41.8k here Also we found massive support and Currently were're retesting this level So yeah we are actually retesting a Quite an important level of resistance And I just don't think that Bitcoin is Easily going to be breaking above it and Right now of course it is weekend and Due to the fact that at this weekend we Cannot see that gray skill is going to Be dumping any Bitcoin because what Literally has been happening ever since The Bitcoin SP ETF went live is that Gray skill has been dumping billions of Dollars worth of bitcoin out of their Fund and so far the volume remains to be The same it's in about5 to 600 million

US dollar in Bitcoin outflows every Single day but you have to understand That also a lot of those Bitcoins that Are getting sold off here are potenti Moving to the black Ro Bitcoin sport ETF Because currently Black Rock owns more Than 28,000 Bitcoins just 6 days after This big just after six days of live Trading of that spot Bitcoin ETF what is Of course actually quite massive and if We're looking at the volumes the Black Rock Spot Bitcoin ETF is doing about $400 million US dollar in volume that is Actually placing itself in the top time Of most volume traded ETFs in the market Right now and that is of course a very Very interesting thing and to be very Clear the gray skill ETF is doing about A billion use dollars in volume every Single day but we're also seeing a lot Of transfers and a lot of sells but you Should be looking at the outflows if We're going to be looking at okay who is Now actually selling and the outflows Are sitting somewhere around5 to 600 Million US dollar worth of assets every Single day and due to that Bitcoin is Also of course getting hurt ever so Slightly and we can currently see that There's a lot of UNP liquidity and Yesterday we actually tap that liquidity Box here I talked about yesterday we Exactly went down to 40.2k but my target Where I want to be entering Bitcoin was

Just ever so slightly lower so what will I be doing because I already saw some People tweeting me Rover is the botom Right now already in because we hit this Region and we already went up but Personally I am that patient Trader guys I set up my levels I have been doing my Analysis in this entire region I'm not Just going to formal in towards the Trade right now here because Bitcoin Bounc I'm just going to be remain to be Patient and honestly I think that Bitcoin still could go down towards my Level but this is indeed a very good Candle in my opinion that potentially is Indicating the bottom that what I want To be seeing from my trade to get the Most amount of Confluence is basically Bitcoin mve down and then consolidate There for a while before then moving Back up here because now there is still Of course some more even loose liquidity In the market convincing me as well that Potentially Bitcoin is just still going To be going lower than this point and of Course the targets I've been talking About is 39.7k and that is the level where I will Be opening up my massive Bitcoin long Position 39.7 to 39.5k are two orders Where I will be of course opening up a Massive trade on bitcoin so looking at The Bitcoin liquidation heat map we can Currently actually start to see that

After we first were piling up um a lot Of liquidity below us we're currently Once again piling up a lot of liquidity Above us what means that of course there Are many short positions active in the Market and that is of course gen Generally speaking a good thing for Bitcoin but you have to understand that This right now in terms of liquidity how Much it is it's still relatively low Here so I'm just going to be waiting to See what the next move is going to be For Bitcoin and then I'm just going to Be looking at the liquidation heat map Once there's a significant amount of Liquidity ped up in the market again so If we're looking at bitco on the rising Wedge pattern I call this pattern here On the top side we just reached our Price Target sitting around 40.5k of Course and also this Rising wedge Pattern we just reached our price Target Sitting around 40.5k and currently Bitcoin is just holding up that support Level for so far but I still think that We're going to see a slight move below It consolidate and then bounce back Towards the upside because the reason Why I'm talking about 39.7k and let me Quickly show you this so if we're going To go back towards this region for Bitcoin right here why am I talking About 39.7k so so first of all you can See here that this level 39.7k once

Bitcoin broke above this region right Here that was the point where Bitcoin Basically went in towards that Exponential rally towards the upside Right and you think oh but Rover this is Just a level in the 1 hour time frame It's such a small level why take this Level as all your compliments but you're Going to be looking at this level the 39.7k you can also clearly see and let Me quickly give you guys some context About where I'm currently looking so you Can see this is the region we're Currently trading in and if we're going To go back all the way to 2022 Bitcoin in this major consolidation Range we saw the Bitcoin drop off point Point and the drop off point was Basically 39.7k because Bitcoin had a Double top on this level and after we Created a double top on this level that Was the point where Bitcoin just Absolutely got hammered towards the Downside so you call this a drop off Point and a drop off point is just such An important level with a lot of Confluence in the market so if I'm just Going to be looking at Bitcoin this is The level no one is paying attention Towards but I do think that this is an Is an important level because first of All you saw it what happened once we Broke above it and more importantly you Saw what it did in in 2022 what created

The massive drop off towards the Downside so that is why my orders are Set up around 39.7k approximately 6.4 Bitcoin are currently set up around that Level and I will add even more once We're going to be reaching that level of Course so if you want to be trading Bitcoin make sure to go to buy within The link description where you can Currently claim a $40,000 us to pual Bonus if you sign up an account using That link below and without this link It's only 400 so it's a win-win Situation and on top of that you could Currently claim a free $1,000 trade on Buybit and all you need to do for this Yes all you need to do for it is only Deposit $100 in your first seven days And you have to sign up an account using The link below so if you're interested Make sure to check it out in the link Description of today's video and if you Can't trade using kyc on bybit make sure To check out FX where you can currently Get a 10% cash back on everything you're Depositing if you use my link Description of today's video further on We can currently see that on the daily Time frame Bitcoin indeed broke that Upward sloping support line and that is Potentially a signal where I should be Worrying about Bitcoin broke this very Very important Trend we've been holding Up and yeah if we're actually looking at

Bitcoin on the 12-hour time frame we Have seen the first bearish eay ribbon Cross here in an approximately 112 days Because the last time we had a bullish Cross was all the way back here in September 2023 and currently we have Seen the first bearish crossover and on The Daily time frame as well guys that Bitcoin is actually starting to trade Below that daily EA and we're Potentially having that bearish Crossover right here as well and where I Should be also looking closely towards Is that super Trend indicator on The Daily time frame currently Bitcoin is Still holding that support but once we Confirming the break below the super Trend um that could be of course Indicating a bigger Trend reversal for The Bitcoin price action but yeah I will Of course keep you guys posted about That of course the most important resist To break is that 47 to 48,000 level once We clearly break above that level I Think the next Bull Run is going to be Starting and of course on the weekly Time frame what we're actually seeing is Just another consolidation candle I mean On the weekly time frame Bitcoin has Just been going sideways for 6 weeks Through right and it's just a matter of Time before we're going to be having That massive breakout because on the Bigger things of it all and I mean if

You're also looking at the forly time Frame this is just one gigantic Consolidation phase it's I mean it's a Large region it's between $40,000 and $49,000 and approximately 22% region but To be fair in the end of it all it's Just a massive reaccumulation phase After we had seen that significant run Up towards the upside so since we've Already been trading in this region for Such a long period I don't think we're Going to be breaking that much lower but I said it several times before 39.7k is Going to be my target for Bitcoin so This was it for me in today's up video If you did enjoy don't forget to slap The like button and I'll see you guys on The next one peace out goodbye

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