Welcome back to the crypto world channel
everyone my name is josh and for all of you bitcoin holders out there definitely keep watching because i'll be going over this brand new pattern that is forming on the one hour chart for bitcoin but more importantly i'll be covering the massive news that Michael Barry the guy from the big shorts that actually predicted the global financial crisis before it happened he right now is flipping bearish on bitcoin.so that you're not missing out on any of these important updates but anyway with all of that out of the way let's get straight to what this video is about so right here we're going to start off on the bitcoin to us dollar chart on the one hour chart and i have drawn out this little head and shoulders pattern that is indeed forming on the one hour chart now this pattern is not currently confirmed until we can actually get a break below the neckline so as you can see
quite clearly we've seen a left shoulder. We've seen a head and right now we have
indeed seen the right shoulder but of course we need to break the neckline which by the way that's coming in at around 32.9 k approximately but basically if we start breaking below that low just there which is coming in at around 32.8 k approximately then yeah a confirmed break below that level would send us into a little bit of a lower price target now keep in mind this is only on the one hour chart so i'm not expecting a massive crash or anything just a short-term dip if this breaks this important level just here and yeah getting into the actual price target for this pattern if we break to the downside just here that's coming in at almost exactly 31 000 us dollars. where we have already confirmed multiple times as massive support at that exact level once again so look if this plays out just here comes back down and gets a bounce in around 31 000 approximately that could play out to be a potential great buying opportunity moving forward and of course a few more experienced traders out there this could be a potential short position but always be careful whenever you're trading bitcoin and i never actually recommend that for the beginners out there the best strategy that i always mention in these videos for the beginners is simply just to dollar cost average over time and hold for the long term keep a long-term perspective. But of course for as long as bitcoin can hold above this level then those price targets do not come into play so for as long as we can hold above around 33 000 then obviously that is pretty good for bitcoin in the short term and the next major level of resistance to the upside is this level just here at around 35 and a half thousand us dollars but we have now confirmed this level just here as a bit of short-term resistance and i was talking about that in my last bitcoin.
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