The Level Bitcoin Has Failed Five Times

[music]
>> Good afternoon everyone and welcome to
my pro charts video. Today we're going
to be covering crypto. My name of course
is Jake Sweeney, pro trader here at
Verified Investing. And today we're
going to be diving into crypto and a few
other coins. And great to see today with
Bitcoin as oil continues to push up and
the stock market kind of stalling today,
kind of a choppy day. Bitcoin of on
among the assets caught a nice bid today
up 2%. Great day for Bitcoin. Let's get
into the charts, guys, and see some key
levels of resistance and support that
these coins are going to have to take
out coming up next.
So, let's let's
zoom out a little bit. As we see here,
we have this down-sloping trend line
from this high pivot from January 15th
cutting through this price action
down here and just last week
we were able to confirm above a breakout
out getting outside of this down-sloping
trend line.
Now,
we came back to this trend line. We got
rejected from this resistance at
$65,080.
We attempted that five times as you see
here. So, let's zoom in today, guys. So,
we
we tried attempting to break out of this
trend line. We were shut down. We came
back to support
and we
had another short move into this trend
line. And as you see, as these trend
lines are tested several times
and they're more frequent, so not being
more time in between here, so the trend
line can strengthen. But as you get
these repeated tests here, they are
bound to break to the upside.
And it did. And price confirm price
broke out here.
It went back to this trend line here and
confirmed here outside of this trend
line price wanted to continue higher.
And as you see here,
although price got out of this trend
line, the $65,080
this low pivot here has been major
resistance since this breakout. Now we
came back, we got rejected from this
resistance level and [snorts] came back
to this trend line. But boy am I happy
to see we're just sharply waking into
this trend line. Our candle bodies are
clearing well above it.
And now today having a great day from
Sunday's close up today about 2.7%
at our best and currently intraday
uh Monday afternoon, we're about
$64,310.
So,
for the next things for Bitcoin, I we're
seeing some nice chop within side these
two support and resistance levels.
So, near term we have to take out the
$65,080
and if we go down to the RSI, the
relative strength index, this is the
momentum indicator,
this is just peaking above 50.
So,
this is gauging momentum and as we see
here on the sharp move up,
when we got to test that trend line and
pass this resistance up to 66,000,
we saw a nice push up on RSI. We're now
up ticking
from above 50, so it would be good to
see if we can continue on higher towards
60 and 70 for the momentum index.
That in hindsight,
Bitcoin has plenty of room to run to the
upside and plenty of buyers ready to
push this thing up.
So, what's next after the 65,000? Well,
there is another key resistance level
stacked closely. It is this 113
Fibonacci retrace. So, what I did, if
you ever take this tool, you can start
from this high here, from the 126,272,
and drag it to near-term low, which is
right here,
around 57,000
735.
Yeah, right here.
As we're retracing back up, you could
see
just on this
purple color how level has respected it.
It's And they're not exact levels,
they're more of zones, but this zone
here has seen plenty of wicks into it.
And now, as this level is now
resistance, plenty of wicks into it on
the upside. So, for Bitcoin, if we can
get past the 65,080
level, the 65,000
and 479 level, and well's this pivot
right here, about 65 and 1/2, we're
going to have some more major resistance
for Bitcoin to
um to get through.
To the downside, we still have this
near-term low pivot at 62,525.
This is some key support for for Bitcoin
as
yesterday and Saturday over the weekend
price fell down into this trendline,
into this horizontal, but was able to
recover back up. So, look for those
levels for Bitcoin Bitcoin for support
and resistance.
All right.
We're going to be covering Zcash next,
ZEC, also having them moving pretty good
today. It's up 6% so far.
And I have this wedge pattern overall
here.
So,
we have Let's take away these right now.
So, I have this ups- this upsloping
trend line here from this low pivot. I
didn't like this one cuz it kind of went
too steep. So, I went the with this low
pivot.
Price fell below and reconfirm.
Kissed it here, bounce, bounce, bounce,
and now trading right between these two.
And if we have this downsloping trend
line, this one I took from the candle
body, not the wicks. We can do another
one from the wicks as well. Is this kind
of precursing to where
Zcash wouldn't should find more
resistance.
But for the near term and a great day
today, it's
starting to coil inside this wedge here.
So, as it continues to coil,
I I like how price here we
we went down and we're making higher
lows since late June.
Late June
and we're pushing up, getting rejected,
but still making higher lows. And now
we're coiling
and as today, now we're looking for
confirmation for tomorrow to get outside
of this trend line.
Key resistance here
is going to be
at these low pivots here that price has
been struggling to get above. So, see
these on these two sharp moves from
support, price was able to get through
it, pierce it, but it was shut down from
sellers.
Now,
after having a great day, if we can we
have to take down this 526 and 5-cent
level. That'll be the next key
resistance for Zcash.
And then here,
this top pivot and this downsloping
trend line,
as if price can get past this 526,
there is going to be this downsloping
trend line that would test. If we were
to test tomorrow, that would be a 575.
So, this ticker moved
uh $31
today, $35 to for total. So, this can
get hit near term depending on
volatility for Zcash. So, look for this
top pivot here at 58838 and then this
down sloping trend line from these four
wicks
for resistance in this area.
For this down sloping trend line, that
would be at 57820. And like I said for
this pivot top, 58838.
Man oh man, look at ADA, Cardano.
Just pretty much a red slippery slide as
it's going all the way down.
How many day This is on the daily.
Maybe 10
10 days down days in a row. This thing
is due for a bounce, 100%.
And as we're seeing the sharp fall down
into this zone, there's this key support
here
at 173 and change. And intraday got a
slight bounce of it in now.
Um but look for this key support level
to hold.
And hopefully tomorrow price can start
inching back up to the upside.
It's not going to be that easy though
after all those down days in a row.
First, resistance level wise, give you
three. One, there's this low pivot on
this wide range red bar. So, 178
600 right here where price got rejected.
Um
this is the level for Cardano to break.
So, could push to the upside. And then
more major resistance at this high red
pivot from June 15th, 189788.
Right here, also with these uh this low
pivot here in this price consolidation,
here should be some more resistance for
Cardano.
If price can get past this, look for and
have another sharp day like this, look
for this parallel channel. Going to
overall
we'll take away these horizontals.
But for resistance overall
to the upside, this had one
close two three
A fourth hit would be around 0.21 to
0.22, kind of depending on the day. I'll
look for the upper band of this parallel
channel to get tested as we did here.
And to the downside, one two three
broke below here, but reclaimed. Look
for here about
0.1 0.166
to 167
in this range for support from this
rising parallel channel.
But yeah, what a shame for Cardano to
continue to plumble down.
At a kind of a last ditch resort, look
for this 154 support level for Cardano,
should this parallel channel get busted.
All right, guys. Two more with me. Stay
with me. We're almost there.
Appreciate you guys spending your day
with me. Hope your Monday has been going
great so far.
So, we're looking at Ethereum next.
And it's also having a nice day, up
about 1.75%.
And we're just getting stopped from this
key resistance level here. We were able
to break above it but then and wick into
it higher, but close below.
So, for resistance for Ethereum, this
1973
low pivot here has been capping price
since late of March.
So, key resistance here. If we can get
past this trend line, horizontal, now we
have this up sloping trend line from
these high pivots. One hit, two, three,
four, five, and a sixth hit that pierced
through, but closed well back below.
So, look for a close, candle close above
this horizontal
1973 level, and then that could test
this up sloping trend line that's now
been hit
for five, six times. This is due for a
test and could break.
This would happen just before that
$2,000 handle for Ethereum.
As well as Ethereum,
>> [clears throat]
>> I could see
we're putting in higher lows in the RSI.
So, not a great sign here as we're
pushing up to 70,
but and we're losing momentum. We're
pushing up
here as we pushed up higher, but our RSI
was lower.
And we continue to grind lower. So, we
need to push up past like the 65, 67
momentum read on the RSI. That could
help Ethereum's case.
To the downside, look for this up
sloping trend line as support. 1 2 3 six
hits right here. So, kind of making a
pseudo parallel channel, but not the
cleanest as for support trend line. And
to the downside, if this up sloping
trend line breaks, look for this low
pivot here at 1836.96
for support
on Ethereum.
Last one we're covering today, guys, is
Solana.
Having a good day today, up 1.64%
today.
And
since
August since August 1st here, we broke
below the support trend line and pushed
above. We consolidated above the 7264
level. So, this is now support to the
downside and we're respecting this up
sloping trend line
from this low pivot here
and should
So, price went to 7436 today
and yesterday as well found support off
this support of above this up sloping
trend line, excuse me.
Now, for the upside for Solana, look for
this resistance here.
That's when cap one, we're going to have
some resistance
here at 7738.
That could be tomorrow's resistance
should we push up.
7 7738,
price the past since middle of July has
been shut down from this level. So, 7738
and then 78
97. These two key resistance levels for
Solana. If you can get past those,
as well, we're looking at this wedge
pattern
with higher lows here and lower highs
here in this down sloping trend line,
one, two, three, fourth hit. Should
price push up and get past it, it's
going to test it around $80
79.99.
All right, guys. Thank you guys so much
for taking the time to go through the
video with me and try and give you guys
some insights when it comes to crypto
charting. And yeah, appreciate I hope
you guys have a great rest of your day
and stay tuned for all the content
that's going to come going to come. A
lot of good alpha, a lot of good trading
techniques, and we'll keep it coming.
Leave me a comment below, please, if you
would like to give me any feedback or
anything that you're looking forward me
to incorporate, maybe change up for my
content when it comes to crypto. Again,
thank you guys so much for joining me
today and until next time. Take care.
Take it easy.