Hey guys, Len here with Verified
Investing back with another video. And
in this video, we're going to cover a
couple things um but specifically
cryptocurrency. But before I get any
further, guys, please consider liking
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feedback, right, and listening to what
you all have to say. With that being
said, let's hop into it and talk about
cryptocurrency.
Starting with the big one, Bitcoin. Now,
Bitcoin has had a monstrous move up
basically since the 16th of August. An
explosive move up, which as of you know,
Monday last week, we were up about 40%
in Bitcoin in a couple in just about a
month, right? We've since come in a bit,
but I'm gonna tell you why I believe
Bitcoin could be headed higher. Now, in
technical analysis, you kind of see
different flag patterns, right? And in
one case,
a bull flag is a pattern that occurs
when you move up and then have sideways
to downsloping consolidation.
Right?
If you take a look right here where
we're trading now, what do you see? A
nice
up move followed by sideways to actually
downward
consolidation
leading me to believe that we could see
a move higher here on Bitcoin. Right?
But the question is, what are some key
levels that Bitcoin is going to have to
test before it ultimately moves higher?
Well, let me start with the obvious one.
First off, oops, pardon me. First off,
we're going to be watching this nice
pivot high here just around $87,000.
$87,400,
right? That's the highest point we've
got since this nice rally
um so far. After that, let's say we
pierced that level. Well, we're looking
for resistance in and around this
$90,000
level, right? There's all of this
sideways consolidation and chop leading
me to believe that Bitcoin should stall
if we get up there.
And finally, if we continue to push
higher,
we have two final levels. We have the
highest point we've got all year, just
around 97,924.
So basically 98K.
And then of course the key psychological
level of $100,000,
right?
If you're taking a look and wondering,
well, do you have other factors other
than these pivots?
We definitely do.
Something that I love doing is
connecting previous highs. And in this
case, I'm going to take the high from
May through our recent highs just last
week
and draw a nice trend line here, ups
sloping trend line. This trend line will
continue to provide resistance as it has
so far. Now, this isn't an inverse head
and shoulders just because this is ups
sloping, right? But if you paid
attention to some things I've said
previously, there was a nice head and
shoulders here. Albeit a very, very
small right shoulder here on Bitcoin
previously.
And let's just go ahead and find that
measured move, a measured move, as Drew
likes to say, by taking the bottom of
the inverse head, connect it to the
neckline and to the breakout. That put a
measured move just to about $106,000.
[clears throat]
Now, just because there's a measured
move doesn't mean we need to completely
go there, but rather it could be, you
know, a signal that a breakout is
coming. You eventually did have that
breakout now kind of chopping sideways
and you might have something that just
repeats like this. a very common
stairstepper
pattern, if you will. So, this is what
I'm watching here on Bitcoin. All right,
next up is Ethereum. And Ethereum,
unsurprisingly, looks just like Bitcoin,
right? You went up, you chop sideways,
you go up, and you continue to chop
sideways looking for that move higher.
For Ethereum, we have a couple other
levels of resistance, but the key one
that I'm watching, you're watching, that
everyone is watching, is the key
psychological level right here, just
around
$3,000.
Right? Buyers and sellers are generally
drawn towards these whole round numbers
um especially when they're psychological
numbers.
>> [snorts]
>> How many times, for instance, do you go
in and say, "I'll bet this amount of
money and at the casino or whatever, and
I'll stop when I reach $1,000. I'll stop
when I make a hundred bucks." Or in this
case, when you're trading something like
Ethereum, I'll sell it when it gets back
to $3,000.
Right?
That's why you're getting these nice
psychological levels where buyers and
sellers are sitting at, right?
So $3,000 is my next resistance levels.
If we can break up and out of there,
that's just around my target. That would
be a about a 12% higher move. Moving on
to the rest of the charts, you can see
XRP kind of doing the same thing, right?
But it's different in that with Bitcoin
and Ethereum, it's kind of this
stairstepper up sideways up sideways.
But in this case, it's up sideways.
And this next leg up has failed, has
gotten rejected. We're at a$1.70.
Right? So this is going to be the key
level of resistance XRP wants to needs
to needs to beat rather before it can
head towards this resistance here around
$1.90 right which is the next level. I
anticipate some selling pressure to come
in. Next up
kind of decoupled from Bitcoin, right?
It did have a you know similar
stairstepper or up sideways up sideways
pattern but
its pattern it's overall chart looks
significantly different on this one. The
key level of resistance is just going to
be all in this area here. You have all
these previous pivots and sideways chop
just around here. You see how many times
we traded in and around this area. We
even reached there as a pivot high in
May, 10th of May. So if it wants to head
towards the new high, the
[clears throat] previous highs of the
year, it first needs to surpass this key
level of resistance here around a$140.
And finally, LTC Litecoin, right?
Litecoin a little different here. This
is definitely a smaller coin, right? And
we are seeing that kind of up down to
sideways, up down to sideways, up down
to sideways. And we'll see if this can
continue, right? Should it continue? For
me, I'm looking all around this $80
level for resistance here on LTC just
because of previous consolidation and
trading action in and around these
levels. All right, with that being said,
that's all I have for you today. Again,
my name is Lenho here with Verified
Investing. Please consider liking this
video, subscribing to the Verified
Investing YouTube channel, leaving a
comment down below. Hope you all have a
great rest of your day, and I'll see you
guys next time. Bye-bye.