BITCOIN ABOUT TO RETRACE HARD AFTER HITTING 60K?

What's up everybody, welcome back to The Art Crypto, the birthplace of absolutely legendary gains. In this video, we are going to talk about what now, right? I've been talking about hitting $59,500 for a very long time, and in fact, I was talking about how we will wick just a tiny bit above $59,500 before dumping, right? And at the moment, things might have changed just a little bit, so So maybe we are not dumping. Maybe we might be going upwards. So if you want to figure out exactly what's going to happen to Bitcoin, make sure you stick around to the end of this video. And this is going to be the last video for this week. It is going to be my birthday tomorrow. So after posting this video, I am going to be inactive for the next couple of days. So make sure you pay attention to this video. All right. Immediately before we dive right into it though, if you haven't already followed me on Twitter at underscore the art of crypto and you know. With the 6,900 followers, then make sure you do. All right, this is where I'm sharing the latest market updates, stuff that I wouldn't otherwise be able to post on YouTube due to time constraints. So if you want to get the latest stuff and any trades that I might be looking for, make sure you follow me on Twitter. So with that out of the way, let's dive right into it. To kick things off, right, there is only a couple of situations that is going to happen from here on out. Now, if you recall, every time I talk about a video, I always talk about how the markets gyrate in between areas of liquidity. So for example, the last area of liquidity was you know over here, over here, right? And that's why we took out all the liquidity before finally moving upwards to clear out this, this, and this liquidity as well as this liquidity right there. So we have just cleared this liquidity above 59,500, and I've been talking about this for weeks. So if you haven't, like if you didn't take advantage of this, I I don't know what to say. I've been talking about this exactly this level, and now that this level has been hit, what next? Well, honestly, I'm just gonna put it straight up to you guys right now. It is a coin flip, basically, right? It's a 50/50 chance for you know couple of things to happen. But if I was to lean towards any one direction, I'm going to say that a pullback might be coming soon. And let me explain why. So, just as I have just mentioned, the markets like to gyrate between areas of high liquidity. And at the moment, it does appear that there is only two possible areas that Bitcoin is going to take. The first one is to clear out the liquidity above this level. Although I do not think that there is a far like there. There is a high amount of liquidity at $65K, which means that the next logical area of liquidity for Bitcoin to clear before moving upwards is going to be below this area right here. Now, by liquidity, all I mean is think of the markets in terms of stop losses, right? If you were to have gone long at any of these points right here, where would you logically set your stop loss? I assume you would have set it like just right beneath this level because you would have been thinking, hey, this is— Bitcoin found support at this level multiple times, and so it must be very good support. So I'm going to set my stop loss right below the support, and if it comes down, it's going to find support. Well, trust me when I say that the market makers and the algorithms, everyone knows this, right? So from this point right here, we understand that everyone is going to be setting their stop loss somewhere in between this level and possibly between this level right here, right? Because this is like the trend line, and everyone's going to be thinking, hey, we're going to retest the trend line and we're going to bounce, right? Doesn't often play out as beautifully as this. This, however, played out really beautifully, and this as well, right? When it wicked above 58K, I mentioned that you're going to place a short above 58K, right? Maybe 58,500-ish, and you could have rode a, you know, 3 to 4% retracement. But otherwise, now that you understand that everyone's stop losses is set at a given area, then you would understand that there is a lot of liquidity right below this level. So I expect that if you do pull back, you are going to retest at least 53K, right? $53K is like the previous high that we just taken out, and there is the saying that previous resistance becomes future support, right? Previously this was resistance, and now that you broke through resistance, hopefully you come down and find support on it. However, sometimes it doesn't play out exactly as beautifully as that. So the second option would be to retest the trend line right here at somewhere about $50K, right? Just mark down $50K to $49,500-ish, right? $49,600, somewhere about there. And the third and final area that I do believe that Bitcoin is going to find a bottom. I don't think that Bitcoin is going to go all the way here, but in the event that it does come down to about $45K to $42.5K. Now, if you watch any of my previous videos, you know that I told you that this is going to be the super strong block, right? This is going to be the block to watch for in order for Bitcoin to find, you know, support before going the next leg up. However, I don't really think that we're going to go All the way to that point. However, you know, it's just a scenario that you're going to want to keep in mind in case it happens. Now, based on the theory of liquidity, you would assume that, hey, um, you're supposed to go down, right? You're not supposed to go up because there's not much liquidity up here. So let us, you know, discuss another theory that why, you know, we might be going down rather than going up. And that is— that has to do with funding rates, right? If you just go on to bybt.com, take a look at funding rates at the moment, you can see that funding rates are not really that bad, right? It's not that bad. Honestly speaking, it is not that bad. However, I want you to really pay attention to this one point here. So usually during the weekends, especially on the weekends, you can see that Bitcoin likes to do absolutely nothing, right? It just builds a range, right? And retail is gonna be like, a lot of retail is gonna look at that and they're gonna be like, oh, that's a bull flag. So if you get a breakout of the bull flag, then you know it's gonna be bullish. But the trap that you are going to be falling to when you do that is that the fact that oftentimes bull flags is just a buildup of a range, right? During the weekends, market makers like to keep the price within a certain range. As you can see, just like the last weekend is a good example of the market makers keeping it within an area. And because of that, nothing is going to happen during the weekends. And that's why I always give the general advice that if it comes to the weekends, it's perfectly fine to just take the weekend off, go do whatever you want. I know crypto is 24/7, but on the weekends you tend to get a lot of nothing. And if you try to trade this range, like there's a saying that, you know, the trend is your friend if you're a trader. You're not supposed to trade a range, right? In fact, the thing that you're supposed to be doing when it is ranging is you're gonna lose money, right? So stay out of a ranging market. Always wait for trend to reestablish itself. So once it breaks out of the bull flag, comes back down to retest, that is your entry right there. Or maybe you enter somewhere around there, right? Don't try to trade the range. So heading into the weekend, we are likely going to be getting a range. And because of that, absolutely nothing At least I do expect that nothing's going to happen on Bitcoin. But what it— what will happen is I want you to think of it this way, right? Retail is going to be looking at this range right here and they're going to be like, oh, uh, it's going to go up, oh, it's going to go down. So they are going to place their bets, right? People who are bears, they're going to place shorts, and bulls are going to place longs, right? Or maybe somewhere in the middle. And what's going to happen is I want you to really pay attention to this chart right here, the funding rates, right? If you see funding rates start going up by a lot, right, Basically, if it starts approaching 0.1% territory, you are absolutely going to be one to be careful of Monday, right? Because if you get to that like 0.1% come Monday, I do believe that there is going to be a significant retracement. Because basically what funding rates tell you is that a lot more people, when it's positive, right, when it's at 0.1%, for example, it means that there is a disproportionately higher amount of people going long than there are going short. And remember what I said about liquidity before? That means that there is a lot of liquidity long on the, on the long side, right? And basically, if the price were to dump like 20%, for example, then everyone's going to get liquidated. And that is exactly what the market makers want, because markets always move in the direction of high liquidity. If you get a buildup of funding rate, then that's going to signal that a dump is incoming. However, if funding rates are able to remain neutral, basically at like 0.01% to maybe about 0.03%, then that is a very good sign that markets are going to keep going up because that means that people are opening shorts over longs, right? For example, let's just take a Binance, right? It's quite even right now, but if you see that way more people are opening shorts rather than longs, then that is going to be a signal that potentially you are going to launch Bitcoin into price discovery. And hey, it's, it's history from there. So not only that, but there is another theory that I want to discuss as well. But before I do, If you have found this video helpful so far, it would help me so much if you could just drop a like button. It's a small gesture, but it really helps me a lot. So I want you to pay attention to— if I just were to draw a swing high, right, a Fibonacci from that swing high to this swing low over here, you can see that before we retraced, right, before we retraced over here, we actually came very close to the 2 Fibonacci extension level. And because of that, I know this is no indication, but it might give us an idea of that, you know, You know, hey, we might not be done with this move yet because right now we are barely past the 1.414 extension. We are barely at the two retracement level. So if you were to like assuming that we are going to be bullish, right? Assuming that we do not just you know dump from here, then do expect this this area right here at about 65k to 66.5k, right? 65k to 66.5k to act as like a reversal point, right? If you were If you were going to build any shorts, I would build it somewhere about that level, right? Similar to this concept where you break above previous highs just a tiny bit to clear out the liquidity and then you start dumping. It is going to be the same theory, right? Just like how on $58K you broke just a tiny bit above $58K and then you start dumping, right? And then like a 2, 3, 4%. So absolutely pay attention to this previous high at about $64.8K. I would personally start building the shorts at $65K to $66.5K. That's just what I would do personally. So basically, what this flip tells us is that potentially we might not be you know done with this move yet. There is still juice to go, and if there is juice to go, then the next logical area to target would be at about 65k. Is that going to happen? I don't know. But during the weekends, I really do not want you guys like if there is one piece of advice that I can give you guys, try not to be placing too too many bets on the weekends, right? At least don't go for a very large position if you have not been in any position like ah ah ah. I just talked about this in my private Discord group earlier over here. And again, if you guys want these kinds of daily market updates, like basically in real time, and the most detailed analysis, like basically every day, so that you are able to make informed investment decisions, then absolutely check out the private Discord group. Not only are you gonna get the latest market updates, stuff that sometimes I do not have time to talk about on YouTube, but you're gonna get access to all the trades that I'm calling as well. Just to show it to you guys, we are making money literally every single day. We just caught AXS recently and we have Chainlink. But otherwise, let's just say that this group is probably going to pay itself off real quick. As a bonus, you're gonna get access to a trading education where I lay down everything that I have learned. This is where you're gonna figure out exactly what works and discard 90% of the things that don't work. So if this is something that interests you, make sure you head to the link in the description below and check out the private Discord group. But otherwise, I already mentioned this in your private Discord group. But for all of you on YouTube, right, I share almost everything free, like for free on YouTube. For those of you guys who remembers, I was saying that this block right here is going to be a very significant block for you to build a swing long position at. And for those of you who did, I, I gave you guys the levels, right? We got in at $40K, right? So all of you guys who did get in with $40K with me, please comment down in the comment section $40K, right? For for those of you who watch my videos and got in with me. So to you guys specifically, right now there is nothing that you really have to do, right? You have rode the majority of the wave, right? You look at altcoins, you look at Bitcoin, you have caught the biggest pump so far, right? And right now, if I were you, I would definitely take some profit at $59,500, right? Just 25%. I do not believe that we will revisit $40K that soon. So this is absolutely— you can absolutely keep this position open as a swing long position. So I have taken 25% of my profit here, and I will take more once we hit like $65K and above. And once we break above $65K and above, I'm going to take another 25% off, and I will leave the remaining 50% of the bag as a swing position. As in, I'm not going to touch it until probably like, I don't know, $75K, $80K, maybe even $100K, who knows. So basically, to those of you guys, I just want to say congratulations, right? We put in the work during the month of September when everything was dipping, And now we just, you know, we're just harvesting our, you know, rewards, right? We're reaping the harvest. And to those of you, like, there is absolutely no rush here, right? You are presumably going to get a range buildup during the weekend, so absolutely do not open any positions during the weekends. And if you were to look to open any new positions, wait for Monday, right? Wait for Monday, wait for direction to establish itself before you do so, right? If it really happened, like, if the this, something like this really happens, then wait for a breakout or a breakdown before you start doing anything. And just remember, right, like, you really do not need to be trading every single day. Like, there's some people who get a very false conception of trading, right, because they are— they come from a background where they understand that, hey, the more you work, the more you're going to get paid, right? Somebody who works 12 hours is probably going to get paid more than somebody who works, let's say, 8 hours. But that's how it works in trading, right? The more trades you take, it doesn't mean that you're going to make more money. What it does mean though is that there's going to be more chances for you to get wrecked. And that's why it's very important that you learn to filter out your trades. You only want to take the best trades because the more you— the more trades you take, because no matter how good a trade might be, there is still a chance of failure. And that means that the more trades that you take, there is going to be a higher chance of failure and you will lose eventually, Right? And that's why you only select the best trades that you can take. And usually, just generally speaking, trades taken during the weekends tend to not, you know, not be the best trades, simply put. So exercise patience and learn to be a sniper, right? One shot, one kill. Don't be like the infantryman trying to empty out a magazine and maybe hitting one or two targets, you know, after a 30-round magazine. That's just a little bit of an analogy, but otherwise the— Like honestly, we are still bullish, right? I know I talked a lot about a retracement and everything, but ultimately we are still bullish. So when you are bullish, right, the trend is your friend. You continue to buy until proven otherwise. I'm just telling you guys that, you know, perhaps this weekend might be a time for you to, you know, just take it easy, right? There might be a range buildup like how we got after we hit this resistance. We got a range buildup and then you got the, you know, the decisive candle. Right now, We're waiting for the decisive candle. The absolutely— yeah, it's very hard for me to give you guys a bullish entry when Bitcoin is over here because I've been talking about how bullish Bitcoin was over here and you should have got in here, right? Getting in anywhere here is just FOMO straight up. So honestly, right now, yeah, I'm just going to be saying I'm a bear right now, right? I'm just telling you guys where might be a good point to take profit and where might be a good point to start building your shorts. At the moment, this area right here could be one, and the next area is going to be at 65K to 66.5K. But otherwise, yeah, it's really hard to be a bull. So if you do, yeah, no, it's really hard for me to give you a bullish entry, right? Just make sure you buy Bitcoin at all of these levels that I've indicated previously, right? At about 49K, 45K to 42K, that's going to be super strong. And most importantly, at about this level right here at 50K, right? 50K, 49 600-ish is going to be absolutely key. And I do believe that Bitcoin will find its bottom somewhere about here, right after you clear out the liquidity. Maybe, maybe, just maybe you might go below here, but I really doubt it as long as we remain bullish. So for now, if you're interested to join the private Discord group, make sure you check out the link in the description. But otherwise, may the gains be with you, my friend, and peace.