Is The Bitcoin DUMP Over? Here's what you need to know | Bitcoin Price Prediction and Analysis 2021

What's up everybody, welcome back to The Art Of Crypto, the birthplace of absolutely legendary gains. In this video, we will be taking a look at Bitcoin because we all know that Bitcoin is the mama bear and whatever happens to Bitcoin is going to happen to the entire market. If Bitcoin decides to take a dump right now, believe me when I say the entire market's going to take a dump too. So it would be in your best interest to pay attention. But before we dive right into it, Guys, I called all of these limit orders in my private group during that dump. All of these limit orders were exact sniper entries, my friend. Look, my limit was set at 44.6, and look at where the price came down to— exactly 44.6. So if you haven't joined the private Discord group yet, it's already closed, but stay tuned for the next quote-unquote intake. But in the meantime, I want you to follow me on Twitter at _TheArtOfCrypto so that you can stay up to date with all my crypto market updates. And with that out of the way, let's dive right into it. So right off the bat, before we start anything else, I just want you to know that there is absolutely no rush to be getting into the markets right now. If you are getting into the markets or FOMOing into any trades right now, chances are you're going to get wrecked. Like, absolutely wrecked. Here's why. Until Bitcoin breaks either one of these 2 levels right here, this level at the previous all-time high and this level at $48K, Until Bitcoin breaks either of these levels, we are simply in the middle of nowhere. So there is a saying that you trade with the trend and you do not trade when the market is ranging. And this is exactly the reason why, because when Bitcoin is ranging like this, it's very hard to make money. Like, sure, you've seen altcoins recover really, really nicely. You've seen some altcoins pump like EOS, like Reef. And by the way, I was calling Reef on Twitter since 2 weeks ago and I said that it was That it would be a good swing trade. I hope some of you guys took that Reef trade because holy, you would be up. Like, you would be up massively. Because when I was calling Reef like 2 weeks ago, it was like, what, 30 cents? So yeah, 2, 3 weeks, that's a 70% gain right there if you took the trade. But anyways, I digress. Back to Bitcoin. So if you are trading the markets right now, you can attest to how absurdly difficult it has been. Usually breakouts would have became fakeouts and You know, the price is just really, really choppy. It's really hard to make money when the market's ranging. So you want to be patient here, all right? Patience really pays off in the crypto markets. Like, just take the week off or whatever, right? I haven't been trading for like the last week because I know what Bitcoin's doing, right? Other than those sniper limit entries, I haven't been doing much trading, I'm not gonna lie. And so has my private Discord group. I've been warning that now is not the time to trade. Now is the time to be patient because Bitcoin Doesn't know what it wants to do, so that causes the market to not know what it wants to do either. So seriously, be patient. So let's actually dive into Bitcoin right now. So in order to do this analysis right, we definitely have to turn on Market Cipher. And here's what I'm seeing on the four-hourly chart, which could be very concerning in the immediate future. So right now, we are definitely testing this line right here, and I hope we do not break it. Because if you see over here on the 4-hourly, this is actually where this purple line right here and this orange line— basically all of these are major moving averages, but this purple one in particular is a 200 EMA, which if you are a longtime follower of my channel, you would know that I always say that the 200 EMA on the 4-hourly acts as really good dynamic support or resistance in any trend, which means if you break This 200 EMA, it would be safe to assume that some downside might be incoming. And by some downside, I mean like 51K, 52K levels, probably closer to 51K. Now let me explain. So at the moment, here's what I'm seeing on Market Cipher. If we just draw what usually happens, you can see that momentum has been curving down, right? And usually we want to get a formation of trigger waves. Before I can confidently say, okay, the market is at the bottom, we are full-on recovery mode right now. But here's the issue, we haven't formed an anchor wave yet. And in fact, none of these waves since the 24th of April, right, none of these waves have been anchor waves, which is why I say the market's just been really choppy. So here's what I'm saying is the most likely course of action, even though that it might not be what you guys want to hear. So right now, if you see, if you just take a look on the VWAP line right here, so this yellow line, this is a VWAP. Money flow is curving into the red. Stochastic is curving down. So what I'm assuming would be the most likely course of action is actually for the price to do something like this, and then we're gonna form an anchor wave, and then we're gonna come up a bit, and then— my bad, it is not like that. So we're gonna form an anchor wave, and then the price is gonna come up, recover. It will look like it's gonna recover, and it's gonna drop a little bit more And then doing something like this. So here's how it would actually reflect on the actual chart itself. So right now, if my predictions come true—I'm not saying it will come true, right? I'm still bullish. I'm still bullish on Bitcoin. Bull market's not over. But in the immediate short term, this is what I see happening. So Bitcoin will either come to the 52.5 or the 51K level, and then it will sort of recover, and then it'll move. Even lower to about, I would say, 48k or 49k before fully making a recovery. This is what I'm expecting for Bitcoin to do, and it sort of matches up actually if we use the Elliott impulse wave, right? You can see that if we follow exactly this theory, this would be a very nice impulse wave theory right here. So something like this, and then we're going to have our ABC correction wave Right afterwards. So something like this. But of course, this is all just a potential, and this is what I'm seeing from Market Cipher. Always like to say, Market Cipher allows you to know what is going to happen before it happens. And at the moment, it does seem like that. But let's not get bearish so quickly, because if we go down to a lower time frame, we might even get— we might even get a clearer picture as to what might happen. So if I go down to the 1-hourly chart, you can in fact see that we are definitely 100%— we're coming down. Right, this is a, this is a big red candle, right? But here's the thing, we have already formed anchor waves on the 1-hourly, which means if we do come down here right now, unless we go down to form another anchor, then, then yeah, then I wouldn't have been able to predict that. But based on just, you know, traditional market cipher, it would come down to form a trigger wave either here or like here, and then price would go up one last leg before coming down to form an anchor if that's what it wants to do. Which means we probably have a few more hours of upside remaining. So just based on traditional cipherlytics, if you would call it, usually what I would expect to happen is it'll come down to form a trigger wave right here, right? Because the VWAP is already like super low, so stochastic RSI is pretty much at the bottom too. So I'm actually expecting both of these to reset a bit. So this will be a trigger wave. Now there are 2 possibilities that could happen. The bullish possibility is that price does something like this, and then, and then we are through to the races, right? We'll break past $59K and the market can continue to be bullish. But here is the bearish scenario, because over here we are grand strategists, we are not biased towards any one direction. So the bearish scenario would be something like it comes up, and then because this is a trigger wave right here, right, momentum is coming down, it will actually come down to form another anchor wave. Before going up. In this case, the bearish scenario actually seems like the higher probability trade. Now, I always say that in trading it is a game of probabilities. Nothing is absolute. So we always take the higher probability trades. And right now it would appear, right? It would appear that Bitcoin is Bitcoin has a higher probability of going to the downside. Now, I'm not saying it will happen, but I need you to keep an eye out for that. So here's another scenario I want you to pay attention to. At the moment, you can see that this is the most recent higher low right here, and this is the most recent higher high, right? Which means anything that happens between these 2 ranges is actually just noise. Which means if we were to be bullish on Bitcoin, I would actually look for Bitcoin to first off not break this support level right here, because then we would still be continuing to form higher lows. Here's what I mean. See, here's low number 1. This is a higher low. This is a higher low. And this is a higher low, albeit just a little bit, but nonetheless it is still a higher low. So my first support level, if Bitcoin were to dump from here— look, I'm not saying it will happen, but I need Bitcoin to hold somewhere in between $55.8K, which is fairly strong support I would say, and like I need it to hold the $53K level. Because if it doesn't, then we are 100% going down to $51K and potentially $48K at the end of the Elliott Impulse Waves. So here's how I would trade the markets right now based on this knowledge. It is simple. I would not overexpose myself to the markets right now. Even if I do, I would get in and I would get out quick. And another thing that I would trade, another way that I would be trading this market right now is to build up my spot positions because I know when Bitcoin recovers, When the market recovers in general, all these coins are going to recover in a bull market. That's the beauty of a bull market. You can pretty much just buy knowing that it's going to come up. So you want to buy these dips, right? If there's any coins that you're looking at, dollar cost average in, not too aggressively, because Bitcoin definitely, I believe, still has another leg down unless we hold this support level. Then yeah, I would say the market is recovering because we just zoom out to say the 8-hourly chart, you can see that we, we, we really need this $53K level to hold because otherwise we are breaking through even the 200 EMA on the 8-hourly, which is not a good sign in general, right? And you can see like momentum has been coming down, but who knows, who knows what will happen. So I need you just keep Bitcoin at the back of your mind, or in fact at the front of your mind, because it is so important that you know what Bitcoin is doing before you jump into any markets. Days ago When I predicted that Chainlink and Solana were gonna dump, I was saying that because Bitcoin was at resistance. Even though they did pump by a bit, it was the lower probability trade, right? When Bitcoin's at resistance, you take it easy, right? Take the day off. Nothing's gonna move well when Bitcoin's at resistance, especially when it's ranging like this. Remember, anything that happens between $65K and $48K is just noise, right? Until either one of these levels are broken, or at least until the $59K level is broken, I would not say that we are really clear of danger yet. So in the meantime, I just need you to be patient, right? Take a week, 2 weeks off of trading. Market's always going to be here, right? 2 weeks down the line, market's still going to be here. But if you recklessly trade the markets right now with this kind of choppy price action, you are just going to be giving your money back to the markets. So in 2 weeks' time, market's going to be here, but your capital isn't. So seriously, patience pays. Until we get another clear higher low formation, I would chill, right? Because if we get a higher low, let's say on this level or perhaps at this level right here, then yeah, we're safe. If we get a bounce right here, boom, to the moon, right? Or if we come down here, then boom, we're off, right? But until this happens, right now Bitcoin's in the middle of nowhere, so there's no need to rush into any trades right now. Seriously, just build your spot positions, right? If you are in profits, take those profits and keep yourself liquid. I believe that's what most of smart money is doing right now, which is just staying liquid. I, I personally have about 50% of my account liquid right now, and I know that recently we have had a lot of coins pump like crazy, like Qtum, like Reef, like EOS. But I'm not rushing. I'm not rushing at all. Capital preservation is key because market's gonna be here all the time, but if you don't have any capital to trade, you're out. You're out of the game. So cherish every dollar like it's the last, and for now, patience will pay. I know it's been a very tough two weeks. You've seen a lot of coins pump, but at the moment, Bitcoin seriously, right? It's it's in dangerous territory until we get a higher low formation or clear indicators or clear indication that market cipher is gonna boom to the upside. I would just be patient. But in the meantime, just build your spot bags, right? This is shopping season right here. If there's any coins that hasn't pumped yet. And I'm giving WINK as an example here because I believe WINK has lots of potential in the upcoming week, 2 weeks, 3 weeks. Go look for coins that haven't pumped yet, right? Look, WINK is down almost 78% from its all-time high. So look for coins that haven't pumped and go build some spot bags on those coins, right? Come 2, 3, 4 weeks' time, you are going to thank yourself for it. I feel like I am being a broken record By repeating this so much, but I really need you to pay attention to Bitcoin dominance, right? Look for a bounce at this 40 level here. Once you get close to that 40 level, I need you to get out of your altcoins because it is going to bounce and your altcoins are gonna bleed. Now, if you enjoyed this video so far, it would help me immensely if you could just pump the like button to the moon. And if you watched till this point, I want you to comment Bitcoin. In the comment section so that I know who are the real dedicated people in crypto right now. And besides that, we are absolutely killing it in the Discord server. We have been making money even during this dip. So look out for the next intake of the Discord server if you are looking to get into it. But for now, as usual, may the gains be with you, my friend, and peace. Peace.