Is Bitcoin Going To Crash The Entire Market?! | Keep An Eye Out for This!

Summary

In the latest video on the crypto market, DataDash delves into Bitcoin's recent decline and its impact on the broader market. Offering technical analysis, he discusses Bitcoin's support levels, Ethereum's wave patterns, and XRP's price targets. While Bitcoin holds critical support, Ethereum is poised for a potential upward wave, and XRP appears to be approaching a significant price point. The video emphasizes the importance of technical analysis in navigating these uncertain times.

Highlights

• Bitcoin's price dip affects the entire market; watch critical support levels! 🚨
• Ethereum may soon enter a wave five uptrend, targeting over $5,000! 💸
• XRP is facing resistance after a massive price drop; focus on support zones. 📉
• The crypto market remains in flux, with many opportunities for strategic trades. 🔄
• DataDash emphasizes using technical analysis to reduce emotional trading. 🤓

Key Takeaways

• Bitcoin is currently hovering over a critical support level. If it breaks, expect a sharp decline! 😮
• Ethereum might be primed for an upward wave; keep an eye on the chart patterns! 📈
• XRP is seeing resistance and might head for a dip before bouncing back. 📉
• Technical analysis is crucial to making informed trading decisions amidst market volatility. 📊
• Prepare for potential crypto waves by strategically planning your positions! 🌊

Overview

The video opens with DataDash analyzing Bitcoin's recent 3% drop, highlighting its implications for the entire crypto market. He focuses on Bitcoin's technical aspects, particularly the 236 retracement level, suggesting a possible further drop if this support fails.

Moving on to Ethereum, DataDash discusses the possibility of a fifth wave uptrend. Ethereum's trend line and critical support at the 618 retrace are emphasized, pointing towards a potential rise to over $5,000 if certain conditions hold.

Finally, the spotlight turns to XRP, where a recent wave three drop is analyzed. While XRP faces resistance, specific support levels are being tested. The video suggests preparing for strategic opportunities as XRP nears a potential wave five bottom.

Chapters

• 00:00 - 04:00: Bitcoin Analysis In this chapter, the focus is on analyzing the cryptocurrency market, specifically Bitcoin's recent performance. Bitcoin has seen a 3% drop in value in the past day, impacting the entire market. The chapter explores Bitcoin's current status and potential future movements. Additionally, Ethereum is analyzed from an Elliot wave perspective to predict its next possible moves. The chapter concludes with a closer examination of XRP, analyzing its current position and possible direction.
• 04:00 - 06:00: Ethereum Analysis In this chapter titled 'Ethereum Analysis', the speaker discusses the short-term predictions for XRP and Bitcoin. The focus is on the 4-hour chart analysis of Bitcoin, with observations on its potential movement towards larger correction levels. Currently, Bitcoin is positioned at the 236 retrace, which is considered a bullish retracement level, indicating no definite confirmation yet for a larger downward move.
• 06:00 - 11:00: XRP Analysis In the chapter titled 'XRP Analysis,' the discussion centers around Bitcoin's recent price movements and their impact on the market. Bitcoin is observed to be slightly above a key support level at approximately 95,300, a location it fell to recently, causing significant market turbulence. The narrative highlights Bitcoin's recovery to regain this level, while also noting the next lower support is at 86,000. XRP's performance is likely juxtaposed against these Bitcoin movements.
• 11:00 - 12:00: Conclusion The conclusion discusses the current support levels in Bitcoin's market trend. It highlights that if the existing support level is lost, a drop to 86,000 should be anticipated as it represents the next major support point at the 382 retracement level. Although the market correction lacks clear wave patterns, reliance is placed on these significant support levels. Currently, Bitcoin is attempting to maintain support at the 236 level.

Is Bitcoin Going To Crash The Entire Market?! | Keep An Eye Out for This! Transcription

• 00:00 - 00:30 right you guys let's take a look at the crypto Market from a technical analysis perspective Bitcoin has dropped about 3% over the last day and it has brought down the entire Market with it so let's take a look at where Bitcoin is at and where it could be heading I also want to look at ethereum I haven't looked at that in a while we're going to take a look also where that is with an Elliot wave perspective and where that could be heading next and then at the end we'll look at xrp a little bit more zoomed in see where it is now and where it could
• 00:30 - 01:00 be heading in the short term on xrp so let's get into that okay you guys so I have Bitcoin a little bit more zoomed out here on the 4our chart with the last video that I had with Nick we really talked about how Bitcoin could be heading towards those larger correction levels but we are still um at the 236 retrace which is still a bullish retracement level um so no no confirmation yet on a larger move um
• 01:00 - 01:30 what you can see here is Bitcoin is just hovering right above that 236 level that's at that 95,3 area about um in the last day or so that is the support that Bitcoin dropped down you can see this Wick down here um that really sent the rest of the market in a frenzy um has since reclaimed this level um so you can see here it's just right above there um the next lower support down at 86,000
• 01:30 - 02:00 is still likely if we do end up losing this support level here that 86,000 should be expected that would be the next major support and that is the 382 retracement on bitcoin um so although we don't really have nice clean waves in this correction so far we can just essentially go off these larger support levels um and so far it is trying to hold this support at the 236 um so if I just go down a little bit more zoomed in okay so you can see here
• 02:00 - 02:30 we are on the 1eh hour Bitcoin chart and I just wanted to show you again the type of support that's really coming in at this 236 level um and just like I mentioned if we do break down this 236 support the 86,000 at the 32 is going to be likely next support um and that's what we're looking like here I do think that we're in a little bit of an an indecision point where um Bitcoin could really decide to hold this 236 um but if it does start to break down that 32
• 02:30 - 03:00 should be expected so a little bit unclear in Bitcoin at the at this point but we are holding those bullish retracement levels um even the 382 level could it could still come there and still make a new high up towards our 20 126,000 Target um so we're just waiting on development here with Bitcoin and nothing too decisive has come out of these last moves the last days um so I'm
• 03:00 - 03:30 a little bit more zoomed back out here on the 4our um and you can just see really how long we've been ranging on bitcoin for the at these prices if I were to take my measurement here just starting off at this level so for almost 90 days for almost 3 months we've been holding this 236 retrace support um so this is a very critical level on bitcoin and it really shows just with how long we've spent
• 03:30 - 04:00 here building support yeah so that's Bitcoin you guys overall we are at that 236 support retracement any breakdown will send it to that 86,000 um but these are still bullish retracement levels still bullish Market um we could still be making a new high off of these supports so that's really what I'm looking for on bitcoin and just trying to align Bitcoin with the alts that I'm looking at and seeing if we can get alignment on their pattern since
• 04:00 - 04:30 it's a little bit more unclear on bitcoin um but let's jump over to ethereum and take a look at what ethereum is doing okay so here is the ethereum daily you can see I think that we are in this final fifth wave coming up here and the last final fifth wave of that are really still in this fourth wave potentially um and you can see just really how unclear these waves have been in this fourth wave which is really which is really typical of a wave four
• 04:30 - 05:00 Behavior so you can see that this wave four did not come down into wave 1 territory so this is still valid here as our wave four um it had several attempts at this golden pocket here um so the six one or this 65 golden pocket that's at 2,130 that is critical support here on ethereum this would be the final support keeping another high valid up here towards that 5,000 300 area um so this
• 05:00 - 05:30 is a really critical level here you can see that it really is overall right at support similar to bitcoin it's hitting that trend line that it's built since it's hit that 618 retrace um long ago and continue to build support off that so overall on ethereum I do think this is either the bottom of wave four or the start of that wave five up um and like I said that is targeting up towards 5,300
• 05:30 - 06:00 or 5,700 area um for ethereum um and again to mention the invalidation points for this new high up here are very close um they're right below that 2,100 area you can see if we break down into this prices we'll start to break down into our first wave here which started off this whole Trend so as long as we don't break down below this golden pocket here I do think ethereum is on its way up to a new high up
• 06:00 - 06:30 towards those 5,000 prices so that's what we're looking like on ethereum um definitely over the next few days and next updates that I give you guys we'll track this a little bit further and see if we can really start to get confirmation of that new trend building off of these supports here now let's take a look at xrp going to get a little bit more zoomed in for xrp here all right you guys so here is the 1our xrp chart you can see this massive wave down
• 06:30 - 07:00 was that um liquidation event that happened a couple weekends ago and that was a wave three in the cycle so it's a very obvious wave three um coming down here with massive strength as well since then I believe we are on a wave four which you can see marked here um we did have this wave four high it kind of came down for potentially a b-wave
• 07:00 - 07:30 and then it did make a new local high up to 2.82 um and that became our new wave four high there um so that is our wave four high and we would be expecting it to come down for a wave five from there um I have Targets on the wave five at a195 or $1.96 area so the new so the wave five is not coming in at a new low so that's something important to keep in in mind okay yeah so zoomed in a little
• 07:30 - 08:00 bit more this was that wave four high at that 2.82 and since then we are starting a small correction or or potentially our way five down um to that $1.96 area the sub waves aren't as clear as we'd like them to be um just shortterm really zoomed in here you can see we broke down this trend line here and really started to come down um from there we are now testing this and
• 08:00 - 08:30 it looks like it's finding resistance at this trend line so just getting in zoomed in a little bit further this is just further confirmation that we could be heading down for that wave five down to a $1.96 area which is the projection it's coming at right now um so as we're monitoring this price action this is really aligning with that where it's coming back up it's testing the resistance of that breakdown and we probably will start to come back down from here um so like I mentioned that
• 08:30 - 09:00 wave five Target is coming in um we have the shorter Target at $22.13 so if it gets cut short it could stop there but that full wave five Target is coming in at a$1 9568 so pretty much $1.96 is where our wave five is targeting not a new low and it does look like shortterm we're getting some price action that helps to support that where our breakdown is getting tested as resistance now so we
• 09:00 - 09:30 probably will start to see this price come down a little bit further ideally this wave five would break down into five waves but you can see our waves down so far just are really not giving us any clear pattern so it's just really best to go off of those FIB support levels and then that final Target low so that's what I think is happening on xrp I think we could be on that final wave five um down to $1.96 and from there we could be seeing a really large wave three come through in the market so this
• 09:30 - 10:00 is going to be time to prepare um any positions that you're looking for to catch this Wave 2 bottom definitely look to be getting laded in on these supports as we start to hit them cuz you definitely don't want to miss the wave that's coming next on xrp so yeah this is my xrp chart really don't have a whole lot of clean sub waves short term to look for just really stay focused on those larger term targets and supports for now so I'm back Zoom out to the 4H
• 10:00 - 10:30 hour xtrap you can see it a little bit more clear this is that trend line here that we did break down in the market and have since tested it as resistance so it's going to be really critical for xrp to see higher prices for it to break above this but again it does look like we are finding resistance there and should start to come down from there so those are my thoughts on the crypto Market um let's keep an eye on bitcoin and see if it holds that 236 level or if it does start to break down and come for
• 10:30 - 11:00 that 382 we could see a larger push in the market if that happens yeah so as always you guys make sure you're staying calculated make sure you're using technical analysis tools to help you read the market that is going to take a lot of the emotion out of your decisions and your trading yeah and until next time and I think that's it for today guys thank you so much for watching and I will see you guys in the next video for