Hello Promising Traders Alex here from promisingtrader

com I hope you're doing great Now The timer has already started

We have bitcoin here today, the 18th of September It's a twenty to eight in the morning in the UK and this is only paper trading advise never put your real money where I'm saying the money may go, I may be wrong and I only want to help you improving or reaching your trading goals or whatever the goal is in your life by trading and for that I also made a video right here You can find it top right corner in which I explain how to set up trading view, how to add and configure indicators, how to set up my candle scanner, which you can get for free Again, there is a link in the other video where you can download the candle scanner for free actually even in these videos here

Anyway, without any further ado, it's time to begin Please Also, if you enjoy these videos, don't forget to like them It's very useful for us YouTubers

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Anyway Bitcoin Yeah, Bitcoin still in the monthly view is still below the shooting star high, which corresponds to the 382 Fibonacci retracement of this peak here and that's it And we know it

We also see that it's making lower highs all the time You see the upper shadows are getting lower and lower and lower We are a roughly two thirds in this month We have a small body candle with a green body And um, the, with the rejection, still new low new, lower high, I mean, and it's very difficult with this to determine what is going to do even because we have RSI that is, over 60 MACD the crossover

So it looks very bullish And also the 8EMA just made the crossover of the 21 EMA, so it looks very bullish However, we want bitcoin to close above this If it doesn't cause above this and this amount, I don't think it will do it Maybe the next one, it means that it's going to probably either stay here or maybe retest some lows here and there, some supports here and there

Anyway, let's go to the weekly In the weekly we see two weeks, of indecision and actually more, but the last two are very small bodies This one still has to be completed, but this one has a small body with a little bit of rejection in the $10,000 area, which is the 50% retracement of these other high here Maybe if I show the mess, you will find it easier Okay

You see this is the, the famous 382% retracement and this is the 50% so we are trading in these mess of lines here That's why I'm not showing all the drawings because otherwise you won't see the candles because I would, I would delete it but I need to do it when you see it and at the end we still use it in mine of timeframes So let's go and check the date in the daily we see that bitcoin is really following the downtrend white line you see it's really on the top part of it And it's getting lower and lower and lower, closer and closer and closer to the 50% retracement which we have seen already

Being an area of rejections of bulls have always came in and bought but they are buying with less strength because the pressure from above is greater You see there is a kind of descending triangle forming here ever since Quite frankly, you know from here or from the 50% if you want to exclude these and so we can see that the pressure from the bears is very, very strong and the bulls are not really able to cope with it Now if we go in the six hours, we can see that the bear crossover has just occurred Maybe it's not confirmed, but the bear crossover has occurred

What bear crossover do I refer to? Well, I refer to the 233EMA Once again it has occurred like I don't know many times one, two, three, four and this is a sign as I keep saying that is not trending It may go sideways forever Right now Now if we check RSI it looks like it's going to explode or at least make a little bit of a rally

Even MACD is confirming that and also the candles are saying see how many reversal signals we have in here We have a piercing pattern which is very strong an engulfing bull engulfing and an inverted hammer with kind of a confirmation

We need to wait for six more hours to have the confirmation of this But it looks like it's going to go up now up to what, well the first, the very, very first, target is going to be this and if it breaks this then we may have chances to see breaking this, which is the main area that I'm more focused now So this dark cloud here, if we want bitcoin to really go up to show us that there is strength, we want it to close at least above this line And not to mention that we want them to break the 382% but because we are so far away, we really need to see these dark cloud to be broken at least, which means we are going to change polarity and we may be going to trade between 11,000 and the 10,500 each

Okay But at the moment we don't know It may very, very well stop at the shooting star and not even closing above it So, which is $10, 400 and then maybe drop again, we don't know indeed there is still pressure from, from the Bulls at this price time that's undeniable But we don't know how much pressure they can still resist

I mean how many, how many people will keep buying bitcoin if it keeps dropping the way it does and the bear crossover here is still existing So 233 above the 55EMA like in this case, and we can find it very easily if we checked these colors, you with this dark red line is above the green, which is the 55, it means that it's the crossover has occurred Then let me go in the hour and let's see what we can find in the hour In the hour We are still, well, it's really difficult to pick a side for bitcoin right now

I will still be bearish because it's not, if it's not giving me strong bullish signs, I am still bearish But the thing is this, we had recently a better solver of the 233EMA I wouldn't be surprised if it retests it maybe just closing in this area here of the dark cloud or if you prefer the bearish engulfing pattern and then maybe drop again a little bit So this may simply be just a little bit of a rally but not that much after a crossover It is possible to happen because RSI is really not trending high, you see is more or less

It's also going down quite frankly a little bit while the price action here is more or less the same So I tend to believe it It's going to drop again And yet I think I'm done while I did it so fast I don't know

How can I, what can I say to keep you here with me? Nothing I'm going to make soon a, a review of the top five books that I recommend you to read if you're interested And also the moving averages tutorial is about to be done I mean, I have the script I need to do the video now, which is going to take a little while and that's it

Then I'm going to go with MACD Okay, thank you for watching I wish you a great Wednesday and I will see you tomorrow with another update Bye Bye