Where is Bitcoin Headed in this Bear Market?

Hey guys what’s up it’s frank here from Altcoin buzz Good morning good afternoon or good Evening wherever in the world you find Yourself so Today of course a lot of pain has been a Lot of pain in general over the past Not only the week but the past several Weeks we have been in a very steady and Clear downtrend on all the relevant time Frames really on bitcoin so of course The question on everybody’s mind is Where will bitcoin find a bottom have we Bottomed out so that’s what we’re going To look at in today’s video we are going To look at bitcoin on the log chart Because that shows some very interesting Information Which i will reserve until the end of The video there really is some hope uh Based on two indicators here that we are Potentially at or very close to the Bottom right now and of course we will Also go down to the four hour time frame To really look at the nitty gritty Try and figure out where we can Potentially find support And just in general try and make sense Of the price movements of course i will Give you the next major support levels To be watching out for as well as the Resistance levels on the way up now for Those of you who don’t know al quinn Buzz is first and foremost a crypto

Investment research company and we have Been providing you numerous 100x returns Since 2017. so if you want to get in on that Action join our alt queen buzz access Group where we document up-to-date Research covering undervalued altcoin Gems nft minting opportunities and our Portfolio strategies so if you want to Take part in the action click the link Up above or in the pin comment section Down below If you like this content also please Don’t forget to like subscribe and click The notification bell so that you don’t Miss any future updates And finally please note that none of This is financial advice [Music] Okay so bitcoin yeah we’re seeing these Big red numbers and it’s really easy to Get emotional here i understand that a Lot of you probably have been suffering A lot through this dump but really i’ve Been in the crypto market for Well five years now and i’ve seen dumps Like this before and the only thing on My mind is wow this is an amazing Potential buying opportunity now that Doesn’t mean to say that we are at the Bottom but certainly when we see these Types of retracements and if i go to the Weekly time frame here i can show you How big the retracement is

The retracement currently is Almost a 70 Retracement all right so the past times That we’ve seen this type of retracement 70 It has marked all-time Lows for bitcoin so for example let’s go Back here to 2012 we saw a 84 Retracement that was the bottom and then We saw after the 84 retracement what did We see We saw 12 286 percent uh up from there all right So it’s just to remind you that yes it Can be painful but if you hold on long Enough history shows that bitcoin will Not only survive but that it will come Back stronger that is it is anti-fragile All right now the next dump we saw we Saw a retracement of 74 percent what did We see after that we saw a pump of 1686 percent again okay next time we saw A retracement again reminder that the Current retracement is 70 The next time we saw a retracement was Back here in 2014 Of course this was a bear market 86 Percent what did we see after that Massive pump 12 286 again all right and Then again finally the most recent bear Market that we had Back in 2018 2019 83 dump and from there We saw to the Recent all-time high just over 2 000 so

It’s just to remind you to look at the Bigger picture all right and the bigger Picture is that now we are either at or Very close to a bottom based on these Previous pumps and dumps that we’ve seen In bitcoin’s history and as you can see From the long term graph everything is Going upwards Okay so we are here now on the daily Time frame for bitcoin usdt here i am on Binance usdt i use binance for the lower Time frames but bitstamp for the longer Timeframes because it has more history All right so here clearly we see we saw This absolute massive brutal dump you Know within a very short time frame we Saw a 34 retracement for bitcoin which Is you know it’s pretty rare that we see That type of retracement i mean the last Time we saw such a violent dump was back Here in may and here we saw a yeah Almost 50 so you know it it just just Goes to show that a this is rare but b We could see further downside Now when it comes to the rsi where you Can see that we are currently at the 21.88 level and history shows that yes We have seen this level before however This level has often marked a bottom Whether when we reach either this level Or just below it so again yes we could Absolutely see further downside based on The historic rsi of the four-hour chart But we are very likely to see a big

Bounce Somewhere at the current price range or Sometime over the coming days okay so Remember at the beginning of the video i Told you that i would be telling you About two important indicators which Show that we are either at or very close To a bottom the first one is the rsi Two times in the past at this 43.76 level we found a bottom for Bitcoin it was the all-time low back Here in january 2015 it was the all-time Low back here in january 2019 in fact Here we saw the all-time low just before That So really there is two signs here that We are potentially at the bottom now of Course there’s another 15 days left on This month this that means that the Price could move a lot more down from Here and and come back up and this would Still end up closing around the level at Which it is currently so again not a Sign that we are at the very bottom Right now but that Certainly we are close to a very bottom When it comes to previous price history The next thing to look at is the log Chart here this diagonal support Going all the way back to 2 from 2013 Until now we saw one two Three supports on this line and now if We come down to this line we will reach Approximately the 17 000 level just

Above the 17 000 level so that is Definitely a potential support And when it comes to actual supports and Resistances let’s start by going down to The weekly time frame So the initial support i think would be At the 19750 Level this marked a previous high the Peak of the 2017 bull market And the next support level would be the Next peak that we had around the 17 250 Level as i mentioned that is Particularly relevant level as we saw This diagonal trend line going all the Way back to 2013 so very good chance That we find support there and then Finally of course at the 13 909 level we found resistance here in The past So there is some chance that we find Support there now as i mentioned we had Three or four dumps in the past now just As a reference point we currently have As i mentioned uh almost a 70 Retracement in the price of bitcoin we Have seen retracements this large in the Past in fact at least four times we’ve Seen a retracement of approximately 80 We have reached 85 retracement in the Past so it’s just a reminder that yes This is likely a very good buying Opportunity certainly in terms of dollar Cost averaging over the coming weeks and Months but there is a possibility that

We see according to what has happened in The past anywhere up to potentially an 85 retracement which would as it so Happens take us to this absolute Critical support of 11 500 Or so because we have multiple multiple Highs here in the past and we have a lot Of volume coming in here in terms of Historic volume so yes there is a chance That we get all the way down here my Best guess honestly is that we get to The 17 000 level i think that’s the best Bet there as i mentioned we have this Historic Support on the log chart that would Already be a 75 retracement on bitcoin Which is already a very market Retracement and finally of course this Monthly rsi that i mentioned again i’m Going to show you now this monthly rsi Would potentially find support here as It has done in the past guys i hope you Enjoyed this video if you did please Don’t forget to like comment And share and subscribe And feel free to check out my other Videos i cover technical analysis here On altcoinbuzz in an easy and simple way To understand and guys with that being Said I’ll see you in the next one [Music] You