Bitcoin Broke $29,000.... New Bitcoin Bull Market?

Introduction

The host introduces the show and mentions that Bitcoin has broken through the level of 29,000.

Bitcoin Breaks Through 29,000

• The host mentions that Bitcoin has officially broken through the level of 29,000.

• If Bitcoin manages to stay up for any length of time, it will put a massive dent in the armor of 28,545.

• If Bitcoin breaks away from this zone and gets on the other side of the mountain, it will start having a very fun time and likely see a multi-thousand rally.

• The April 12th CPI data report dropping at 8:30 am is only 13 to 14 days away. When it comes out, it will be huge news for Bitcoin.

Cardano's Next Bull Run

The host answers a viewer's question about whether Cardano is likely to reach $5 during its next bull run.

Can Cardano Reach $5?

• To reach $5, Cardano would need to be worth about $180 billion because if you multiply its current market capitalization by three then multiply that by five.

• During the last cycle, Cardano approached nearly $100 billion in market capitalization. It could end up doing something similar to what Ethereum did during its last bull market where it tripled where it was.

Cardano's Potential Bull Market

In this section, the speaker discusses Cardano's potential for a bull market and compares it to Ethereum's second bull market.

Comparing Cardano to Ethereum

• The speaker believes that Cardano's next bull market will be its second and could look similar to Ethereum's second bull market.

• If trillions of dollars flow into the cryptocurrency space, the speaker thinks that Cardano could attempt to double its previous highs.

• However, for this to happen, Cardano needs to capture a lot of TVL and growth on-chain. It also needs decentralized application projects, NFT protocols, DEXes, govtech utilization, and government adoption.

Potential Challenges for Cardano

• While the speaker believes that Cardano could reach $5 per ADA token, he acknowledges that there are challenges ahead.

• To warrant high market capitalizations, there needs to be actual utilization of its ecosystem. Otherwise, it may trade sideways for quite some time.

Chat Interaction and Personal Update

In this section, the speaker interacts with chat members and provides a personal update on his life.

Chat Interaction

• The speaker interacts with various chat members who greet him in the morning.

• A chat member mentions that they could become a quarter millionaire if ADA reaches $5 per token.

Personal Update

• The speaker announces that he is now full-term at 37 weeks in his wife's pregnancy.

• He mentions that there is a 3% chance of his wife going into active labor while he is on stream.

• If this happens, he will have to end the stream and go to the hospital. He encourages viewers to follow him on Twitter for updates.

Technical Analysis Discussion

In this section, the speaker discusses technical analysis and provides insights into the current state of the cryptocurrency market.

TA Discussion

• The speaker mentions that there is a lot to talk about in terms of technical analysis but it will be relatively simple.

• No further bullet points are provided in this section.

Pregnancy Update

Jeff talks about his wife's pregnancy and the health of their baby.

Pregnancy Progress

• The baby has been trying to come early for three months.

• The baby is in perfect health as far as they know, full-term, and a good size.

• They have picked out a name for their daughter but are not sharing it yet.

Bitcoin Technical Analysis

Jeff discusses Bitcoin's recent price movements and technical analysis.

Bitcoin Price Levels

• Bitcoin is trading at $28,471 which is very close to an important level that Jeff has been talking about for the last three months: $28,545.

• Bitcoin has been sideways in the last 24 hours which is significant because it shows that it has been sitting at these levels for a while.

• Bitcoin's local high is set at $29,189.75 which is its biggest test yet.

Breaking Resistance Levels

• Bitcoin broke above two previous local highs that were constituted by wick highs.

• Technical analysis played a big role in this breakout and Jeff will discuss this later on.

Ethereum Price Movement

• Ethereum is currently trading at $17,900 and is up only 2.18% over the last seven days.

This transcript does not include any music or non-verbal content.

Bitcoin Rally and Market Update

In this section, the speaker discusses the recent rally of Bitcoin and provides an update on the market.

Bitcoin Charts

• Two days ago, Bitcoin was in a falling trading channel with a price target of around $26,000. However, it rallied instead.

• The support level at $26,860 set by three levels helped to hold for about 12 hours.

• After breaking through the downtrending level of resistance, Lux algo flipped bullish again.

Market Update

• Binance is down 0.42% over the last 24 hours; XRP is down 2.3%; Cardano is down 2.25%; Polygon is down; Solana jumped back into the top 10 because Binance USD is continuing to hemorrhage market capitalization.

• Paxos had an SEC issue with Binance USD and can no longer do anything with it.

Conclusion

Bitcoin rallied despite being in a falling trading channel just two days ago. The support level at $26,860 helped to hold for about 12 hours and after breaking through the downtrending level of resistance, Lux algo flipped bullish again. Meanwhile, Binance USD continues to hemorrhage market capitalization due to Paxos' SEC issue.

Bitcoin Resistance Level Analysis

In this section, the speaker discusses the excitement and hype surrounding Bitcoin's resistance level of 28,545. They analyze a chart from two weeks ago to compare it to the current market situation and predict potential outcomes.

Similarities in Market Trends

• People are excited about breaking through the resistance level of 28,545.

• The market has tested this resistance level multiple times but hasn't broken through yet.

• The speaker compares the current market situation to a previous one where Bitcoin broke through a similar resistance level after multiple tests.

• The speaker predicts that Bitcoin may drop further before rallying up again and potentially breaking through the resistance level.

Potential Outcomes

• The speaker believes that both markets look very similar on smaller time frames, which gives them encouragement for Bitcoin to break through the resistance level.

• They predict that Bitcoin may drop to $28,000 or lower before potentially rallying up and testing the resistance level again.

• The speaker reflects on their previous prediction of Bitcoin dropping $2,000 over five days and how it did not have to drop as far as they predicted.

Bitcoin's Predictive Tool

In this section, the speaker discusses how Bitcoin has been following its own timetable and moving much faster on its bounce. He also talks about bearish factors that could prevent Bitcoin from breaking through the massive level of resistance.

Bitcoin's Own Timetable

• The speaker explains that Bitcoin is following its own timetable and moving much faster on its bounce.

• He mentions that instead of following a time scale like it did back in February and March, Bitcoin is now moving at a much faster pace.

• The speaker expresses confidence that this could be the moment for Bitcoin to break through the massive level of resistance.

Bearish Factors That Could Prevent Breakthrough

• The speaker questions whether a few bearish factors can stop the breakthrough of 28,545.

• He talks about two local highs set by Bitcoin at 28,645 dollars and 29,156 dollars respectively.

• The speaker highlights that there is a downtrend on the resistance levels for RSI (Relative Strength Index).

• He explains what RSI Divergence is and why it is concerning when it comes into play.

Resistance Levels for MACD and RSI

In this section, the speaker discusses how MACD (Moving Average Convergence Divergence) converged bearish during a corrective cycle. He also talks about RSI Peak trends being up or down depending on their location.

MACD Converged Bearish During Corrective Cycle

• The speaker explains that during a massive rally when two local highs are set like they were with Bitcoin, you typically want MACD on your side.

• However, he points out that during this corrective cycle, MACD converged bearish which was not ideal.

• The speaker notes that if you see a bearish MACD cross during a corrective cycle, you'd like to see a bullish MACD cross come into play relatively soon after breaking through the resistance.

RSI Peak Trends

• The speaker highlights that there is a downtrend on the resistance levels for RSI when looking at the local highs.

• He explains that depending on their location, RSI Peak trends can be up or down.

• The speaker mentions that they have a specific dedicated video on RSI Divergence in their cryptocurrency technical analysis Academy.

Understanding RSI Divergences

In this section, the speaker discusses how to understand RSI divergences and their impact on Bitcoin's potential for a massive rally.

Bearish Resistance Levels

• The speaker explains that there are uptrending and downturning levels of resistance on the RSI, which is bearish.

• Bitcoin needs time to reset things by dropping back below 28,545 down to local levels of support before attempting a rally again.

Daily Chart Analysis

• The speaker notes that it takes weeks, not days, to put behind you what is happening on the daily chart.

• There are three things stacked against Bitcoin in its attempt to set new local resistance levels: a gigantic shooting star formation if it closes where it is now; failure to maintain above 28,545; and bearish RSI divergence.

• If Bitcoin cannot close the daily candlestick above 28,545, it would be catastrophic for the technical landscape on bitcoin because it would set up candlesticks indicating that 28,545 is too strong and we can't break it.

Hammer Formation

• The way out for Bitcoin is if it puts in a hammer formation that is trying to form right now in the hourly chart. If that happens and Bitcoin breaks above 28,545 then great.

Bitcoin Analysis and Price Prediction

In this video, the speaker analyzes the current state of Bitcoin's price action and provides a prediction for its future movement. The analysis is based on technical indicators such as MACD and trend lines.

MACD Indicator

• MACD will stay bullish for at least another day if Bitcoin maintains green candlesticks.

• The further MACD gets from zero, the harder it is for it to get any farther from zero. This means that stronger green candlesticks are needed to keep MACD away from the zero level.

• Even though Bitcoin has green candlesticks, MACD is slightly converging bearish on itself because it is overextended.

Trend Lines

• A downtrending level of support at 28,000 intersects with two local lows. It is critical for Bitcoin to hold onto this level of support.

• There are three different trend lines that could potentially give Bitcoin some kind of cushion above 28,000: an uptrending level of support, a resistance level, and a level of support from previous levels.

• Whether or not Bitcoin can hold these levels comes down to the sentiment of the bulls.

Price Action Correction

• Bitcoin cannot rally forever; it must have some kind of price action correction eventually or just a massive bout of sideways action.

• The bulls have rallied the market to this local top nearly ten thousand dollars in three weeks. They need enough strength to go through another massive rally again.

Institutional Interest

• Much of this rally has occurred because of retail interest rather than institutional interest.

Institutional Confidence in Bitcoin

In this section, the speaker discusses the level of confidence that institutions have in Bitcoin and what they need to see before investing.

Institutions Need Confirmation

• Institutions require more than just headlines to invest in Bitcoin.

• They need to see Bitcoin breaking above 32 to 33,000 before many of them will jump into the space.

• Institutions want to see strong confirmation of a bull market before investing.

Transitionary Zone

• We are still in a transitionary zone and need to break through it for institutions to invest.

• The pre-halving phase of the bull market needs to be established.

• Everyone else needs to jump into the space before institutions will invest.

Risk Aversion

• No institution wants to be the first one off the boat on D-Day.

• They don't want to risk losing millions and having their PR department burn them.

• Companies must disclose investments quarterly, so they don't want bad news.

Rallying and Growth

• Institutions may be more willing to invest after seeing a quarter of solid growth.

• Bitcoin has had four consecutive quarters of decline but is now rallying.

• The institutions would love for Bitcoin to trade sideways at $30,000.

Bitcoin Needs to Break $28,545 to Enter Bull Market

In this section, the speaker discusses the importance of Bitcoin breaking through a certain price level in order to enter a bull market. He also talks about the significance of three green candlesticks in a row on the monthly chart.

Bitcoin's Base and Fresh Water

• The base of the entire market is when it was in a bull market.

• There are five trillion dollars sitting on the sidelines waiting to be deployed.

• We're waiting to unlock the largest reserve of fresh water that Bitcoin has ever witnessed.

Breaking into Lower Italy

• To enter a bull market, Bitcoin first has to cross the Rubicon and break into lower Italy.

• It has to get above $28,545.

• The zone between $25,236 and $28,545 is crucial for Bitcoin's movement.

• These levels were discussed since January 2021.

Levels for Bull Market Confirmation

• Three levels need to be broken for confirmation: $21.5K, $22.808K (which was already broken), and $25.236K (already broken).

• Next level of resistance is at $32.935K which would confirm entry into bull market.

Monthly Candlestick Movement

• If March monthly candlestick closes up here, we will see three green candlesticks in a row on monthly chart.

• This hasn't happened since Q1 2019 at top of bull market.

• This could be beginning of something major akin to previous movements.

Bitcoin Bull Market Strength and Confidence

In this section, the speaker discusses how Bitcoin is generating bull market strength and confidence. They also talk about Lux algo, a technical indicator that has called every single bull market in the history of Bitcoin.

Lux Algo Technical Indicator

• Lux algo is a wonderful technical indicator that has called every single bull market in the history of Bitcoin.

• The monthly chart on Lux algo has had a few buy signals throughout history, which have actually called all of the bull markets.

• Buy signals on the monthly chart typically come in quite a bit later than those on the weekly chart, which are better at calling bull markets.

Market Analysis

• The weekly chart is better for determining whether you're going into a bull market while the monthly chart is where you want to analyze a 10-year trend.

• Sometimes it's best to get rid of all technical indicators and just do an eye check on the market. Currently, Bitcoin is trading sideways after a giant rally and hasn't crashed yet. It's in a bull flag and will end up doing very well if given time.

• If something happens that sends Bitcoin above resistance, be it bullish news or other factors, it just needs enough time to stay above 25 236 for something to happen that sends it above resistance.

Conclusion

In this section, the speaker concludes by thanking viewers for tuning in and encouraging them to hit like and subscribe. They also tease a video coming out on Saturday and hint at something they're working on that viewers will really like.

Conclusion

• The speaker thanks viewers for tuning in and encourages them to hit like and subscribe.

• They tease a video coming out on Saturday and hint at something they're working on that viewers will really like.

Introduction

The speaker thanks Shadrack for educating them on a topic and reads some chat messages.

Key Points

• Shadrack is thanked for educating the speaker.

• Chat messages are read, including a quote about losing 40 million dollars in three minutes.

Discussion of Geopolitics and Financial Events

The speaker discusses the importance of considering geopolitical and financial events when making investments. They mention Balaji betting on something, but they are not sure who Balaji is.

Key Points

• It's important to factor in geopolitical and financial events when making investments.

• Balaji is mentioned as someone who is betting on something, but the speaker does not know who that is.

Saylor Buys More Bitcoin

The speaker mentions that Michael Saylor has bought more Bitcoin and talks about his average cost basis.

Key Points

• Michael Saylor has bought more Bitcoin.

• Saylor's average cost basis for Bitcoin is around $29,200.

Technical Analysis and Education

The speaker encourages viewers to hit the like button and check out Club D5's Principles of Technical Analysis. They discuss their job as an educator and encourage viewers to become free thinkers when it comes to investing.

Key Points

• Viewers are encouraged to hit the like button.

• Club D5's Principles of Technical Analysis are recommended.

• The speaker sees their job as an educator rather than someone who gives all the answers.

• Viewers are encouraged to become free thinkers when it comes to investing.

Importance of Making Mistakes and Learning from Them

In this section, the speaker emphasizes the importance of making mistakes and learning from them in order to gain experience and grow. He uses analogies such as going to the gym and tearing muscles to rebuild them with proper nourishment, and compares it to making mistakes in cryptocurrency trading.

Making Mistakes is Necessary for Growth

• Making mistakes is necessary for growth and gaining experience.

• Mistakes can have negative repercussions but can also be turned into a positive learning experience with education.

• Going to the gym analogy: tearing muscles is necessary for rebuilding them, but proper nourishment is needed for growth.

• Similarly, making mistakes in cryptocurrency trading requires education to learn from those mistakes.

Importance of Education

• Education is like protein after going to the gym; it helps you grow after making mistakes.

• Without education, making mistakes will not lead to growth or success in cryptocurrency trading.

• Club D5 Principles of Technical Analysis provides education on what to do when you make a mistake, helping you become a better technical analyst and investor.

Accessing Club D5 Principles of Technical Analysis

• Alumni of CT2A can access Club D5 Principles of Technical Analysis using a coupon code by emailing support@cryptojob.com.

• Beta members who put money into the beta can get a coupon code based on their investment amount.

Benefits of Club D5 Principles of Technical Analysis

In this section, the speaker discusses how Club D5 Principles of Technical Analysis can help individuals become more experienced in cryptocurrency trading and achieve financial sovereignty.

Importance of Learning Technical Analysis

• Club D5 Principles of Technical Analysis has over 60 videos teaching everything you need to know about technical analysis.

• Learning technical analysis is important for becoming experienced in cryptocurrency trading.

Achieving Financial Sovereignty

• Club D5 Principles of Technical Analysis can greatly help on the journey towards financial sovereignty.

• Hundreds of people have gone through Club D5's Principles of Technical Analysis, and the speaker wants everyone to learn how to be experienced in cryptocurrency.

Teaching How to Fish

In this section, the speaker shares a story about his father teaching him how to fish and explains that his goal is not just to catch fish for others but to teach them how to do it themselves.

Learning from Mistakes

• The speaker shares a story of trying to fish with a cane pole as a child and failing until his father showed him how it's done.

• The speaker emphasizes that he wants to teach people how to trade for themselves so they don't have to depend on him.

• The principles of technical analysis taught by the speaker are based on either mistakes he learned or empirical facts.

Wrapping Up

• The speaker thanks viewers for tuning in and announces that he has some exciting things planned for the day.

• Viewers are encouraged to sign up for Lux algo and Club D5 if they haven't already, and coupon codes are available upon request via email.

• The speaker thanks viewers again for watching and signs off.