It’s no secret Bitcoin’s price is pumping, but we’ve all heard the quote: “buy the rumor and sell the news.” Well, in this video, we’re going to see if that holds any merit. Is Bitcoin’s jump in price a jump, or is it a dump? In this video, I want to briefly go over a little bit on the fundamentals of Bitcoin and what’s currently happening at the moment. I know we’ve probably all heard it a hundred times all over the media, and I’m just going to go over it very briefly. But next, I want to jump into the technicals of Bitcoin and show you guys what’s actually happening on the chart of Bitcoin. Without further ado, let’s jump right to it.
Welcome if you’re new to the channel. My name is Matt Jimenez. I’m an entrepreneur that has worked with the greatest minds in finance over the last several years, and I’m here to pour into you guys everything that they poured into me. Now, we’ve all heard of the Bitcoin ETF, and the reason it’s getting surfaced again is that this isn’t the first time news of a Bitcoin ETF has surfaced. In fact, back in 2013, the Winklevoss twins actually proposed to the SEC a Bitcoin ETF, and it still has not been passed. Since that moment, talks of an ETF have continuously come out in the media, causing a reflection in Bitcoin’s price. And what I mean by reflection is some type of movement. Bitcoin rainbow chart. In this case, the reason why the movement is so aggressive is that, in January (what I’ve seen January 1st and in other articles that I’ve read January 15th), the SEC needs to make a decision on whether they approve the ETF or not. Now, keep in mind, the proposal of this Bitcoin ETF is not for only one but nine Asset Management firms, and one of the biggest ones of the nine is actually Black Rock. And if you don’t know anything about Black Rock, I highly suggest going to the search engine and typing in Black Rock. You will see that they are getting involved in almost every single financial instrument known to man. It’s safe to say they are going to monopolize the entire financial game, no doubt about it, and they work very closely with the government. Bitcoin rainbow chart.
I’m not here to bore you guys with a bunch of Bitcoin news because that’s all everyone ever does is just talk about the news. Because I find it a bit ironic whenever there’s massive news that tends to reflect into Bitcoin price, the technicals often show a foreshadowing of that news soon to come out. In this case, I’m going to show you exactly what I mean. Here is the Bitcoin price action monthly chart of Bitcoin. Bitcoin rainbow chart. And if you guys are wondering what that yellow triangle is right there, if you haven’t seen my previous video on Bitcoin’s break, I highly suggest you go watch it. In that video, I actually talked about the move that was about to happen, which was this exact move. So what that formation is right there is an ascending triangle, and oftentimes when that forms on a chart, that is a breakout pattern to the upside, which is playing out exactly perfect and exactly how I said in that video. So go ahead and just click the link that pops up, and you will see that video. Bitcoin rainbow chart.
Another thing that I’d like to highlight: overall, Bitcoin’s move has always been to the upside. If you track all these lows, they’ve all been higher. And if I were to just grab a trend line and plot it, you can clearly see that each moment that we experience a low and people are saying it’s a bear market, it is still a lower high than the previous one, which indicates we are still in an uptrend and always have been in an uptrend. Even though we’ve had these periods of downtimes, those are just correction moves. Bitcoin rainbow chart. The up moves are impulse movements, and the corrections are to the downside going to an average or rather a means. Now enough of that, let’s talk about the actual price action of what I see happening here. So the Fibonacci tool is an extremely powerful tool. It’s applied throughout nature. If you just type in Fibonacci Sequence, you will see the golden ratio; you’ll see a bunch of things come up, and you’ll see how often it’s been used for many things. Quite frankly, it’s extremely powerful when coupled with financial instruments…
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