It'S me Jimbo back for another market update in today's video we're going to be recapping our Bitcoin technical analysis. We will be rattling through oil, the Dow Jones index and gold, because there are huge things playing out on those charts that I think you need to be aware of to conclude, today's technical analysis. We will be charting Co, T which looks like it's ready to absolutely melt faces, but I'll, let you be the judge of that at the end of the video, if you'd like to continue supporting the channel. Please leave a like on this video I'd love to see this one push above 300 and if you want a chance to win the crypto tag, Zeus starter kit make sure to be subscribed to the channel if you're not already and leave a comment down below and We'Ll announce the winner on Saturday, we're gon na start right here on the Bitcoin weekly chart, as we normally do. We'Re currently trading, just above our support line that we have here support resistance line at 6500 atomic recording we're trading at six thousand. Six hundred and forty three dollars whatever you want to point out to you today or on the weekly chart, it's this area of interest on the RSI you can see I've got it highlighted here with this gray box, now take a look back at our 2018 and 2019 mode, this is the last time you trade it outside of this box.
On the downside, what I want to show you guys here is just how powerful our move was once we broke into this box, see here we broke in, we established ourselves above the previous resistance. Once again, we broke through the resistance and found support on it, and once we did we've really moved really quickly. We even bounced down and tested this box of support before pushing up for any further moves. So I think, it's really interesting to see that we're currently coming back into this box. Remember that the RSI is a lagging indicator, so there is still a chance that if we saw a sharp projection on this weekly candle, we would still see a rejection from this potential resistance area. So I think, it's really important to keep an eye on this. Once we come back for our update on Saturday, we'll be able to see more clearly how we're gon na likely close the weekly candle, but just something to watch an area of interest, to focus on let's dive down onto the daily chart and see. If we can find anything else in there of interest, let's start on the daily by analyzing our exponential moving average ribbon, which we identified on Monday and, as you can see here, on mondays and candle, we were currently seeing rejection. We hadn't quite broken into this band. Yesterday'S, candle Tuesday's candle has seen us close above the 20 exponential moving average in this ribbon, which is great to see and, as you can see, we're seeing it quite a lot of volatility on today's candle, whether or not we're gon na close above or below.
If you're, watching this and it's Thursday have a look on your chart, go to the daily overlay, the exponential moving average ribbon here, it is and see, did Wednesday's candle close above this 20 exponential moving averages bottom line or not because if we do close above it And we see support that may suggest to us that we're likely to see a little bit more upturn and we're going to go on to challenge some more of these exponential moving averages. If we close below it, then that might be more of an indication that we're likely to see some downside action ahead. But what we're gon na do now is we're, going to go back to some of our more classic indicators and see what they're, reflecting and now put our trend lines back in view and I've got a couple of indicators for us to look at so obviously, we're Still trending below our key resistance points here are purple previous support line from the uptrend and our big resistance here at 7300. Think if we break all of these things, it's going to coincide all at the same time, the 50 exponential moving average break and these two resistances that's going to be really powerful move. If we do break those and close above them, I think that would really trigger something noise, so that's worth keeping an eye on as the days go on, and we are currently seeing this red candle forming. Of course, let's see how our indicators down here at the bottom are reflected and Konya of our MACD still in the uptrend coming from very low lows.
Because of how long this sell off continued for all the way down at minus 1000 here, which is really really low, so it's good to see us in the uptrend, but we are coming from a very low place. Obviously, our best position to be in is to be seeing the green markers and be above the zero point, we're quite a long way away from that at the moment, but we are on the way up. I just want to point something out here on the TDI. As well, the traders dynamic index let's go full screen on that now. This looks like a noisy indicator, but what I just want to point out to you, without going into too much detail, is how these blue bands that you see on the outside these are formed off the Bollinger. Okay, we don't often see the TDI spend a huge amount of time out of these Bollinger Bands, and if we do, it sees increased volatility, so you can see once we're out and once we breakout, you see these big movements. Okay, so it's usually a lot of volatility which takes us outside of the Bollinger Bands. The reason that I'm talking about this is because we are very fastly approaching our upper limit Bollinger Band here on the TDI moving averages are cleat creeping closer towards which would suggest that we have got to move incoming, whether it's going to be a rejection of the Bollinger Band, which is the most common and most common thing to happen when we hit these Bollinger Bands or if we're gon na see a really big push up and see this green spy.
So with that Bollinger Band resistence approaching on the daily on our TDI, I just wanted to point out a few things on the for our to see if we can see some positions of interest of which is going to indicate to us whether we're gon na breakout Or down? Okay, so just have a look at the yellow lines: pay attention to the yellow lines. Primarily, this could be determined as a rising wedge and if you scroll out a bit further, you could put a flag pole on this and say that it could be continuation of a bear flag pattern. But the flag is a bit long for that, but it could be, and we could also say that we've already broken out potentially of an ascending triangle but I'm, not seeing the volume to match that we haven't seen any confirmation with the volume we're clearly still on A downtrend since the sell off so until we see any clear break of the volume you know it there's no confirmation break out. I put this yellow line in here because I think, if we spring above this it's about six nine, if we get above this and get some for our closes above that, then things are starting to look a bit more bullish and then, of course, we've got that All important line at the 73 to 74 area, which we've highlighted there on the daily chart, the four hour MACD, does look dangerously close to crossing down, but we had.
We do often see this reject and bounce back up. However, with only 29 minutes of the four hour candle remaining, the candle, certainly isn't, looking very strong at the moment, so it's going to be very important, which way this closes and, as I said, there's likelihood that you should seeing this a little bit later than when I'M, recording so go and have a look at the chart, did our for our MACD cross down and if it did, did we break this bottom support line that's, certainly worth watching on the for our, and that would probably coincide with the rejection of our Bollinger Band. On the daily and again likewise, if we break up through these lines, then we're going to be seeing that extra volatility to the upside as we break out of the Bollinger Bands on the daily TDI. So just worth putting these timeframes together and just using all the analysis that we have at our disposal to get a best picture of where we're at so there's a couple more charts that I just want to bring to your attention today, not all strictly crypto. So I'm going to try and rattle through them as quick as possible, but I think they certainly are of interest. So this is first up is CFDs on crude oil. Have a look at this? Would you be buying this pattern? This could be either a spring board test foresee, will retest these 50 levels or it could be the biggest death.
The longest played out death pattern that I have seen probably ever, and if we have a look at our weekly chart, zoom out that little bit further, you can see we found some support here on this long term trend water, what a position entry this could be. If we are to see oil to start recovering now, I'm, just gon na highlight this to you, because I really think it's interesting. This has clearly worked as a support. The question is: are we likely to see oil recover from here or are we gon na see this long term support line break? I think that's really interesting. I just wanted to bring that to your attention there. We still got our MACD flying to the downside, but with such a huge move, that's that's, hardly um, that's, hardly out of the ordinary and but yeah. I just wanted to bring that to your attention huge pattern on oil there. This is going back all the way to 2008, and if this breaks this support line well, we could see it may never recover to any of these prices again after that, unless we see some massive geopolitical event which changes it but, as you can see, even oil Fairly well respects its support and resistance lines. You can it's clear as day that this is playing out in supporting resistance line even over such a huge period of time. We form this support like this resistance line here and we respected it almost perfectly.
We form this support line here in 2016 and yet again it looks like we're on our way to respecting it. Let'S see how the week plays out for oil. This could be really interesting. Next up the DGI – and I just can't – do a video without focusing on this at the moment, just because it's been so crazy, another massively volatile day in the u.s. stock markets yesterday being celebrated it within the top five best performing days of the stock market, but There'S some hidden things that aren't really being displayed in those news articles, and that is that the other four times that are within that top 5 biggest moves on the daily for the stock market were all during or around the time of the Great Depression. So yes it's good to see it pumping back up it's great to see us seeing some support, especially we're, seeing this 50 18 5 18500 area being respected. That we've had highlighted for a couple of weeks now, we've clearly seen support from there and a break back above, but just bear in mind that this big move all the steam. The government stimulus is there being put into place and, at the other four day, the other four days that make that top 5 biggest stock market moves were all in and around the Great Depression. It is good to see us get back above this 21000 and support line, support resistant line very quickly, and we have obviously got the much more significant one here still at 23000 to go, and I just want to read.
Highlife you've been watching my videos over the last couple of weeks. You know that I've been saying about this: an exponential moving average ribbon on the DJI and how we tested it so many times during the 2008 2009 recession. I wonder if this move may coincide with the test of this ribbon over the next couple of weeks, but because we're, seeing such huge volatility, our ribbon is still absolutely miles away. So realistically, we might even pump all the way up to 25000 and still get rejected from this ribbon and break back down so crazy times in the DJI. I just wanted to point out. Keep your eyes on 23300, as the week goes on, I'd. Be very surprised. If it gets all the way up there and this week as we've only got two more trading days left on the DG, I not a problem that Bitcoin has. But anyway, that was definitely a area to watch. Take a look at CFDs on gold. Have a look at what happened here. This is the weekly chart. We'Ve had this big sell off, obviously, which coincides with the rest of the markets tumbling, but look at this briefly below our exponential moving average one came all the way back up and close within it and a huge pump now back up the if this isn't looking Like a bullish on to you – and I don't know what you're looking at we've currently seen, the VIX begin to drop and quite often when the VIX drops.
We do also see gold increasing, and I wonder if that's going to follow through to Bitcoin and as that is now considered or will be considered a digital gold, perhaps and by many of you, and so it would be interesting to see if we do see Bitcoin Catch up with gold and but really interesting to see that it's pumped so hard and so quickly and recovered and really well respected. This exponential moving average ribbon, and I think this is a really good indication of how this works. You can see we've tested it all. The way down but respected it pump back up close within and then BOOM gone, really moved up really good to see. To conclude the TA for today's video, we are going to analyze coati Bitcoin, and this is on the 4 hour chart. I think this may be ready to absolutely melt faces, just as it has done in previous run. Ups for Cody the last time we saw an absolutely monumental raise, and I wonder, if we're about to see that once again, I'm, just drawing a couple of support and resistance lines in place, which I see is quite important and we've clearly broken out of that pattern. And we're, respecting that, with only one minute left of this, for our candle really well respecting those trend, lines we've broken out, we look like we're about to establish an uptrend and just to give that a little bit more extra weighting, let's pull up our old friend.
The exponential moving average ribbon we've absolutely smashed through it, we've come down we've tested, and we are well above it's clear as day we're, going to close above now with only one minute left of this for our candle I'm gon na revisit this chart on Saturday to See just how well cody has performed currently at 240 Satoshi's. I wouldn't be surprised if we go on to test 280 at the minimum. Possibly we go all the way up here to 300 satoshis and whether or not that will happen before Saturday will be yet to be seen. But at the moment this is looking really bullish. Remember I'm, not a financial advisor that's. Just me having a look at this altcoin chart and just tell you how I see it and remember as well, if Bitcoin does something terrible and drops a big red candle on us or even a big green candle on us, but this chart can change very quickly. So it's important to always keep an eye on Bitcoin, whilst we're trend it trading these alts as well. If that's, what you choose to do? Sadly, that's going to conclude today's video, but if you're hungry for more altcoin buzz news come over here to Oakland buzz the IO we've got all things crypto great and great place to come and get your cryptocurrency news. I highly recommend it. If you would. Please do me the favor of slapping me like on this video that'd, be great it's gon na help us get content to more people, and if you want a chance to win that crypto tag zu starter kit remember to leave a comment down below and be subscribed To the channel, if you're not already I'll be back on Saturday for another update, take care out, there guys remember to keep all your general hygiene and all those sort of things up do the social distancing, and this is a really good time to use your time To learn, don't just sit and do nothing.
This is a great time to be productive and I'll.