what's up everybody brad here with the money dad
channel in this video i want to go over bitcoin because there are a couple of patterns shaping up
on this chart that i think are pointing towards uh higher prices here in the extreme near future
uh maybe a couple of days maybe a week or so so i want to get this video out there to notify you
guys maybe get your thoughts down in the comments below let me know if you think these patterns
are going to play out if you if you think they're legit or not um so i'm going to show you all that
but i want to just point out uh first before we get into the patterns uh look bitcoin was up three
percent today it's up to 57 650 at the time of uh this recording or this actual second because this
thing you know bounces up and down like crazy so by the end of this recording who knows where
it'll be but uh you know this is monday march 29th and the day in the stock market was pretty
red uh s p 500 did end up closing right around the flat line but if you look at the small caps
and they got crushed uh everything in my list over here is red i mean not absolutely everything
but pretty close except for the extreme mega cap stocks like facebook was up big today um i have
a video on that by the way i see a very bullish uh pattern on that one if you guys want to check
that out if you haven't seen that video yet uh apple was pretty close to flat but i guess
technically green uh microsoft a little down tesla down amazon was up almost a percent and
google was up a percent so a lot of the mega cap stocks were up and that's kind of telling us
that we're seeing a big shift from growth stocks and the small cap the kind of riskier stocks
to the more safe plays the value stocks so it's a defensive move it's not a good sign for
uh the stock market going forward but it's not it's not the only sign out there you know it's
not the it's not like you know that is the uh the only thing that's telling us which direction this
this market is going anyway that's a whole another topic this video is going to be about bitcoin
i just wanted to point that out because bitcoin is up pretty big today on a day where everything
else was was down so let's get into these uh chart patterns because there's a couple of them shaping
up like right this second um i have the daily candlesticks pulled up in trading view right now
so each one of these candlesticks represents one day and and for bitcoin that's 24 hours of trading
because it never stops trading it's 24 7 over the weekend at night everything so each one of these
candlesticks represents 24 hours of trading but these patterns are shaping up in a pretty
small time frame so i'm going to zoom in a little bit more on these i'm going to jump down into the
15 minute candlesticks so let's break that down and make it look a little bit better so this
is each one of these candlesticks is 15 minutes of trading and like i said uh bitcoin trades over
the entire day it doesn't you know it's not the stock market it doesn't open at 9 30 eastern and
close it uh four o'clock in the afternoon eastern it trades you know at midnight at
two in the morning you know any time so you have a lot more data to work with per day
right you have these are 15-minute candlesticks and the 29th march 29th starts all the way back
here right it's a lot different from a stock where you don't have nearly as many candlesticks
per day anyway march 29 started right here and look what we have this big old bull flag going
on right here and this all happened in one day right march 29th starts right here so
you have a bull flag that played out over the course of one day and it's going to
project you know it's it's a it's a bull flag so it's a it's a bullish indicator for the very
short term because this pattern took one day to form so we can project you know it's probably
going to take a day or less to head to its price target but this is a nice big bull flag it's
going to give us a nice big price projection and there's another pattern that i found
look this is actually the second pattern that i found but i'm going to talk about it
first because it has a lower price target so i'm going to show you guys this one the pattern
the price projection and i'm going to show you the other pattern that i found that's even
more bullish than this pattern and i published that one already on a trading view if you guys
follow me my name on here is important imports made that name a long time ago when i made my
trading view account a long time ago that was well before uh any money dad stuff anyway you follow me
on uh trading view important imports uh you'll see every once in a while i i publish my trading ideas
on here there's this publish button you can draw you know pictures you can draw whatever you want
on these things sometimes people literally just draw pictures but no i actually draw you know
chart patterns or what i think are chart patterns anyway so let's do let's get a price target from
this bull flag and then we'll move on to the next uh pattern that is even more bullish and
i'll have an even higher price target on the next one alright so let's do this
bull flag so you have you start your flagpole like this right we'll actually bring
it all the way up to the high so right there and so we have our flagpole right that's our
flagpole so that's going to give us kind of the um the price so we're going to use that the
size of that flagpole eventually to create the the price projection but uh we also
want to make our our flag right so you have something like this it's not the
most perfect flag but it's not bad i would still call that a bull flag it's i mean
it's close um so you can see now we have kind of what looks like a flag pattern right you got a
flagpole you got a flag it's pretty close you the volume is playing its part you had this nice big
run up in price right here on increasing volume right you see the volume is down here increases
and then as your flag plays out the volume decreases so that is doing its part so that all
makes sense so what does this mean well this is a a bullish this pattern suggests that we're going
to have a breakout to the upside uh based on the size of this flagpole so you take this flagpole
you copy it you paste it so now we have an exact replica and we start it wherever we think our new
bull trend is going to start so if we think maybe this right here is our new low that's the lowest
we're going we're going we're heading up from here then we start our new bull trend our flagpole
right there all right so we start it right there and this gives us our price projection and this is
projecting this is telling us we're going to sixty thousand five hundred dollars on bitcoin that is
significant because we're currently sitting at 57 just under 57.5 right so we're talking about 3
000 of upside on a roughly sixty thousand dollar asset right so three thousand on sixty thousand
is about five percent roughly right so that's a roughly five percent move to the upside and
this is suggesting that it's going to happen in like one day so pretty interesting stuff
there um you know is it going to happen are we going to get a five percent move to the
upside in one day you know um i i wouldn't bet my house on it but you know this these kinds
of bull flags have a pretty high probability of hitting their price targets now i don't know
that it's going to hit it in this time frame but i wouldn't be shocked to see us get up to that
60 dollar range you know over the next week or so um i think one day i mean hey you know bitcoin
does move pretty crazy so who knows right um it could absolutely rip to 60 000 over the next day
or so and it wouldn't even be that strange of a movie that would be totally normal for bitcoin
right i'm just not going to bet the farm on it but like i said i wouldn't be surprised if it if
it did head that way over the next week or so now why am i zooming out because i have another
um pattern to show you guys that's even more bullish than that one alright do you guys see it
yet any uh long-term followers of the channel uh see what's going on here let me give you a hint
let me draw one line give you a little hint what do we got here does that help maybe
if i get rid of the bull flag that'll help is that if that's confusing anyone all right
now what do we see this my friends is a shoulder upside down so inverted this is a head and this
is a shoulder and then we have broken out above the neckline and we're currently retracing
potentially to the neckline then you test it bounce off of it and break to the upside for sweet
sweet gains that is an inverted head and shoulders and this is the pattern that i already posted to
trading view um so feel free to check that out if you want but i'm going to do it in this video
again anyway just to just to show you guys so this is the idea of an inverted head and shoulders
it's another bullish pattern it suggests we are heading to the upside on bitcoin over the short
term so maybe uh you know a couple days to a week and it's got a higher price projection than
that bull flag that i just showed you so i'm going to clear off this this yellow squiggly
line that was just to give you guys a rough idea of how it plays out now i'm going to
give you an exact measurement or maybe not exact maybe not to the penny but but at least
a lot better than what i was just drawing out for you so how do we get a price target from a
head and shoulders or inverted head and shoulders you take the head the tip of the head measure it
to the neckline and you however you know whatever distance that is whatever price change that is you
add that to the neckline from wherever you test the neckline and then break out from there you add
it to there and you get your price target okay so go over here we're gonna grab our price range tool
start at the bottom of the head um measure up to the neckline we get a move of about six thousand
two hundred and seventy dollars massive move so i'm gonna grab that copy it paste it nope
that is that is not what i copied that is the uh the line from the bowl flag so i'm going
to copy the price range there we go got a nice accurate copy this time we're going to move it
to wherever we think we retest and then head up from okay so if we think we come down here touch
the neckline and then head up from there we move our price uh range to sit wherever we think we're
going to touch that line right so we start it here and then we head to the upside from there we
get a price target on bitcoin of 62 800 that is significantly more bullish than the bull flag
right the bull flag hat was targeting 60 500 over a shorter time frame right that
that one's targeting maybe a day i said you know to be a little conservative it
might take as long as a week but um you know it shouldn't take a week the bull flag
is suggesting it's going to take a day so this is suggesting um you know a few days to a
week we could be at 62 000.
Isn't that crazy guys uh that would be pretty nice we're talking about
five thousand dollars of upside on bitcoin um based on this head and shoulders or inverted head
and shoulders pattern anyway so wanted to show you guys those patterns now bitcoin is extremely
risky it moves up and down a lot so take all of this um information consider you know all of the
all the information here um and please know that i am not a financial advisor and this is just
my opinion for entertainment purposes only i do make trades based on these patterns and we have
done well in the past lately over the last you know month or two it's been a little rough in
the market so we have not done as well but um long-term uh subscribers of this channel know
that we had a very good fourth quarter of 2020 and we were shaping up to have a good first
quarter 2021 until uh it got a little choppy here over the last month or so anyway uh what i'm
getting at is uh don't make your trades based off of the information in this video only make sure
you're doing your own research doing your own due diligence i'm not a financial advisor um okay so
i'm just putting this information out there to let you guys know what i'm seeing so that you can go
out there and look further into it and make your own investment decisions based off of your own
research this is base this is for a trade anyway this isn't the information to make an investment
on for me anyway right this is this is for a trade uh and likewise for any of the other videos that i
make out there where i'm talking about short-term patterns i'm not saying i'm not suggesting
an investment in that stock or cryptocurrency i'm nine times out of ten when i make these
videos i'm i'm suggesting at least for myself a short term trade okay i'm not saying go
out and hold that asset long term and make sure you're also putting stop losses on these uh
trades so that if the bottom does fall out like what's been happening with small cap stocks over
the last month or two that you get stopped out of these trades and you don't lose even more money
when we just continue to go down and that in that trade pattern that chart pattern breaks down
and it's no longer a valid trade trade anymore so that's one way to mitigate your risk
the other way to mitigate your risk is um to take smaller positions in your portfolio on
each one of these um trade setups i see comments from people sometimes saying you know the fuel
cell is 70 percent of my portfolio or or a clean spark is 90 percent of my portfolio i'm like man
that kills me when i read stuff like that because you know if one of those stocks if the one
stock that you have all your money in tanks you just lost your whole portfolio you know where
you got to diversify the risk diversify across a bunch of different positions don't you know
trade your whole portfolio in one stock or in one cryptocurrency um because if that one trade goes
south you're risking your entire portfolio on it so lots of different ways to mitigate
risk out there i'll make a whole um video on the all the different ways that you
can mitigate risk it's been on my list to do for a while so i will get around to doing that i just
want to throw that out there every once in a while in these videos because um you know it's important
guys it really is important it's a that's how you are going to stay in the game and make money in
the long term is is mitigating risk okay so that's what i've got for this one guys i hope you enjoyed
it if you did uh hit that like button helps me out uh channel has not been doing too great lately
i think because the stock market's been down i'm not quite sure but it seems like when the stock
market is down the channel doesn't do well when the stock market is up the channel does well so
that's what i'm starting to figure out anyway but hit that like button it helps me out supposedly
helps the youtube algorithm not too sure but that's what they say and if you're not a
subscriber and you have stuck around this long hit that subscribe button because there's
something in this video that you like to have stuck around this long right so i do appreciate
that hit the subscribe button so you can continue to see more videos like this alright guys
i'll see you in the next one thanks bye
