Today for the bitcoin price and the weekly candle has closed. I have some news for you. Let’s talk about that and actually this weekly close will decide everything for Bitcoin this happened right now. So now let’s reevaluate what is the next target for Bitcoin. I actually had my limit buy order at approximately 37 700. I can tell you one thing, I deleted it now. The question is where I am, where am I going to put a massive long position on Bitcoin right now. What am I expecting for Bitcoin? Are we going to get a massive break towards the downside to a very specific price target? I am going to mention this once again one of these fake outs, we have seen before.

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Let’s talk about the Bitcoin price, let’s talk about what is actually happening here? I’m the person who likes when everyone is bearish. I’m still bullish and yes, I’m still bullish on Bitcoin in the immediate short-term. However, it is something we should be very careful about and something where we should maybe not run into a mindless long position because I think we are up to some volatility in the markets and the reason for that. Let me quickly elaborate on that. I want to make it as easy as possible for you to understand all right. What we can see here is the daily candles for Bitcoin and obviously, the daily closed below but already a few days ago this was not a sign yet that we have to be careful. 

Let me go here into the weekly candace and show me exactly what was the moment where I said now. We have to be very careful for Bitcoin and if we are going into the weekly candles. You can see that for the first time since let me go back since basically the beginning of the year January 2021-2022. For the first time this year we got a weekly close below the upward sloping support not only that this is not a nice candle with a big wick on the upside now.

We got follow through to the downside now and a break above the previous rejection point below. The previous rejection point and going here to the daily canvas. You can see that this breakdown is right now solidifying the question is. Are we going to go to the 20 250 dollars? Everyone is quoting my answer, personal opinion could be wrong. I am not thinking that we will ever see a price below 30-29-30-31 000 US dollars again. In fact, I’m actually predicting even a higher target which is still below the current price. If we are going to the daily candles and now we are zooming out because, as you know, when in doubt zoom out, then you can see that not only Bitcoin was so far perfectly holding my worst case scenario of 29 000. You can see it also right here on the left-hand side for 29 000 US dollars. We were holding it so far. I think we are going to continuously hold it and it is very rare on any asset including Bitcoin to see.

Let me quickly delete this to see horizontal support to hold forever right. I mean horizontal support is usually there to be broken. At some point the more often we are testing it the more likely it is to be broken, that’s the horizontal support. So, the same thing should be going for Bitcoin. I don’t think we are going back to the support. If we go down I think we will hold it. But I don’t think we are going back. I am personally scooping in above the previous lower 33. So, I will put in my limit orders at 36 35 and 34 000 US dollars if you have a limit long order. In opposition to a market order, your likelihood of succeeding is already higher, if you are not market ordering sometimes in a breakout trade fine. But if you want to catch a falling knife then a limit by order gives you a much higher probability of success and this is what I’m gonna do. As you saw yesterday, here is a big 700 000 US dollar long position. I eliminated that at 37 700. Hope, I’m not gonna regret that I will put it down, I will split it up. 36-34K US dollars for Bitcoin. 

This article is a transcription of a video made by MMCrypto

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