Today for the Bitcoin price and we have three days left for Bitcoin. For the decision whether we are going to break the significantly lower multiple of thousands of US dollars per Bitcoin down to potentially below 30 000 slightly below 30 000 US dollars or are we going to get this reversal. I want to show you exactly how I want to determine what I want to show you exactly. When I am going to open a long position or when I am going to decide. I’m gonna step back and I’m not gonna open long positions for a very long time. This chart I am going to show you today is the answer to. Probably, most of your questions about Bitcoin.
Want to buy Bitcoin?! Download Jet-Bot copy trading platform! Earn from 200% up to 2,000% APY! People should rest, robots should earn money!
Let’s go straight into the content. If Bitcoin is going to get this breakout to the upside actually I talked about it here over on Twitter. If we are getting this break out towards the upside, I will tell you exactly the price target but more importantly. This is the moment I’m going to start finally with altcoin content again. I didn’t talk about all coins too much sometimes about NFTS because, obviously, there is no point. If everything is going down, talk about that so. Let’s talk about that once this happens now. Let’s focus on the Bitcoin price. Let’s go straight into the charts and what you can see here is the daily candles for Bitcoin. I will come back to that later for now. I want to focus on this .I talked about that before but this is the four hourly candles, and what we can see? This breakout is literally imminent. It’s Tuesday right. So, this breakout is going to happen within this week. If we are going down into the Apex the latest basically this can happen is maybe like the 7th of May. The 7th of May – the very latest and the thing is if this breakout goes towards the upside from a probability standpoint.
Let me quickly go back from a probability standpoint: the falling wedge breaks out two-thirds of the time 67 % of the time towards the upside. It’s a bullishly biased pattern with the price going towards the Apex getting a more and more volatile breakout – meaning the later we are breaking out the more volatile. It is going to get later, we are breaking out the less likely a fake-out actually. Is it going to be so obvious? We do not want to have it break out today. The best thing is if it breaks out on Friday. So, if we are breaking out here the price target is the top of the wedge, always the top of the wedge 42 400 US dollars as the price target for this specific breakout. Now let’s talk about the other scenario, obviously, I am here leaning towards the bullish scenario because I’m a guy of probabilities right. I like probabilities and if the probabilities are on the long side, obviously, I am more expecting that doesn’t mean that I am going long. I am waiting for the breakout to come.
But now let’s talk about the other scenario. I mean sorry for the background noises here sometimes if this breakout should be breaking to the downside. We have to take this measurement tool for just a second. We have to take this measurement tool, pull it here and then you can see that we are talking about 34 000 us dollars and now dear ladies and gentlemen. This is what I’ve been waiting for. I’ve been talking about for ages the most famous fractal we can find right now. This is one I’ve been talking about for some weeks now. We had it already in 2017 to 2020 where we had three touchdowns here to the horizontal support every single time going down getting a break. After the third touch, we went towards the upside now. The question is something similar unfolding. This time are we getting once again three touchdowns here at the 29230- 29233 US dollar area.
What we can see? We already got two, the last one is waiting and obviously I’m personally not expecting this to happen but I want to be prepared for this scenario to come, just in case, it is happening right. If we are getting this breakdown from the falling wedge which is the less likely scenario. But then in this case – yes . Then we are looking out for price targets of 31 32 30 up to 33 000 us dollars the previous low. This is what I’m expecting here for the Bitcoin price. It is, of course, the less likely scenario but this is the beautiful thing as a professional trader. You always want to be prepared for both scenarios. If a happens you do A. If B happens. You do B.
This is what a sophisticated trader is. Whatever happens, he’s going to win, that is exactly the point, whatever happens, we wanna be going out as a winner. This is why we have two scenarios and we are prepared for two scenarios. I truly hope and I just truly hope that you understand this point.
This is exactly what a trader does trader is not saying. We are going to break out to the upside with a hundred percent likelihood. This is just a utopia thinking and it is not working out like this. If this is happening very often you might be standing on the sidelines very often you might be surprised, being caught up in a biased long position. Even though the price is going to go down right. This is what we are talking about right now and the price level. We have to break it approximately. We have to close basically a daily candle better. This is the four hourly above the 39 000. Once this happened, the long position for me was 42 400.
This article is a transcription of a video made by MMCrypto
Original video: https://youtu.be/5_AQqBl6478