Today for the bitcoin price. This is the last resort. This is the last call this is the last chance for Vidcon. What am I talking about? I am talking about this weekly. I am talking about this Sunday. I am talking about this candle which is the most depressing candle. We have seen since ages which is still floating below the 11-year support below the 200-week moving average. Of course, now everyone is asking is this the beginning of the end bitcoin has never done that usually, we are bouncing from this line now. We are below it more importantly what is going to happen to your 100 bitcoin trade. You can see it here 97 Bitcoin in this trade entry price 19 100 us dollars right now wrecking in for 2 000 US dollars in a profit but everyone is saying, Chris. You’re gonna get liquidated on that.
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This trade is gonna go to let’s talk about that I wanna talk about my price targets and more. But about my price predictions right now in the immediate short term by the way before, I jump into the charts and before, I show you exactly what I am predicting and expecting for vidcon right now, when I show you something, you’re on the hippie market obviously bare feet and I just booked a poetry on the spot. You have to call one word and they make a poem out of it. It’s bitcoin and I wanna see what comes out of it. If you wanna see it 30 minutes after I’m uploading this video you go over to my twitter at mmkrypto with a verification check mark and you will see this beautiful poem which is gonna come there I don’t know what’s gonna be but now let’s go over into the chart we have to we need some fun right we shouldn’t lose our inner child, of course.
Now let’s talk about the bitcoin price what you can see the price is right now floating around 19 600 US dollars and, of course, everyone is screaming this is the beginning of the end because if we are going back let me zoom out. You can see that Vidcon was never below it. We always bounce from it and now it seems we are below, so what can we expect from bitcoin right now. I can tell you it’s not the end of the world.
Let’s go back to 2020. We got a weekly close below. In 2020, you saw, we closed the weekly calendar below. Everyone was like: ”Wow! This never happened for bitcoin!”. Well, what happened afterward? We went from three thousand US dollars 3800 all the way up to 69. So, now, of course, breaking it is not the end of the world. It’s an indication but, honestly, this is not the end of the world. Bitcoin could snap back in the next week. Also, honestly, this week we are probably not gonna close it, up next week we can snack up a step back above the week. Afterwards, I am personally actually planning to even scale this trade higher. If Bitcoin breaks lower from here, I have another limit order open. You can see it here at 17 300 us dollars the next one is gonna be at sixteen thousand five hundred and I am going to scale this trade higher. Let me quickly go back. I’m going to scale this trade higher and higher. No matter what is happening, of course. If Vidcon goes to ten thousand eight thousand euros for us, probably, a liquidation is gonna be calling. But this is not what we are expecting here actually, what we are expecting here from this price is a limited downside and an almost unlimited upside
I talked about it earlier. If I’m pulling this from top to bottom then you can see that we already are kissing the 78.6. Of course. we can rig below but from here the risk to reward for just holding Bitcoin on the spot is huge. It’s astronomical. If you want to short bitcoin right now, eventually, a short squeeze is going to happen now. Everyone is short, not me. I’m long but the whole world is short on bitcoin right now including hedge funds. Everyone, of course, the funding rates are astronomical for shorts. At least, on some exchanges, a short squeeze, eventually, has to happen. I can tell you one thing every single bear market ends with a big rig with a big bounce for Bitcoin. The last time we went to 3 800 US dollars and bitcoin bounced within one week to almost 6 000 US dollars. Can you imagine an 80-pound bitcoin? Be careful out there. If you want to be shorting bitcoin, this was it already for today.
This article is a transcription of a video made by MMCrypto
Original video: https://youtu.be/A9cYXQ2jBv8