Today for the Bitcoin price. Honestly, this is literally the biggest warning I have ever given out to all Bitcoin bears, more importantly I want to show you something in the chat that has never ever happened before for Bitcoin since day one this has never ever happened for Bitcoin. I want to show you in the charts what this means for the Bitcoin price in the short run in the mid run. In the long run whether we can expect that the price is going to break lower or whether this was already it. Let’s talk about that, of course, I am going to talk about my 450 000 US dollar long position and why the heck I’m still having it open sitting around like 100 in profit. You can see it on the bottom left side 54 56 000 US dollars. But, more importantly I wanna talk about my next steps: are trading wise for Bitcoin and now I am going to plan to rule this market right now in the immediate short term.

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Let’s talk about the Bitcoin price and we are starting on the weekly candles for Bitcoin and man this is like a horror show it looks terrible and, of course, people are asking are we going to go lower are we going to hit this line I was mentioning earlier being around 21 000 to 21 hundred US dollars which is the perfect fit line. I’m mentioning it right here. This is also by the way the only way. I think I’m the only one to draw it exactly like this. You can draw it in different ways, but I am very convinced that this is the perfect way to draw it. What you can see, of course, we have very converging trend lines here right. So, eventually Bitcoin has to break to the upset or to the downside, of course, you can guess what I’m playing on what I am gambling on here by the way. 

Obviously, I am not betting with the US dollar. i’m betting against it by buying Bitcoin by holding Bitcoin by trading Bitcoin. Now the question is are we going to break lower and I will talk about what happened for the first time right here in Bitcoin history. Literally, the very first time in history. First of all, I wanted to talk about this convergence here. It gave me a little bit of thinking before. I’m starting to talk about all of these bullish things. I want to talk about this convergence and we have the perfect fit line coming here together with the 200-week moving average and this yes this gives me some thinking because we have some confluence coming on here at 21 700 US dollars and, of course, going back in time we can see that time and time again. Bitcoin was in bear markets going down kissing the 200 weeks going up again going down kissing the 200 week. 

This was basically a distinction between bull and bear market right and not only here in 2018-2019-2020 also before 2014-2015. We are going down kissing this line and afterward only going off to the races. So, one might say why should it be different this time actually this line. It’s not old enough. But, it would perfectly go down here to build confluence with this level. It’s really scary to think about it. This is one point where you might say 21 700 is coming, but I have a few other things to talk about, of course, and I will not leave you hanging here without a bullish note. This is one thing that has never happened for Bitcoin. It seems a little bit counterintuitive. What I am saying right now, first of all, seems very bearish but hear me out guys let me go straight into it what you can see here dear ladies and gentlemen my loved ones. My best community in the world is seven consecutive red weeks in row seven consecutive red weeks in the wall. This one is already the eighth one. We have never ever had in history for Bitcoin seven consecutive red weeks in a row. Correct me if I’m wrong.

Let’s go back here 2020-20-21-20-19-18-17. it has never happened, we never even came close to seven red weeks in a row. I mean here were like five red weeks right and that was 2014. It has never happened before for Bitcoin. It never ever happened here five weeks ago for the first time in Bitcoin history. We are having. Let me quickly go back here seven weeks and now on the verge of having eight red weeks in a row.

Now, dear ladies and gentlemen, we have to ask ourselves the question: how can we understand this and what conclusion does this lead us to? Let me show you one more thing that we also didn’t have for a long time and it’s almost an all-time low extreme fee in the market. We had that a few times by the score of eight on the fear and greed index. This is, of course, mathematically not the perfect one. But, it is pulling from social media and so on from Twitter the fear and the greed ratio. We have never had this. I cannot say never. We had it in 2018. I think we had a score of eight and then at the black Thursday dump. We had it. I think for one day in 2000 and uh 2020 and you know what happened afterwards that was the bear market low. This is the lowest level we have had. But, we had the same level two times before in his Bitcoin history. So, in other words, we’ve been that bearish in the market only two times before and we have never had so many red weeks in a row. This could lead to a few different conclusions. It could lead to if you are shorting Bitcoin right now. You might get a short squeeze very soon and you might get liquidated very soon. This is just my opinion, of course, but when more and more people are bearish, when more and more people are being short, eventually a short squeeze must happen to clear out the market in both directions. The bulls were already cleared out by the move towards the downside now. The bears have to be cleared out because none of these both participants bulls and bears can make and make money forever. This is something you have to remember 1 700 is in the room of possibilities. I do not think this is going to happen.

Let me make this very clear: I am still sticking to my own personal worst-case scenario which I mentioned earlier. 30 000 US dollars for Bitcoin 28 800 as the worst-case scenario and look how perfect we are holding it. I was talking about it for five months already. I showed it to you before it’s on my channel. It’s called Bitcoin. Last warning was two or three months ago, but then I had another one actually in December. I think where I was talking about this fractal and I was talking about Bitcoin potentially going down re-testing it. So, I’m still on the side of holding it, but this has always unless proven wrong right. We are here, that’s the sweet spot and, obviously, I want Bitcoin to hold it because I am having my own trade open here over on Buybit. You can see it. I opened it at seven thousand one hundred us dollars and announced it over Twitter.

Let me quickly go into it. I will keep this droid open and I can scale out here. But, this will happen in accordance with the Fibonacci extension levels, obviously, and at every single one of them. I am going to scale out 38.2 golden pockets from the previous all-time high and then, of course, that is very. I will just take my initial out and then I will eventually take profits in the far distant future at the 1.618, obviously, and at the higher ones coming up in the up and coming to both cycles. Hopefully, very soon and hopefully not due to another shake out towards the downside. 

This article is a transcription of a video made by MMCrypto

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