Today for the Bitcoin price and the breaking news about the Bitcoin price. I want to talk about where the Bitcoin pro is in the immediate short term. People are asking me now that the outcomes are going lower and lower and lower, Bitcoin going sideways for ages, basically, is the big break towards the downside going to come. Are we going to hit lower price targets than even I expected?
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Let’s talk about that. I will talk about my trade, I am having an open mind on buying that as well. You can see it right here, approximately 60, and a profit. It was already at a much higher profit before. Well, am I going to get liquidated there or not? Let’s talk about that, I will talk about this pattern here. I talked about it before. But, of course, it’s very important to have a quick look at the immediate short term. But, then I want to zoom out and I want to show you one thing, one indicator which has never failed to predict whether another big breakdown is going to come or whether we hit the bottom yet this is an indicator everyone can use and everyone can understand. It’s easy to understand. But, it is by far the most accurate one. Let’s talk about that.
Now let’s talk about the Bitcoin price and we are starting on the four hourly canvas. You can see Bitcoin is still in this descending triangle with a higher likelihood to break towards the downside than towards the upside because we have to descend resistance and horizontal support which is continuously being tested and being weakened the more often we are testing it, the weaker it gets. However, remember, I talked about, my dear ladies and gentlemen, how this is my worst-case scenario 28 800 as a weekly close is my worst-case scenario. I was so far perfectly on point with that however the more and the longer. We are maturing in this pattern and the more often we are re-testing the bottom the more likely. It gets that this one is eventually going to get broken. I talked about the bearish price target here already before, the bearish price target is located at. Let me quickly pull that out all the way from the top to the bottom and then we are taking this one. We are pulling it down.
Let’s do the conservative one then we are getting a price target for at least 26 000 US dollars definitely not something. I was expecting, but it is very seldom that Bitcoin is reversing to the upside before testing the bottom twice at least right. A break to the upside brings us to 32 200, definitely a big release rally. If this is going to happen at a price, we definitely want to see after a lot of days here below 30 000. But now let’s zoom out and this is not yet the indicator I wanted to talk about. But, this is one thing I wanted to remind you of. So, you are in the right context here before we are talking about. What I actually wanted to talk about and this is, of course, whether we are at the bottom or whether we are breaking lower. What I’m doing with my trade and what we can expect. Let me quickly go back here from the Bitcoin price in the immediate short term. So, you probably remember how like three-four months ago, when we were at. I don’t know 40-50 000 US dollars, I talked about.
There’s one scenario I’m seeing on the horizon. I don’t expect I don’t predict that this is going to happen. But, this is the worst-case scenario and I talked about this specific one, the triple bottom fractal which we, of course, saw already in. Let me go back in 2017-18, 1920 here and I said this is potentially something that can happen again. I said it I think somewhere here and then, of course, I said it right here, and then I said it right here now. I’m saying it again, we hit it already so this is one sign. If this is the fractal then, of course, we already completed it, and please Bitcoin. You can finally go towards the upside, but this is not so easy sometimes. We have to take out a few indicators and see if we are finding confluence and something I love to use especially when we are in extreme greed or extreme fear now, of course. We have an extreme fear which is something. We should actually like it because then you can take advantage of the market situation. There’s the RSI on the bottom. The RSI, the relative strength index, shows you whenever the market is overbought or oversold. We are below the levels of your give or take 30 or so right.
Now we are definitely there the last time, we have been there to give you a little bit of perspective here a little bit of context. Why this one is never failing. This was really small the last time we were there. When we broke down on the black Thursday to three thousand eight hundred US dollars the time before the bear market lowered three thousand one hundred US dollars. Every time we are hitting on the RSI these low levels are below 30 every single time. We have bottomed out, so what does this mean for the Bitcoin price? What does this mean for our own predictions here? It means on a daily basis; we can’t say maybe. We break down tomorrow all day after or whatever on a weekly basis we can say with a very high degree of certainty Bitcoin hit the bottom or is close to the bottom on the weekly candles which means maybe you shouldn’t open a day trade on high leverage or whatever.
This means I personally thought at least, so far it is a good idea to open a swing trade a position trade here on comparatively comparably low leverage. This is what I did. You can see it 58 in a profit already now, of course, the question remains: are we going to break lower? Well, I want to tell you this. If we are for one-two more weeks hovering around on this resistance. I’ll be almost certain that we are going to break it because sooner or later bulls will lose their steam. They will lose their power, they will run out of money and they will not be able to protect this horizontal support. However, if we are getting a bounce anytime soon chances are high. Once we are breaking the resistance towards the downside that Bitcoin breaks out to that relief really and at least hits the 32 200 US dollars. This is what I’m banking on with my trade. If we are breaking the bottom I’m gonna stop it out, I’m gonna close it off, probably, at a break-even. But, so far, of course, I’m holding still here.
This article is a transcription of a video made by MMCrypto
Original video: https://youtu.be/WTD-332h8XE