Today for the bitcoin price and one of the craziest, if not the craziest patterns, I have seen for bitcoin is looming right now. This pattern is right now predicting a dump. Then a huge pump for bitcoin. The question is what pattern am I talking about and why is the price target which it is implying for bitcoin, which is coming next so crazy so groundbreaking and life-changing? Let’s talk about that. you think I am click-baiting, you think I’m crazy.
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Let me actually turn around, I don’t want the wind to come from the wrong side here. Let’s go straight into today – it is a very special one. I have not talked about the bitcoin pattern for a very long time. But this is a big one. We are here on the four-hourly canvas. Let me start slowly, here you can see this trend line right downward sloping trend line. You’re probably asking yourself what the pattern is. You are talking about. Well, let me show you exactly what pattern I’m talking about.
If we are starting on the left side there could be a left shoulder hear me out. Then we are having the head and what we are talking about here is probably most of you already know – a potential head and shoulders pattern. The right shoulder is exactly where it gets tricky. It could end right here, it could dump a little bit lower. The metal effect is this pattern is predicting an insane breakout within a maximum of one week rather than three-four days. Of course, I could be wrong here but we should be prepared for this scenario. Bitcoin was completely wicking out all the bulls so it is potentially at least possible that we are getting a big pump towards the upside please do remember before. I talk about the price target that we can have another leg down as long as we stay above the headline here above the previous low this is still a valid pattern. What we need to break is the approximate level of 21 000 on a four-hourly candle close. In this case, we are talking, dear ladies and gentlemen.
Let me actually quickly go into it. I want to talk about my trade as well which is right now wrecking in approximately 110 000 US. Yesterday it was 230 000, so, of course, people are already screaming: “Chris, you’re gonna get wrecked there”. Well, I will talk about my trade and about my price targets very shortly. First of all, let’s talk about the price target if bitcoin is going to get its long-awaited break out here very soon. We would be talking about a price circuit of 26 to approximately 27 000 US dollars. Take it rather conservative at 25 500 to 26 000 US dollars for this specific breakout. Of course, my trade is open here if we are breaking out to 26 000. We are talking about a potential profit on this trade of 700 000 US dollars for my bitcoin trade. If we are breaking lower, I am very happy actually. Let me go in here I am very happy to scoop up this trade here.
Actually, I’m having another limited order in this position at 17 300 euros/dollars. If we would be breaking lower, not something I’m expecting right now. But, I’m always prepared for both scenarios also something else. I wanted to talk about it. Even if we get the breakout. This is not a reason to get extremely bullish just yet because we need to break the EMA ribbon on the daily. At least, 29 000 US dollar surprise target. We are looking out for why. Let’s go back into history. Let me show you exactly what I’m talking about because the previous time bitcoin broke severely below the EMA ribbon on the daily right here.
Only when we broke it before we didn’t go back and we had this bull run to come afterward the same thing happened when we broke your lower in 2018 actually November boom. We broke below 3100 US dollars and eventually only when we hit it only when we broke it that was the moment. We got continuous upside here at least to 14 000 from 3000 actually towards the upside. This was the start of the bull market, so this is what I’m waiting for right now as well. Of course, I remain in my long trade, but this doesn’t mean that only if we are breaking this head and shoulders pattern, I’m already screaming for new all-time highs. No, there’s a lot of resistance above us. Please, dear ladies and gentlemen, stay very realistic here. One other thing I wanted to talk about is if you want to be opening trades as well as I am doing it. I’m saying it time and time again and today actually I have the highest bonus in a year.
This article is a transcription of a video made by MMCrypto
Original video: https://youtu.be/oylkQjzhPgk