Today for the Bitcoin price and yes guys this is an unplanned emergency and unscheduled emergency. Today I wanted to take a day off but with Bitcoin. There is no day off I have to learn this and, of course, the question is: Bitcoin now going to break out towards the upside, or are we once again going to get fooled. I will talk about my 450 000 US dollar trade which is still open whether I’m gonna scale it higher or not. And, of course, my price targets for Bitcoin right now. Remember, yesterday I made the video Bitcoin, I was wrong with the question mark. The answer so far is still. I want to talk about that as well. Let’s go straight into the content.
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You do remember that we were actually having this quite beautiful wedgie right which Bitcoin actually broke down from and so far. Let me quickly go in here so far well you would usually expect the Bitcoin price to straight go down to the price target all the way lower. But, no. Now we actually got this bounce back. The problem is this is only confirmed to be a fake-out. A fake-out in this case is bullish, of course, because it was a breakout to the downside. If we are breaking this line this line.
Dear ladies and gentlemen, this needs to be broken, this line has been in there for multiple days since the 10th of May. Once we are breaking this line here towards the upside, we can look for a breakout towards the upside as long as this is not happening and refrain from any new trades. I am having my trade open. Let me quickly go into it here straight. On BuyBit you can see there’s my trade 27 100 US dollars as my entry price 47 000 US dollars with a profit already 100. I am keeping this trade open, but if I was not in a trade right now. If you’re watching this, you’re not in a trade, please ,at least for this one to be broken. Make your own research, of course. The moment we are breaking this specific line here towards the upside, we could be looking out for you may call it A W break out here where we’re having here the first one and now the second one. Having the second one attempting the breakout and how I would personally trade itю I would trade it only if Bitcoin breaks actually.
Let me quickly go into it. If Bitcoin breaks above this point, we need to break above the previous rejection point the moment. We are breaking above the previous rejection point, I would be pulling out the most conservative price target possible from the Wick. But, from the candle body and pulling it over here. Please, guys take it with a lot of caution. The entry price is at 31.3 and then you take profits at 33.8 and, of course, eventually, at the price target at 35. But, please, do understand that this is a risky game that Bitcoin did not break out yet that we need to break this downward sloping resistance.
That Bitcoin has been showing significant. Let me go into it here: significant weakness throughout the last basically 12 months usually breakouts turn into the bullish ones. So, be very careful here. This is just a quick emergency video and I would be very careful here with this specific one well once we are breaking out, of course, we can be looking out for higher price targets as long as this is not happening. Please, remain on the sidelines, of course, I am having a 10 000 US dollar bonus.
This article is a transcription of a video made by MMCrypto
Original video: https://youtu.be/x6JnfMZthBU