What a few crazy days for the Bitcoin price! Now everyone is, of course, asking after last night’s insane capitulation dumb. Is this the end? Is this already it for Bitcoin and we can reverse from here or are we going to break the bottom? Even find lower price targets I want to talk about that. You can see it here on the bottom left-hand side 300 000 U.S dollar trade open at 30 500 dollars with the liquidation price at twenty seven thousand five hundred I wanna talk and elaborate about all of these things I wanna talk about my price targets and my expectations for Bitcoin right now in the immediate short term.
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Now let’s talk about the Bitcoin price. Let’s talk about what is happening for Bitcoin right now. I want to go over into the charts and actually this trade here should not come with any surprises. Yes, I talked about it on Twitter, but not only there I mean I was talking about this for quite some time. Let me actually go into it and I made like I don’t know seven weeks ago. Approximately, it says one month, almost two months ago last morning go to the channel and check it out, where I was actually talking about right here. I am expecting once we are getting the weekly ema flip the breakdown to the downside in the moment. We are getting the ema flip on the weekly and we got the ema ribbons on the weekly flip that I am expecting this breakdown. Actually, what let me quickly go into it. Let me show you this little clip here from almost two months ago where I was predicting that before I go back into the charts and talk about my price targets.
Look at this if we were to break down with this ema weekly flip. I’m not saying necessarily we’re gonna do it. Maybe, we have that cut bounce before maybe I’m completely wrong I’m just telling you. If we are breaking the previous bottom here, I still see the bottom to be at worst case 28 000 US. This is a claim I’m making I might be wrong with that but keep in mind that this is not coming from somewhere right. I mean we have here amazing magical confluence in their confidence in the market. Michael Sailor, Tesla. As you can see, this is exactly what happened if we are going into it the moment. We got the flip last week was the indication Bitcoin went down and is re-testing here right now in this insane demand zone. Now you might say and you have a very good reason to do. So, the ema ribbon is flipping historically. This is a bad sign historically, this could mean that we are breaking the bottom and going even lower.
Let me show you one example in 2018 in November where we got the flip and Bitcoin broke down to 3 100 US dollars. I see this point but it’s not always like that especially when exogenous risks are coming into place for example here. We got a flip but that was, of course, the black Thursday we got insane money printing and the prices went back up. Now it all comes down to the question is the federal reserve, are the central banks able to turn the markets around again. More importantly is Bitcoin able to hold this insanely important demand zone? What I was also talking about here before, let me go into it.
Let me eliminate the emi ribbon, what I was talking about earlier is that in these areas here. We have a lot of demand coming right, I mean we have psychological confidence because of all the big players who actually scooped up exactly at these levels. Now I am telling you the likelihood at least is low that we are breaking the bottom significantly maybe. There is going to be a week or something I always said my worst-case scenario is 28-29 000 US dollars approximately give or take I am sticking to that. We can break lower things can come unexpected and, of course, we are like so much dependent on exogenous risk, whatever is happening in like Ukraine other countries, whatever the central banks are doing, whatever the ecb is doing, whatever the federal reserve is doing. Some of these, things are completely unpredictable, but looking at the charts alone, of course, and looking at the demand. In these levels the risk return rate for me, personally, is high enough to say I am opening this trade with a high degree of confidence. I am keeping it open and if this is the reversal from here, of course, we can break down, of course, requiring can create even a lower low. But I was talking about this before and I open the trade.
I stick to my work. I put my money where my mouth is. If this is the reversal this can be a legendary trade otherwise. We have a good laughter about my trade. We will see later, let me know what you think about that. Of course, I want to let you know my game plan because I am going to ride this one either. All the way to the upside or I will put a stop loss above my liquidation price just to save some fees. This is my plan right now, of course, I have many more things to share about Bitcoin as well. Just a quick update here, if I am going over into the spot market on BuyBit. You can check it on ruby or wherever VPAT is listed. VPAT is the second-highest gainer today and I understand we were going down for quite some time but the last two days it’s the highest or second-highest gainer in crypto space. While the markets are going down and this is of course because we launch 2.0 this big update that is coming always make your own research invest and trade everything at your own risk.
This article is a transcription of a video made by MMCrypto
Original video: https://youtu.be/F8P7Y4G38oM
