Today for the Bitcoin price and I can’t believe what I am seeing for Bitcoin right now. You’re probably asking yourself Chris. What are you talking about? I am talking about my trade? I am talking about my price target for Bitcoin right now and what is going to happen to Bitcoin in the immediate short term. You do remember, we were talking about let me quickly show you here before I go over my price target.
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This is Bitcoin right wait for the breakout and actually, I was posting over on Twitter. You can see it right here the imperfect triangle broke. I posted it at the moment of the breakout. I also told you to be very cautious here right well let’s go into it. Let’s first of all before we examine the new price target see what was actually happening and did we hit the price target so let me quickly pull this measurement through here. This is what is the problem if you have fat fingers then, of course, working on a phone is not always favorable. Let me quickly take this price target over from the confirmation point you see the Bitcoin price exactly hit the price target and now, of course, is about to find a new direction and now, of course, the question is what is the direction going to be well we are having one support on the downside.
You can see it right here this support line is to be held Bitcoin has to hold this line. They’re a little bit like you. You can pull it up a little bit round about the levels of where we were recently 19 200, maybe 19 000 is the level. Bitcoin has to hold as long as we are holding it, we can be quite hopeful for our price target the moment. We are breaking it. It can get very hairy for Bitcoin and also what I wanted to tell you before you are getting here is very bullish just because I’m in a long position. It’s not the reason to get bullish here. Right, look at this, the VPVR is a buffer. So, of course, we are expecting a lot of volume resistance coming in right now. So, of course not only this volume resistance but also structural resistance and this line. I want to show you this line, you see this exact line here right. The line you are seeing there seems so small and insignificant. Let me go over, ladies and gentlemen, to the weekly candles and show you that what we are talking about here is 11 years of support which is now turning into 11 years of resistance.
We need Bitcoin to close the weekly candle above that this weekly can actually be around five and five days approximately right now. Structurally Bitcoin is below the craziest resistance. We have ever seen in the history of Bitcoin we have never seen so much resistance above us and I am in this trade right now. Break-even you can say I mean 17 and a problem 36 000 whatever. This was already 200 or so in profit. So, it makes or breaks Bitcoin to hold 19 000. Bitcoin has to break 22 500 roundabout 22 000 22 500 US dollars for Bitcoin to break just a second. There are a few cars here driving around in.
Let me quickly go back around about 22 500, we have to break towards the upside. So, now, of course, it is waiting for time. It’s not the time to go into crazy long positions. I’m in my trade. But, I’m able to close in a break even. I’m able to scale it higher or scale it lower, if you’re not in a trade wait on the sidelines and wait until we are breaking support or resistance.
This article is a transcription of a video made by MMCrypto
Original video: https://youtu.be/OwVifSi3Lwc