Today for the Bitcoin price and are you a big con bear, if so, I wouldn’t want to be here. Let’s talk about the Bitcoin price, let’s talk about my multi-million USD 100 Bitcoin trade I am having open right now. What are my price targets and more importantly, what am I expecting for Bitcoin right now in the immediate short term? I didn’t make a video for two days and now I’m back because there’s something in the charts one pattern. I was talking about over on Twitter and posted it yesterday or so where I said if Bitcoin breaks the W. I wouldn’t want to be a Bitcoin bear and of course, I will talk about the price targets. I will talk about what I’m expecting for Bitcoin, all I’m asking you is to go down below.
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Let’s go straight into the Bitcoin chart and what I was talking about is of course this W pattern. This is, of course, it’s nothing until it breaks. But, if it breaks I mean usually bottoms characterized by a double bottom are characterized traditionally by A W pattern. This, dear ladies and gentlemen, could be this one pattern and if we are breaking out, likelihood significantly increases and now listen very closely to that 17600 was potentially the bottom for Bitcoin. Bitcoin has to complete this W meaning will at the time at the daily candle break the 21 500 US dollar level. If we are getting on the daily candle above the 21 500 US dollar level. This one is broken. Let me actually show you a little bit more.
Let me show you my price target as well. I mean you already saw my trade right. I mean I have an entry price on average of 19 000. I, of course, went in much lower. But that’s my average 173 000 US dollars in profit and, of course, we are having significant resistance coming in. In this moment actually from the daily ribbon. But, if we are breaking the horizontal resistance towards the upside. Binance crypto trading bot is a great way to create a passive income even in these tough times.
Let me show you the beautiful news here. The potentially beautiful news, the price target would be around 26 000. If you want to take it more cautiously 25 000 US dollar levels the resistance of the daily ribbon here incoming for Bitcoin. But it is much more severe news because let me actually quickly talk about it.
Let me go back to camera mode for just a second. The news is actually much more positive than you think. If we are breaking the 21 500, we can hit the price target of the W pattern. But more importantly, we would have a potential confirmation of A W double bottom reversal pattern on the bottom of a potential bear market. This is of course something very beautiful – let me know. By the way, before I go to my next steps, I will show you my next steps trading-wise for Bitcoin.
I wanted to talk about it. This is my trade. I will talk about what my next move trading was for Bitcoin. Honestly, I’m not just saying this year to trade carefully just for fun. Honestly, it’s very important so my next trading move for Bitcoin is only and only if we are getting a volume supported very important volume supported break through 21 500 us dollars. We finally need some volume in an upwards move. Once we are getting that daily close outside a confirmation of the break or this might last up until after the weekend. But, once this is happening a break above the previous rejection point. I would open it would actually add to my current position here as I had a lower order here.
But, unfortunately, I didn’t get triggered by a few hundred dollars. I would actually put it higher. If we are breaking this one towards the upside. Now let me know your game plan down below now, let me know what you are thinking about Bitcoin right now. I am as always guys bullish I was bullish at sixty thousand and now at twenty thousand I am three times as bullish this is how you should think as a long-term fundamentally based investor the lower the price goes with the fundamentals staying constant or even increasing you should get more bullish, of course, trading-wise that’s another story.
This article is a transcription of a video made by MMCrypto
Original video: https://youtu.be/VfCig1Xms0w