Today for the Bitcoin price and I am having it here in the title. Actually, I’m talking about the last hope for Bitcoin right now. What I want to talk about today is one last line, one last hope Bitcoin has before. I’m going out and I’m quoting way lower price targets.
Let’s go straight into it and this is for everyone who is holding Bitcoin, who wants to trade Bitcoin because there’s one pattern in the Bitcoin charts, which we have to take a very close look at.
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Let’s talk about Bitcoin and let me actually go into it. What we can see here is nothing new right? I mean let me quickly go to the daily candles. I already talked about that a long time before and we eventually for the first time broke it to the downside – is that bullish? Obviously, not, because for the very first time we broke to the downside. We confirmed the breakdown and we are going lower here so now why am I talking about the last hope. Is there always gonna be one last hope? No, this is the last hope.
Let’s talk about it. If we are going to the four hourly candles sometimes when in doubt zoom out but sometimes also you should zoom in because we are still holding one trendline here. We broke the trend to the downside but it is not a detrimental breakdown. So far, we broke the support but like Bitcoin is kind of holding its ground here right so that’s why I thought we might as well. Zoom a little bit in and see sorry and see what is going on here. Maybe there is like one last hope and on the far away canvas we actually see this kind of bullishly biased falling wedge. We broke down from this ascending channel and the price targets are. At least if we are breaking further lower 34-35 000 us dollars if not the previous low at 30 to 33 000. As you know, this is eventually my worst-case scenario.
I don’t think Bitcoin will ever go below 29 000 US dollars. It’s a statement I’ve been making for a long time but these price targets are not to be looked out for as long as Bitcoin is holding this falling wedge. If Bitcoin holds this falling wedge and we can even go lower create a lower low as long as we are holding this falling wedge. There is one last chance that we are getting this breakout. There is one last chance that Bitcoin is getting back into this upward sloping channel, back to the measured move price target of 42 000 to 43 000 US dollars to be quite actually 42 300 US dollars.
Am I trading this? Definitely, not, because even if we are breaking out from this falling wedge, we have this very strong resistance before it was very strong support over a few months on the daily and the weekly. Now it will turn into very strong resistance. This is, however, the last straw. We can grab for this last piece of hope, we can be hoping for. If you don’t want the prices to be at 33-34-35 000 US dollars even down to 29 000 US dollars. Mark my worst-case scenario. This is the pattern, we have to hold the exact price level, we have to hold in this specific case 37 800 US dollars for Bitcoin.
This article is a transcription of a video made by MMCrypto
Original video: https://youtu.be/P8ywXmQwUUg