Today for the Bitcoin price and this is a Bitcoin emergency. This is an unplanned video your straight pizza because Bitcoin right now, opened the weekly close. Guess, what I mean? You, probably, remember. I’ve been talking for multiple months that my worst-case not my predicted. But, my worst-case scenario for Bitcoin is 28 800 US dollars for the weekly close well.
If we are going straight into it, you can see that not one single weekly candle, so far close below that perfectly hitting and fulfilling my prediction. Now the most important question, of course, is this going to stay like this or is Bitcoin eventually going to break lower? Well, I will also talk about my million US dollar trade here potentially to be 52 000 US dollars in a profit 120 already a long position. As you can see the question is am I going to get wrecked or is Bitcoin from here just as predicted going to race towards the rise towards the upside after perfectly fulfilling my fractal. I actually analyzed here just recently where we had the triple bottom.
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Let me quickly go into the triple bottom right here and then another triple bottom right there. Well, let’s talk about that, of course, I have juicy price targets for you. I wanna talk about what price targets. I am expecting Bitcoin right now, in the immediate short term.
Now, we are getting this beautiful bounce here, of course, this could be a dead cat bounce. But,11 so far we are holding this very important support area actually. The price levels Elon Musk, Michael Sailor at his average purchase price bought in. This is a very strong support zone, this is a very strong demand zone and this is why I opened my long position here at approximately 27 US dollars. When we were walking down I also, of course, documented that over on Twitter.
Now, of course, I want to zoom into it a little bit. I want to go here straight into. Let me go into the four hourly candles and talk with you about what is happening on the shorter time frames because this gives us clarity. You can see we have this descending triangle and how Bitcoin is recently a descending triangle more likely to break towards the downside. So, Bitcoin thinks well I might as well break towards the upside good with me. So, we broke you out towards the upside and, of course, the volume is not high. This is if you’re not in a trade, I wouldn’t long here definitely not I would wait for a confirmation sign. I would wait for volume support to break actually and to put a little bit of follow-through here behind.
But, now let’s talk about the juicy things, let’s talk about the price targets. If this breakout actually confirms. Let me quickly take the measurement tool if this breakout confirms then the very conservative price target so to speak would be among 32 300 that would be above the downward sloping resistance area here 32 300 us dollars definitely a release rally. We were put, we’ve been looking out for, of course.
Let me quickly go back into it here and if we are going higher to that price level, if we are getting the confirmation signal and finally some volume support then I will get more confident. This is not a dead cat bounce me being in this long position. It’s not me saying we have hit bottom for 100 certainties. It is still possible that I’m wrong. It is still possible that my prediction of 28 800 US dollars as a weekly close bottom for Bitcoin is not a correct prediction. However, so far, I’m not proven wrong. However, so far, this is and actually, some people are saying that a legendary prediction. I can still be wrong, but, so far this one is your holding truth. And so far it looks like we are about to go into a reversal of the last words of caution. I want to leave with you because obviously, not everything is always only bullish, not everything is always only bearish.
Let me quickly go into it here the channel here between support and resistance. Even though we broke the downward sloping resistance, we didn’t break the horizontal one. So, please, with any action wait until we are doing so.
This article is a transcription of a video made by MMCrypto
Original video: https://youtu.be/FcriViFoXjY