Today for the bitcoin price and yes history does not repeat. But it certainly rhymes. You probably heard that a few times. No matter what they are saying on Twitter no matter what they are saying. It will show you one bitcoin chart which is potentially changing the whole game for bitcoin. If you are asking yourself if bitcoin is gonna go lower, have we hit the bottom already. What should I do trading-wise right now and what are the next price targets for bitcoin right now in the immediate short term?
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Now, let’s talk about this one price because I mean I will talk about my trade as well. People are asking me what is happening with that: Chris, you are so crazy why is it still open 232 000 US dollars in profit. 111 – lucky number in profit right now. The question is: am I gonna get wiped out here. Well, let’s talk about this first. Let’s talk about this beautiful chart.
I also saw something on the trading view that really inspired me and I was like hey this cycle is extremely similar not the cycle this bottom face, this bearish face right now. It’s extremely similar to the face we had in 2018, in fact, it’s almost the same, and yet are saying this time. It’s different, actually the cycles are the same but different. We are talking in Thailand, of course, and I want to show you something. I want to show you these crazy similarities and it’s not concerning similarities because they carry some very bullish news. Let’s talk about it so first of all look at this. We are having here a potential resistance established with one two three touch points right, keep this in mind and make a mental screenshot.
Now let’s compare 2018 and 2022 low question marks because we don’t know if they are really low and now let’s go to 2020-2018. So, what we can see here is and now listen very closely. We were breaking lower; we had the resistance right here. We hit it a third time a fourth-time fifth time fourth and fifth time respectively. In fact, what you can see is we hit the low and then established higher lows for bitcoin consolidating among horizontal resistance weakening the resistance until we broke it and went towards a rocket ship towards the upside here right, and this resistance this support. New support was actually held even in 2020 at the low we hit here 23 800 US dollars it held the support. This was important support for the time being and for the time to come two years later. Now, let’s go back all the way to the present moment where we broke the lower right. We hit the low we actually tested the resistance one two three four times.
Let’s say three times right actually four times but let’s say three times here on the daily candles. We are establishing at least so far higher lows for bitcoin. So, yes, if we are getting resistance here. I would love bitcoin to break out and confirm the w break out goes all the way to 26. Maybe, a little bit too early. Let’s wait and see but if bitcoin is getting rejected here, there is a high likelihood of establishing another higher low until we eventually break it and go towards this new rocket ship towards the upside. I want to tell you something. I mean the similarities are crazy on the weekly RSI. We are having the same levels like in 2018 bitcoin severely overbought, we are having also on on-chain indicators the net unrealized profit and loss ratio both extremely dark in the red and extremely in the capitulation zone compared to 2018 with 2020. There are so many things coming together right now that I’m really asking myself: “Hey, do you really think bitcoin is going to go down to twelve thousand eight thousand nine thousand US dollars?” In fact, if you go over to YouTube Twitter. I mean not blaming anyone.
Everyone is saying: “Hey, now we are going lower right”. At least, I’m sticking to my ground, I was bullish, I’m always bullish, I’m still bullish. But everyone is saying we are going down to the trend of twelve thousand go to your neighbor. If he holds Bitcoin, almost everyone is saying that. If almost everyone is saying that almost everyone has already sold the selling pressure is almost not there anymore low volume low buying pressure. I admit low selling pressure but that is exactly the characteristic, we are usually having bear market bottoms. We had it in 2018 and we are having it right now and I think the most likely scenario. If we are not breaking this w pattern here to the upside.
Unfortunately, if not potentially establishing some higher lows before eventually breaking the resistance towards the upset and here. Dear ladies and gentlemen, I would really love to know let me quickly go back to the video mode. What do you think about that? I am having my trade open actually on 233 000 US dollars, approximately, in profit 111. If you want to trade as well, be cautious. This is a 2 million US dollar trade almost 100 Bitcoin in this trade uh leveraged.
This article is a transcription of a video made by MMCrypto
Original video: https://youtu.be/-IjRf8xP6i8
