Today for the Bitcoin price. I am putting millions of US dollars into this specific Bitcoin trade betting on a very specific Bitcoin move with the price target. So, you know that I am having my trade, open my long position. You can see it on the bottom left side 70 000 US dollars in a profit 91. I do remember just like yesterday the day before people were laughing at me of not closing this trade. I’m not closing it for a specific reason and I will talk about that, of course, I want to have some outlook. What is going to happen to Bitcoin now, tomorrow, the day after tomorrow; the mid-run, the long-term.
We are going to shed some light on things for someone else. No one else shed some light on. So, first of all, let’s celebrate a little bit because we are here.
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Now, let’s go into the chart we are starting on the weekly, of course. I want to go into the immediate short term and tell you exactly what I’m expecting for Bitcoin right now. But, before we are doing, so let’s focus on what’s happening here on the longer term and then let’s zoom in. So, we saw nine consecutive weekly candles in a row catastrophic. But, obviously the lower we go and the more red candles we get, the higher the chance for the next candle to be green. Look at this Bitcoin aft every bear here. Once again where we had this empire candle which is honestly speaking a very bearish candle boom. This week just started very beautiful, of course, the week has still six more days to go. But, that is a good start for a weekly candle, of course. It’s a weekly candle. So, let’s wait and see what is happening. Let’s quickly zoom out here. So, first of all, my price model here right where we are having the resistance the curved one. Then we are having the straight support for Bitcoin and, of course, either one of them is sooner or later going to be broken because we are having them converging actually. The showdown is going to come inevitably and, of course, if you are asking me, I am saying that inevitably we are going to break the resistance and not the support why well.
First of all, let’s zoom out, you can see these red numbers are actually showing us that we are having shortening bear cycles so far. So, in accordance to that this bare market cycle should end very soon. So, what measurement tools could we actually pull out? First of all, we could pull out the Ema Ribbon. The Ema Ribbon actually showing us that we just entered the bear market right. I mean usually the Ema Ribbon shows us when we are breaking below confirming and then also flipping the ribbon that the bear market is starting. This was the case every single time in the past with one exception and that was this one here. This one in March 2020 where we had a lot of exogenous factors actually coming in. And Bitcoin reversed towards the upside with a lot of money printing from the central banks well. It might be different this time, so let’s look at a few more and a few more indications.
So, first of all on the bullish flip side, if we are zooming out here a little bit then you can see if I am pulling out. I am going to talk about my trade just hold on for a second from the bull market high to the bear market bottom that Bitcoin is so far still perfectly holding my predicted golden ratio. What I was predicting right here actually even right there and multiple times throughout this whole period of time that my worst-case scenario is going to be for weekly close for Bitcoin. And I can still be proven wrong 28 800 US dollars for Bitcoin approximately better to speak here. This fibonacci gold in pocket here 27 to 29 000 US dollars and we are holding it. We are even bouncing from there and this is the bullish flip side and this at least gives us some hope well. Maybe, we are reversing here maybe and to determine when are we reversing, when can we say hey this is a reversal we have to zoom in a little bit and for this specific purpose i’m going into the four hourly candles and on the four hourly canvas the lines are removed here you remember we had this not so beautiful descending triangle with a horizontal resist as support. Let me quickly this is not gonna be perfect, it’s not gonna be a perfect line. But, approximately something like this a descending support right. Let me quickly go back here into it, this is a descending triangle the descending triangle usually having a bearish bias well. Bitcoin, of course, after the bears once again re-broke towards the upside not only that we broke towards the upset Bitcoin did not hit the price target of that actually it hit the price target of 32 200 the first price target it hit. But not the other ones, we went higher knocked out. The first price target went lower and this is another good news. We went lower and confirmed the previous resistance being new support two times actually and I would not pop the champagne bottles because what we need to see is after the bounce a break above the previous rejection point the moment Bitcoin breaks 32 200. This is and here i’m referring back to the title. This is dear ladies and gentlemen the moment, where I’m going to put millions in my trade and now let’s go back into it because my trade right now has 24 Bitcoin in it which is give or take. We are like seven eight hundred thousand US dollars in position size and total position size, of course, leveraged here and is 70 000 US dollar profit, 90 in a profit right now.
The moment I am going to put in a significant big amount in this trade is not yet. It is the moment, we are breaking above the previous rejection point and the moment this is going to happen. Dear ladies and gentlemen, of course, we can only then pull out new price targets and then we can pull out the Fibonacci extension levels where we are talking about completely different stuff. We are talking about 40 000 US dollars, 41 000 US dollars and the letter up 43 previous high 48 000 Us dollars and so on. But, this year is a little bit too bullish to celebrate right now. Things are looking much better than before we are printing a green candle. We are confirming the previous support resistance which is now turning into support. But, we are also still below the Ema Ribbon which is broken. I think at 42 000 US dollars. Once again we are still having a lot of resistance above. Some things are good, some things are bad. So, yes, I am going to keep my trade open, but I’m only going to scale it up the moment. We are breaking towards the upside. This is, of course, also why I was posting here finally some green. This is just some relief, we finally needed for Bitcoin.
This article is a transcription of a video made by MMCrypto
Original video: https://youtu.be/V-Pr-yxG44c