Today for the bitcoin price and 97% of the people are in danger when it comes to bitcoin, you might be saying chris are you actually crazy well hear me out people are severely bearish right now. I wanna show you something in the chat, something you have to see before you are making any investment decision, trading, buying-selling decision.
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Let me go into the charts before I go into the charts. Let me show you some I was posting three minutes ago like: if you think bitcoin will go below the previous low 300 likes in three minutes. It’s counting right, people are very very bearish. I mean I don’t wanna blame anyone for being bearish, that’s not the biggest problem, but being bearish after bitcoin already dipped down almost 80%.
Dear ladies and gentlemen, this is not the way we approach things. Let me actually evaluate with you together now whether we are going lower or not. This is the chart, this is the monthly chart 11 years the last 11 years for bitcoin hear me out. Every single candlestick represents one month and if we are going into it. By the way, my trade is still open. I stand by that. Maybe, it’s a stupid decision time will tell this bitcoin trade 2 million dollars 100 bitcoin in. It, approximately 230 thousand dollars in profit. The ethereum trade is 26 000 dollars in a profit. Well, if you’re asking me, why I will tell you, exactly why? Let me pull this one up here. You can see first of all the white line support and resistance of the last 11 years zooming in, You can see bitcoin is slightly below the support which is, of course, not. So, beautiful!
But, well, let’s pull out the most important metric. In my opinion, when it comes to determining bull and bear market ants. So, what you can see here is the RSI on the bottom. Let me quickly show you, let me zoom out a little bit the RSI on the bottom. The orange line here is showing us the relative strength index whether bitcoin is overbought or oversold whenever. The RSI goes into the very high area here like in 2013 2017 and also last year 2021 that is when usually the bitcoin bull market comes to an end and every single time everyone including me is saying hey maybe a little bit higher we can go a little bit higher. But, then, of course, eventually, it ends. The same thing is on the bottom. I already marked it with the circles here 2014 bitcoin bear market bottom. We hit 44 on the RSI bear market end, we are going higher yet go and ask Da Vinci at this point of time everyone expects even lower prices 2019-2018 November. Approximately, we hit the bear market bottom RSI 44.
You can see the 44 right there and everyone I was there myself was saying a thousand dollars is going to happen. Bitcoin is not going to stop at three thousand dollars here. No, we go a thousand dollars down. Well, what happened afterwards bitcoin ran up from three thousand to sixty four thousand US dollars. Dear ladies and gentlemen, guess. what let me quickly go back guess. What dear ladies and gentlemen bitcoin is hitting right now in this exact moment the 44 on the rsi on the monthly. Once again, let me go back to the chart. This is it 44 on the RSI monthly. We are hitting it yet everyone expecting seven thousand dollars eight thousand nine thousand dollars for bitcoin as if we have not learned from the last 10 15 20 like dips down for bitcoin from the last three four bear markets for bitcoin where every single time things are different.
But, at the end of the day, they are very similar now. We are hitting these levels again and people yet still waiting and why are those people in danger. Well, the biggest cost for bitcoin for people it’s not created by maybe buying selling here a little bit or like having a bad trade every now and then. Then this happens also the biggest biggest cost is opera is an opportunity cos,t if you are standing on the sidelines right now. Bitcoin reverses and you’re going to wait for your low entry price at like 17 000-18 000. I want to get at least what I could have gotten before you’re gonna be standing on the sidelines. If bitcoin climbs up to two three hundred thousand five hundred thousand a million us dollars for bitcoin in the next few years.
You’re gonna be standing there without any bitcoins in your hand. This is exactly how the biggest cost is created opportunity costly ladies and gentlemen. This is why my strategy on bitcoin besides my trading strategy. I’m having these few million US dollar trades open right now. It’s just holding. I’m not doing anything when bitcoin goes higher. I’m holding bitcoin goes lower. Please finally understand that this has been in the last 11 years the best strategy outperforming everyone in bitcoin. If you’re not doing that do your own research only in my humble opinion you are. At least, when it comes to your opportunity cost in big danger.
This article is a transcription of a video made by MMCrypto
Original video: https://youtu.be/JV73D5DxsQc
