Today for the Bitcoin price and I have some crazy news to share with you about the Bitcoin price. What is going to happen to Bitcoin in the short term and in the mid-run. I will talk about my trade as well my million US dollar trade. I’m open. You might call me crazy. Bitcoin is going down here recently a little bit. At least, this trade at 24-bit composition size 60 000 US dollars in a profit of 80. Well, the question is: am I going to get liquidated? Are we going to find lower price targets because of the charts? Something is unfolding and I want to show you something which is like clockwork every single cycle. We are check-marking it before. We are hitting the bottom now, of course. Let’s evaluate if this is going to happen again. What the price targets are in the immediate short term and what we can expect for Bitcoin right now.
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Let’s talk about it and let me actually go here straight into it.
Now let’s talk about the Bitcoin price and this is the long term. This is the weekly price for Bitcoin and I want to focus on that just in a second. First of all, I want you to go here to um to this specific chart and in accordance to that I talked about that a few times already. We perfectly actually fulfilled this triple bottom fractal which we had earlier actually very much exactly. As I predicted now the question is: is evidence and proof now solidifying that? Maybe, I was not wrong right I mean, so far. I’m perfectly right. But you never know, right is actually right now evidence coming that we are going lower and that this what we saw here recently, it was just a dead cat bounce.
Well, what can you see here from the symmetrical triangle? We broke out to the upside. Perfectly nice trade is playing out, but the price target was already perfectly hit at 32 200. This is the exact price target I mentioned earlier. Let me quickly go into it here before I continue. Let me show you this little clip here where I was predicting 32 200 US dollars for Bitcoin. Look at this reversing to the upside before testing the bottom twice. At least, right a break to the upside brings us to 32 200 definitely a big release rally. If this is going to happen. As you can see, this is what happened now that we hit the price target. Unfortunately Bitcoin is losing a little bit of steam here and going towards the downside and here to evaluate. Whether we are going to see higher price targets or not. Or whether we hit the Bitcoin bear market bottom or not? I want to zoom out a little bit here on the higher time frames and for this i’m going on to the index chart there. You go and what you can see here is the weekly candidates for Bitcoin. This very beautiful price model right the last 11 years for Bitcoin and actually every single time Bitcoin hit the resistance right here.
We went down for a prolonged bear market and actually hit the bottom line, the perfect fit line of the bear market bottoms. Every single time right every freaking single time, but this time we didn’t hit it yet. So, the question is: are we still going to hit it? As always, we need a little bit of more confluence and I want to pull out these two moving averages, actually the blue one being the 50-period moving average on the weekly and the yellow one being the 200-period moving average on the weekly candles. What you can see every single time so far. We broke the 50-period moving average, we went down for a re-test of the 200 every single time it broke went down. Actually, I can go back just to prove it to you every time. We broke the 50 periods, we went down to the 200 periods. This time we did not do this yet. Yes, I mean I am bullish. I’m in a long trade and my prediction is 28 800. But, it would be actually reckless, if even though these things, I’m not talking about it because it doesn’t fit my bias.
So, what can you see in accordance with these indications? After breaking this line, Bitcoin should go down for another retest at the 28 102 22 000 US dollar support of the 200 period moving average and off. The perfect fit line here of the bottom line there, of the bottom perfect fit line of the bear market bottoms. As we hit it in 2014 2018 and um even before in 2011 give or take uh correct me if I’m wrong if Bitcoin mirrors the price action of the last 11 years. We did not hit bottom yet, if Bitcoin does something similar to what it did the last 11 years. I was wrong, so far. I’m not. But then I was wrong and then we should go lower and have another retest there. And why am I saying all of this? Even though, you can see myself here being in this trade of 60 000 US dollars in a profit. I want this trade to succeed, I am a Bitcoin bull. Now, dear ladies and gentlemen, let me know what you think about that.
This article is a transcription of a video made by MMCrypto
Original video: https://youtu.be/K5M6xvBbbgw