Today for the bitcoin price and I’m gonna rush through this. This is a very important one because today we saw the inflation numbers. We saw the inflation numbers of 9.1 in June even higher than expected. Bitcoin is going absolutely crazy right now. The people are asking: “Are we going down to 16 000 US dollars? Is my multi-million US dollar bitcoin trade I’m having open here right now at 22 000 profits only it was at 250 going to be wiped out. Well, I am going to talk about my exact trading scenario, my game plan and my bitcoin price targets right now in the immediate short term.
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Now let’s go straight into the content. Prematurely bitcoin broke down here. This is something I wanted to tell you. I take breakouts to the upside and to the downside trading-wise only seriously when they happen on the apex so within the next last 20-30 percent off the triangle so here breaking down. Okay, maybe. It’s a shorting scenario. You can do it, I’m not gonna short this. I wouldn’t short it as it’s prematurely we are very far from the Apex. The risk of a fake-out so in this case something like that is high. Personally, I wouldn’t trade it. Also, you can see by cycle bottom indicator actually flashing. As you know, this one was flashing in 2018 and 2014 every single time we are hitting the bottom you can see it here on the horizontal lines actually. Also here in 2014 when these two lines are crossing that’s when we are usually hitting the bear market bottom and now it is flashing again.
Of course, I saw many people are looking at it if everyone is looking at it. The question is: “Is it going to work out well time? Don’t take any of these indications too seriously. What we need is confluence so for this breakdown the price target of this specific breakdown would be actually something I don’t want to see 16 400 US dollars so fast forward back to my trade. You can see that my bra my degradation price is 17 300. Let me quickly go back here, I am personally getting ready to actually scale this trade down. If we were to break lower. I, unfortunately, have to put in more to bring my liquidation price further lower not something I want to do. But something I am doing. Of course, if you want to be trading this be very cautious here because people are getting caught up in these inflation numbers and in all of this news. We are I posted it all already earlier over on Twitter. Don’t take this news as a reason to short all the way down to 30-16 400. I am ready for this move. But I’m not really trusting this breakdown so far.
There’s not really a lot of volume coming in. I’m personally staying on my midterm short midterm um outlook towards the upside for bitcoin. Yes, I know it’s not the most popular thing to say right now but I am sticking with this, especially with this beautiful indicator here being on my side. But, anyways be very cautious so far bitcoin is still printing higher lows for bitcoin. Let me know what you think about that. Do you think actually we are going to break lower to 16 400 or do you think we found the bottom already? Bitcoin is going to go higher from here.
This article is a transcription of a video made by MMCrypto
Original video: https://youtu.be/r6K9T1N31hg