Today for the Bitcoin price and, seriously, imagine you are on the beach. You just want to enjoy your day. You pull out the Bitcoin chart and it is once again printing a whole picture here actually after yesterday where it looked a little bit more friendly. We are seeing right now Bitcoin being rejected at the resistance going further down. The question right now, of course, is and everyone is asking me: what is going to happen next? Are we going to go lower is my trade? I’m having open here over on Buybit which you can see right now sitting around. I don’t know. I think I have to refresh it. It’s probably less than that 71 and a profit of 32 000 US dollars in profit. Still am I going to get wrecked on this one? Is this one going to get stopped out? Bitcoin is actually going lower to prices not even, I was expecting.
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Let’s talk about that and I am starting here on the four-hour the candles where you see just a few days ago. We broke it to the downside. Bitcoin went up and everyone got excited including me. Now it seems we are still being rejected at the previous resistance. Bitcoin is going lower and the question is: is this the price target we had before? These bearish price targets! We were talking about it before actually coming into place right now. Let me actually pull it out and that is not it. That is not even close to it. Because I have some things. I want to show you which I have not shown before and which I waited to talk about. I really waited for it to talk about it because I don’t want to ring any lumber. If it’s not necessarily, the price target for this one would be approximately 26 081 US dollars. If we are going over into my trade.
You can see the liquidation price is at 24 200. I set it intentionally like this. So, it will be higher than the previous low. If Bitcoin breaks lower here and creates a low higher than the previous low. We might be still looking at a beautiful W, of course, on the way there. It might be very scary. Of course, we might get some other traits here wiped out. My trait still would remain there, but something I wanted to show you. This is for the weekly canvas. Let me go over to the weekly canvas when in doubt zoom out. The rule guys and I were talking about earlier. Do you remember how my worst-case scenario is 28 800 for the weekly closes, last week closed above right now. We are above.
So, yes, was I wrong? So far not, so far, I am actually right with my prediction. But the longer Bitcoin needs to get this long-awaited bounce the more likely it will get. That I will be wrong so far. No, so far everything is fine right. I mean I’m right unquote, but the longer we need, the more we are testing the support, and the more likely it is going to be broken. If I am pulling out the weekly Ema Ribbon. You can see we are in this bearish flip and Bitcoin doesn’t have so much time. We need a massive bounce right now. If not all the naysayers, all the bears, they will be right in the end. This is definitely not what we want, of course, I am going to stay here in my trade. But as long as we are not getting this long-awaited bounce from this very important support area. It is getting more and more likely by the day, by the week, by the hour. We are getting this breakdown. The moment Bitcoin closes weekly in Canada below 28 800 US dollars is the moment. I am myself getting very cautious on Bitcoin. I would be even not opening a new long position at least until we are hitting very specific price targets let me talk about this.
If I am pulling out the fib level one second here the Phillip fit level from the all-time high all the way to the bear market low. Let me pull it out here boom so I’m taking the all-time high at sixty-nine thousand US dollars. I’m pulling it down to the bear market lower three thousand one hundred fifty issues. Sorry, guys, this is not the bear market law there. It is boom. Then you can see that the Fibonacci golden pocket is still holding as well right. The problem is this is the most important one at the moment. We are breaking this the fib level is not gonna hold we were holding it so far that is beautiful but if you are looking into previous bear markets usually Bitcoin is not respecting this on the weekly usually yes but on the weekly on a cycle basis if we are putting this year from the top to the bottom from the last cycle you can see we were breaking it easily. Bitcoin was actually breaking all the way below the 78.6 and not only in the last cycle also in the cycle before. Let me go into it here and don’t understand me. I am still in my long position right. I mean obviously, but I wanna stay realistic. You can see that in every single cycle. Bitcoin is not just a second. Bitcoin is not respecting these levels right even here in the cycle of 2009 to 2014-2015. We were also breaking the 78.6 towards the downside. So, if I am going to the present moment now. You can see that this level would be among 17 000 US. Do I think we are going to reach it? Am I banking on it? No. We are still holding my very important level here. But, once we are breaking with the weekly candle below that this is the moment for just a second. This is the moment I am going to change my opinion. And I want to update you before this happens. I already said this before when I am pulling out my worst-case scenario. It is not that I think.
This is the what is going to happen, but, at least, it’s in the room of possibilities and I want you to be prepared now. I want to know from you guys: do you think my trade is going to be successful here or do you think, eventually, I’m gonna be wiped out? I do not expect the Bitcoin price to go below the previous low. I do not expect the Bitcoin price to hit 24 200 US dollars. My bearish price, my price target, my liquidation price on this specific trade. I was actually posting earlier over on Twitter at MMCrypto with a verification checkmark of this article here. It’s from 1963 where they said you’ll be able to carry a phone in your pocket in the future. Well, we are past that not only that we can carry our phone in our pocket we can carry our own bank in our pocket with a Bitcoin wallet. I am telling you, this is revolutionary. We are witnessing one of the biggest changes, if not the biggest change in financial history, of course. It is not the easiest to hold on to your Bitcoin here right now. But, I think right now it’s more important than ever actually smarter than ever, at least, smarter than within the last five years to hold on to your Bitcoin and this is what I’m doing.
This article is a transcription of a video made by MMCrypto
Original video: https://youtu.be/XA6QmBfo0O4