Today for the Bitcoin price and if you are a Bitcoin bear, it is made for you if you are a Bitcoin bear. I was talking about that earlier on the black Thursday dump when Bitcoin dumped down to 3800 US dollars. I want to pull it out right now and I want to show you exactly what we should be looking at right now, especially, if we want to answer the question whether this year 24 500 on some exchanges 25 000 something on other exchanges was the bottom for Bitcoin. Let’s talk about that.
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Let’s actually take the time travel machine and go back and see what you can see here from a time when my Instagram, my Twitter account was not verified. But, now you, of course, see that it’s verified on the 20th of April 2020. I was living in Thailand; we had this big dump here on the black Thursday where Bitcoin was dumped down. You can see it here all the way down to 3 800 US dollars. The wick was so big that you can’t even see it in this picture right. What I was saying at this point in time is this was probably the bottom. This is a textbook bump and run reversal bottom and, of course, is it going to repeat for Bitcoin. If we are going into the textbook you can see that we had multiple of those in the stock markets and even in Bitcoin right. It’s a V-shape recovery usually where we are having a lead-in phase. We have a bump phase where we are straight going down and then a recovery which gets confirmed. Once we are getting above the trend line reconfirming it and breaking towards the upside now. The question is: how can we know in the world?
Can we know whether this is a bump and run reversal pattern? Well, let’s examine the different faces and if we are looking into this chart pattern here. This is the lead and phase is the bump phase. Now the question is are we going to get into the run phase. So, let’s extend this one here at the moment, we are confirming that is, of course, only happening at the moment. We are getting above the thirty-three thousand five hundred thirty-four thousand US dollar areas reconfirming the break of the trend line the moment.
This is happening the target would be at least to speak at least the top of the lead in phase 42 000. But, obviously, we all know Bitcoin, if this was the bottom. The target is much higher right now. Now the question and for this, we have to zoom out on the chart. The bottom can we claim that this was the bottom and is this a bump and run reversal pattern. Well, the volume structure on this dump suggests the V-shape recovery at least so far. We are far from a confirmed vehicle recovery says maybe and what we can also see is that the last weekly candle closed at least here. This is what we were waiting for in my worst-case scenario area. But, as you can see, the new weekly candle is not the most friendly. Obviously, I wanna see this one to be green, if we are once again here re-testing these areas more and more again the rule in trading.
Let me go back for this one here actually more often. We are testing support or resistance in this case support the weaker it actually becomes, and the more often we are testing it, the more likely. It is to be broken because every single time the price goes down and tests this very important support the likelihood actually increases that it gets broken. Because the bulls are getting weaker right now we have a demand zone here the more often we are going in eating up that demand the weaker it becomes. This is something you have to keep in mind, so we need to get a green candle. We need to finally get a bounce here otherwise there is nothing happening with the V-shape recovery. But at least, we are having some hopeful scenario here, we can be waiting for at least. We have a potential tradable event at the moment. We are breaking above the 34 000 US dollar area and reconfirming this break out towards the upside.
Dear ladies and gentlemen, I would like to know from you if you think this was the bottom. Do you think we are going to reverse from here? Do you think Bitcoin is going to go off to the races? Despite all the things which are speaking against it to be quite honest, of course, looking into the financial markets, looking at the monetary policy, looking at the altcoin markets. It doesn’t look all too good, so I hoped this was some nice sprinkle of hope for you. If you want to be trading as well, I actually opened a trade at twenty seven thousand us dollars right now sitting at forty one forty two thousand euros in a profit of ninety one percent. If you wanna open that as well, only do that as an experienced trader.
This article is a transcription of a video made by MMCrypto
Original video: https://youtu.be/jtwAom5qyLw