Today for the Bitcoin price. And what the F is happening to Bitcoin right now? And I want to pull out one chart. One easy-to-understand weekly chart with one indicator which rules them. All one indicator which is showing the US their market over bull market start which is showing the US. What can we expect from Bitcoin right now in the immediate short term? Of course, I am going to talk about my trip on Bybit as well, right now raking in 41 000 US dollars in profit. Still people are literally laughing at me for not closing this trade. I’m still keeping it open and I will talk about it. I will talk about my price targets and about my next moves for Bitcoin trading-wise.
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Let’s start with the Bitcoin price. Let’s start in the Bitcoin charts and, dear ladies and gentlemen, what you can see here is, of course, this chart. I’m showing you time and time again with the beautiful resistance and support here. For the last 11 years, Bitcoin has been hitting the upper line. The upper white line bears the market whenever we are hitting. The bottom line is the bull market. Well, the bad news here is we didn’t hit this bottom line yet. It is actually right now. Approximately at 21 22 000 US dollars in alignment with the 200 week moving average.
What if there is another indicator besides the 200-week moving average? I talked about yesterday which rules them all well. This is, of course, number one the RSI on the bottom here. You can see the RSI. The weekly RSI, the orange line here, and whenever it gets below the level of 40. This is when the bear market is going into the very final stages. So, you can see this right there 18th of February 2007 2019. Right then you see it in March 2021 and right now. Literally, right now we entered the zone again and now it gets interesting, the ladies and gentlemen.
Let’s zoom in. You can see the numbers here on the top indicating shortening bear cycles and you can see whenever we are getting close to this line here. Bitcoin usually goes into the oversold territory on the RSI every single time. So, what does this mean now? Yes, there is a little bit more downside. Maybe, we are getting another week towards the downside. But we are in the deepest fear in the deepest bear market therapy territory. The last time we were that low on the RSI was literally when Bitcoin had 3 800 US dollars. Let me go back to 3 800 US dollars needed for the market to be.
So, fearful for Bitcoin to be so oversold on the weekly and previously that three thousand one hundred US dollars was needed for the last time when Bitcoin was so fearful. So, oversold right now is the time when Bitcoin is at these levels. Once again is this the time you want to sell Bitcoin? No, this is not the time. I want to sell Bitcoin, in fact, this is the time for me to open a long position to be in this trade. Actually, I wait for higher price levels for Bitcoin, and, yes, I’m not gonna scale it higher for now. But, I am going to do that soon when we are breaking down. Of course, maybe, my stop-loss is getting triggered. But, if we are breaking above the previous high, we just recently did thirty-two thousand two hundred. I’m gonna scale it up.
This article is a transcription of a video made by MMCrypto