Today for the Bitcoin price and this is literally an emergency article a very short one because I want to get this out as fast as possible. Bitcoin was dumping like crazy since yesterday you remember my video I uploaded a little bit low more than one day ago, a little bit more than 24 hours ago. Bitcoin dump. Then huge pump well going into the chart. You can see Bitcoin reached my surprising bearish price target here from this breakdown. I mentioned yesterday, that the question is: are we going to dump further, or was this already the dump? And the pump is going to happen right now. This is what I want to talk about before I continue.
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Now let’s talk about the Bitcoin price. Well, we broke down yesterday, and after my article, we hit the price target here of we didn’t hit it quite like 50 difference or so of 26 800 US dollars. Now, of course, I want to determine with you are we going lower, or was this already it? First of all, let’s pull out the Fibonacci retracement level from top to bottom. We can see that Bitcoin perfectly went down to the 78.6 indicating. Well, at least there is some confluence between the price target and the Fibonacci retracement level. There is at least a small tiny chance for Bitcoin to reverse from here.
However, this is a warning I want to put out there we are 28 000 at the time of recording the only moment I am getting confident that we are getting higher from here is when we are going above the previous accumulation zone at 28 800. This is a very important level probably also on the VPVR. Let me actually pull it out. You can see it here on the VPVR. This is where all the volume is coming in. I will show it to you here at 28 800 US dollars. We need to overcome this level Bitcoin needs to get buff again obviously also for my prediction. I was always mentioning to stay true 28 800 for the weekly close for Bitcoin. We need Bitcoin to get back above this level before Sunday for my prediction actually to be true and to remain true. Of course, my trade.
Let me actually show you the treaty. There’s some advertisement I didn’t want to show that you can see here. This is my trade right now actually in a loss of ten thousand dollars. In a loss, I was already a hundred thousand in a profit. The question is should I close it the answer is no, I am keeping this trade open. I keep it open because my liquidation price is at twenty-five thousand four hundred US dollars below the previous low from the standpoint right now. A price target that is not the most likely to get triggered so I am keeping this trade open. So, now what should you do. If you are standing on the sidelines, I would not open a trade just yet I would wait for Bitcoin to get back above. Maybe, even back above the previous horizontal support which is now turning into resistance 29 000 US dollars, and wait for a daily candy to close above it because until then we are in downwards price action. The trend is still downwards
So, before you ever open a trade wait for this to change, of course, you can already go down and claim your free bonus – I have like almost 10 000 us dollars for free combined. But I think there is some volatility coming in very soon. Let me know what you think about that. I know it’s not the most pleasurable time, especially for Bitcoin both like you and me, but this is just what we have to go through. There’s always a bear market before a bull market. There’s always a dump before a pump, so this is necessary to check out on the weekends. I hope you understand.
This article is a transcription of a video made by MMCrypto
Original video: https://youtu.be/pginj4Efnas