WARNING!! WILL THE BITCOIN DUMP GET ANY WORSE THAN THIS??
We are going to discuss the bitcoin price action where we have been seeing another very significant draw over towards the downside, like you can see, since failing to hoard to hold the support line here of the symmetrical triangle. We started to move down from there on and we already reached our price target right now here as well. It looks to be that were creating some kind of a double bottom, of course, its going to come all down towards this one hourly kind of close and, of course, much more things. Are we going to discuss in todays video? So if you want to be finding out with all the price targets and all the important and key levels that bitcoin needs to hold on, make sure that youre going to watch this video till the end here and dont forget to smash up that like button. Because smashing up the like button will be only taking a few seconds of your time, but you would be literally mean the world to me here. So with that out of the way, let me start off with discussing the bitcoin one hourly candles before moving in towards the larger time frame. So bitcoin, of course, is decreasing once again here and a lot of people starting to panic. But right now, once again im going to say the more people that will be in fear, the more greedy i will become and dont let these wills. Panic, sell your bitcoins right now here, because there are a few things that you have to know right now.
Here, first of all, it is weekend and usually in the weekend, we are seeing manipulation. So i definitely dont think this is the right time to do to start panicking and it definitely. This is the right time to start panic buying, in my opinion, so what we could be seeing, of course, all coming down towards how this one early kind of candle will be closing here is the potential w, because you can first of all see this level over Here the green line arranged to 41k has been providing the support once again like it has been doing in the past so yeah. We have been touching this level and right away. We have been starting to increase from this so as well. You can see over here previously we got rejected by this level and right now we are once again getting supported, so the 41k still holding us strong – and we are right now currently as well on the one all the candles ever looking to the rsi. Still in a healthy trend on the rsi, so i am not seeing any divergence right now whatsoever, but if were looking to the mcd, of course, this is not a leading indicator or whatsoever right now, because we are now seeing a lower lower low getting formed here. So im not can be confirming this as a divergence, but what we are seeing here is once again that the selling pressure is decreasing but of course, were still setting a higher low, so that is likely to see here.
So we are seeing, of course, on the momentum indicators right now. Still the selling pressure is decreasing, like you can see over here, so as well, what you could be seeing, like, i told about everyone uh in the beginning as well. If this one early candle is going to be closing here in the green, i should people potentially anticipate a double bottom, because we are right now still, if youre, looking correctly towards this, you can see we formed a low over here and we formed a higher low There, so what are we doing here on the one early candles guys? Are you seeing this right? Yes, you are. We formed a low over here higher low over here higher low over here, so we are still in an uptrend right now. We are still forming. Of course, this higher low trajectory and thats looking like a bullish structure, of course, on the imminent short term, we started to roll over with a downtrend and, of course, for me right now, im seeing the first reversal signal since, of course, were forming lower highest lower Highs and right now were starting to set at higher low, so yeah. I definitely think this is going to be a very significant move. If were going to be able to close this one, i only can learn the green sorry. We could be potentially see a very significant increase, my back towards the upside, so this could be as well, resulting it may be a potential scenario where we are going to create a w here on bitcoin.
So if were going to see something like a retracement like this, we could be seeing a potential w and, of course, for a potential w. You want to be seeing the neckline getting broken and, of course, if were going to create something like this in the market. This is, of course, going to be extremely bullish, market structure, but still going to say it. It is still weakened and these bills are still going to be benefiting from some people that are right now, starting to panic. But in my opinion, this is not the time to panic and the reason why im brian is saying so is because, if im looking to the daily time frame, first of all, bitcoin is creating an um falling witcher falling, which is a typical bullish. Bias consolidation pattern. After a significant rally towards the upside, so we are seeing a bullish bias pattern getting firmed on the daily time frame. I mean, if youre in doubt you should be starting to zoom out and right now. Of course, a lot of people are in doubt, and i start to zoom out here, so i definitely think we should be starting to anticipate a very huge breakout of this falling wedge. Of course, you all know if were going to be able to break the top side of resistance, the price target is going to be the 52.7 k and thats going to be a very insane price target as well. Rsi is currently suggesting we are going to see some more volatility in the market.
We are seeing uh this some kind of an apex getting reached here were getting squeezed here in towards, of course, some more volatility in the market, just like we saw over here and, of course, this really kickstarted is really towards the upside. Of course, it doesnt necessarily mean that we have to be breaking towards the upside. It only signifies that were going to see either very much volatility towards the upside or towards the downside. So personally, i am right now, anticipating a huge amount of volatility on the daily time frame, and personally, i, of course, still in a swing trade position towards the upside, because im anticipating a huge huge like towards the upside, because etfs getting approved. There are several things that right now are indicating us. That november is going to be extremely bullish, and you could be starting to, of course, anticipate it right now with buying into cheap bitcoin and, of course, all the panic slaters right now you uh they will be selling, they will be selling right now, but they will Be adding the boiling pressure as soon as were starting to move up again, because a lot of people are right now saying 38k were going to going back to 38k, usually guys you have to know it once too many people are anticipating a certain level. It is not going to happen so please take that in consideration as well. Looking at the ferrari look endless, we could be approaching – maybe this very significant downward slope versus line here on the top side.
This is going to be an important level for me to keep my eyes on if were going to start increasing. This is going to be, of course, a level thats going to be providing a lot of resistance. Of course, as well, if were going to look at the one early candles and lets say were not going to be able um to hold on towards this green line. On the 41k to quickly give you guys a brief update on which levels you should be paying attention towards, then is of course, going to be the 40k for the guys, its a very psychological level, and, like i, of course, tweeted about it already several times here. Guys on my twitter page and for obviously you see, there is a huge, huge buying wall on the 40k set up here. There are huge amounts of buying orders set up on 40k, so i personally dont think that the chances are extremely high. The bitcoin is really going to dip further. Then, of course like we did over here. I dont expect that were going to see a very significant drop off here, and i mean these times over here really. Uh really, of course, remind me of this structure here in january 2021, we saw multiple shakeouts. A lot of people were calling for 20k bitcoin by then i mean a lot of people are getting too bearish on these points here, but you should start to get greedy, because once everyone has a fear, you want to be starting to get greedy.
And personally, i do expect were going to see similar mark structure like here. We squeeze the price as well into an apex, and we moved up here right now as well, were forming a following match and were most likely going to move up from here on, and you can call me a mumbo or whatsoever, but you can also just play Uh play the game smart, because once everyone is affair, you want to be starting to get greedy, of course, so as well potential downward slope of support line. You could be approaching it like this here, because some people are approaching it like this. Of course, you can see uh weve got several touch points with a minor fake out over here im, not my most safer trend line to be very honest, but if youre going to approach this trend lines like this yeah, you can see. We are right now creating, of course, a falling wedge, and this could be resulting in a very significant push up here as well. To be clear, if were really going to see a four hour, we can dip below this level. On the 40k, we are going to create a huge amount of bullish divergence together with the big big buying order set up over there. I dont think that the 38k is going to be a very likely scenario to happen and especially not in a weekend so yeah. Of course there is going to be always a lot of manipulation in the weekend, but i dont think we could be driving the price.
All the way down to 38k so guys yeah. This was my price analysis here today on bitcoin, of course, make sure to special likes here. If you want to be seeing more of this analysis, of course, make sure to. Let me know if you want me to do an uh, maybe a video here on ethereum or whatsoever.