Urgent: Crypto Crash Continues! | Is Bitcoin Price About To Make New Lows?
So how long is this bear market gon na last? Well, you can see that the price is threatening to make new lows at the moment as uh discussed yesterday. This is still the primary liquidity zone that ill be looking uh towards for any meaningful bounce and thats. If i am going to attempt to catch a falling knife right so as professional traders we supposed to rather buy the higher lows and catch moving trends, momentum trends, but at the moment i mean the prices seem too good to be true – and i must be honest – I am attempting to catch a falling knife. No positions have been filled as of yet you can see the rsi on the five day. Chart is continuing to go down and im still targeting the 19 000 to call it 18 000 region and im gon na show. You on this chart exactly from a greater perspective where we at so um something important to note again is that whole mean reversion trade right. So when you take your, you take the 21 ema on the weekly chart and you ask yourself: okay: where did this uh move start to sell off so from that level? Over there we currently at about weve gone as low as 53.9 percent down. Now, when i back tested this, i found that in the worst case, scenarios price deviated away from that 21 ema about 55 in the worst case scenarios, so its really still in that zone, but because its sticking around here for a long period of time, it tells Me that its probably not the low yet and we could tag that 255 ma, which is coming in at 19 334.
My only order that is set still remains at that price point, and actually i have one more order which ill touch on now on a particular altcoin, but this would be a short term bounce just to remind everybody were looking to play the mean reversion trade, which Is going to be looking something like this come down? Who knows how deep we go and then revert back up and then were going to sell everything off again, targeting ultimately much lower in the 12 000 region? Now i dont know how this is going to play out. We have to adapt with new information as each day passes and each week passes so thats not necessarily a set long term plan, but that is how i would imagine it would probably play out now. One of my reasons for being somewhat bearish today is if you have a look at the futures market, so i have the s p 500 uh on the normal chart over here and then i have the futures. Chart. Ive tried to align them over here, and i told you for a long long time now, ive been targeting that key quarterly level and the pre covert area over here. Where the initial covert dip happened and on futures, you can see its already opened red so coughing up all the gains from yesterdays fomc meeting, which was a 75 basis point rate hike. It seems like jerome powell is looking to do probably the same thing.
Uh next month, so at the moment, theres not really any sort of signs of a change or the fed pivoting. Yet so, markets im still going to be uh erring on the side of caution and mostly playing the capital preservation game. Looking to just make short term moves right, like the mean reversion trade, that im aiming for okay. Having a look over here on the four hour chart, you can see that price uh came straight into the 21 ema on a four hour chart, and then it started to deviate down rejecting off of that uh as soon as you start to threaten these lows at Around 20 100, its probably going to push through the question, is: how are the momentum oscillators looking? Is there going to be enough to get it through? Well, if you have a look here at the four hour momentum oscillators, they are only just starting to turn over. So i think there could be a possibility, if theres a very bad day on the stock market today uh, then that is a possibility going back on the stock market, though i just want to also give a bit of perspective, so lets just make this one bigger. Give me a second to move that onto a single chart, um, so many things here, single window, okay, great! So if you have a look here, its got still to reach those levels around. Another 20 percent. Wait lets just do that again around another 12 to go to hit our ultimate target so 12 to go on that might put bitcoin down about another 20 or so and altcoins, maybe about 30 to 40, which is still essentially what im targeting when you look at Any of the other altcoins im gon na go to ethereum over here.
You can see the main liquidity zones. The ultimate targets that i have in mind are still coming down about another 20 from here. He has an update on the bmb one. You can see that this was the short play that we had coming from the top over here with the underside resistance, and we started to short from that level. We had first target second target coming in in this level. You can see that price tried to get above the 21 ema very similar to bitcoin and it started to turn over deviate and come down once you start to lose those lows. I would say that probably this target 2 starts to get back on the table, but i because things are so overextended im personally, not looking for any shorts at the moment, if anything, im looking to catch bounces and then once we have the next major bounce thats, Where ill be looking to load up on new short positions, one trade that i do have set up actually, which is the other one that i said, is solana and thats, just because salon has been really really hit hard, um, also its strong. Fundamentally, it has the network effect and if you look at the on chain, metrics of salon its similar to what ethereum looked like back in 2017. So i do think that this is one that will probably survive the bear market and recover. And if you have a look at that back into that liquidity zone, its going to be at about 37 ive set my order at nineteen dollars, uh exact at nineteen dollars, but the liquidity zone falls between twenty and about eighteen dollars and fifty cents.
So thats really just a very quick update, theres, not too much else to add uh watch for this area over here. If you can, if you see that the momentum oscillators start to gain momentum to the downside, whilst price. So if you see something like this, let me just draw it for you. If you see momentum, oscillators coming into about that level, will make that bigger for you as well, and then you start to see price coming towards this area over here and threatening that level. Whilst the momentum oscillators still have a lot to go, i would say probably we are going to be making new lows and i dont believe that the ultimate lows in so yep make sure you follow me on twitter. My link is in the description below. If you do want to support me as well, youll see the bybet link over there too. If you want to follow, along with any of the trades for proper setups ill, be posting that on uh twitter, so thats. Why i follow me on twitter, when i do make any sort of a trade ill make sure to post it there at the moment, im kind of just watching im just sitting on my hands waiting for the next high probability setup, and at the moment i dont Really see that this is what youd expect after these fomc meetings is a little bit of instability. The market tries to process whats going on whats happening, and then we start to get more high confluence trades.
Everything to me personally is still pointing to the downside. The altcoins, in my opinion, have still not been hit hard enough. I know that a lot of people are in major pain with regards to the altcoins, and a lot of them are down 90, but i would expect a little bit more. Some of them can come down another 10 to 30 percent from here. So for the long term, investors dollar cost averaging. Maybe not a bad idea. Im personally ive put a little bit into bitcoin, but im not really playing a heavy dollar cost average game im. Staying more cash heavy just because of the macroeconomic environment and whats currently going on so thats it from me guys uh stay safe trade well, and this video is proudly brought to you by unix gaming ill see you all on tomorrows video cheers for now.