ANOTHER BITCOIN DUMP INCOMING?…
That is right now losing very important support, and right now we are retesting previous support as resistance as we speak right now as well. I will be talking about the one hour time frame that currently is losing a very important level support right here, and this is about to get retested, and i will show you guys my exact new trade together. I will be talking about a larger time frame chart on bitcoin, but rhino is telling us a very interesting story so make sure to watch this video till the end. There going to be also a lot of other things getting discussed today. So lets go for 400 likes on todays video, i know truly, we can do it so make sure to smash up the like button right now and lets dive right away in towards the content and what were currently seeing, of course, is that this previous support zone Was holding up very well on bitcoin, however, we started the lower high structure here on the market, like you can see, together with lower lows, getting formed here after seeing this structure getting formed on the market. We are right now expecting, of course, were going to see a continuation of this trend, and i want to be looking at a shorting position exactly on the 21 000 use dollars and im going to target somewhere around the 20 000 us dollars. As my take profit, and of course, if we do break above the 21.
2 k, i will be getting stopped out on the 21.3 game, as my stop loss target is, of course, so right now, im looking to take this short term trade over here after seeing, of Course, a significant breakdown of the rising wedge on the chart breaking down and then, of course, also breaking down a very important support. I rightly want to be shorting the previous support as resistance and then look for a continuation down right. However, if the market does increase from here on, i will still benefit from it with my spot position, but right now i am taking this trade. Of course, only with my trading account so thats going to be important. Im, not selling unnecessarily my small position right here. This is just a trade and for me, the people that dont understand im still buying more and more bitcoin every single day that, with my trading positions, i sometimes look at shores right, so thats important to know. More importantly, also looking at the four hourly timeframe, we can rightly see something interesting playing out previous resistance. Previous support, previous support support over here support over here we break below the support and right now, what are we having support is getting retested as resistance right now. So once again, guys were seeing a very important level free if you support slash resistance, we broke below it and right now were re testing it. What is this going to be resulting in in my opinion? Personally, i expect this is going to lead towards the continuation down.
You can also clearly see we had this beautiful uptrend getting formed over here on the market. We are also having a four hour. Ema ribbon, thats, going to be providing resistance exactly on the 21 000. Us dollars previously around it provided very strong support like you can see over here, but more importantly, we broke this very important upper sloping, support line we break below it. We break the uptrend and right now. I personally think we are going to just look for a little bit of these lower targets on the market right now, so that is also what im going to be aiming for right here, so that could be, of course happening on the m in a short term. However, still long term, i am still buying more bitcoin. Please dont get confused by that. More importantly, also in the daily time frame, we can clearly see right now. Volume is coming down. Very significantly, price section is dropping. The price basically is really right. Now, shaping itself up to create a massive move in this market right, so volume dropping and at the same time were seeing the rsi climbing price actually forming a lower high. This is, of course, a clear confirmation of a various diversions on the chart. This is, of course, not necessarily looking good its, of course, not a thing. I would like to see here the bitcoin barriers, the versions getting formed on the daily time frame, to get it with a volume drop here.
This is just the perfect ingredient for an extremely big volatile move today tomorrow or either into this week, so make sure that you wont be surprised if were either going to get a massive pump or a massive dump as well here in towards this week. So volatility is probably going to kick up and for us, as traders, its going to be absolutely amazing to be trading on. In my opinion, on the larger timeframe, we could still look at an elliott wave structure over here on the market. We first had this um. This first lag and then the b c correction. They only have wave one wave, two wave three wave, four wheres wave five were still waiting for it, so maybe potentially still weve got another wave covered for the cryptocurrency market right here. Considering the macro environment is not going to be very likely to expect another significant move from here on getting create. However, if im just looking at where were currently standing on, i personally think it is likely to at least have a little bit of a bounce on this market and looking at the weekly timeframe on bitcoin, you can clearly see boom support, support as well in the Panamic crash support and once again were testing it right here, so the risk is most certainly very low, and i really want to be pointing this indicator out, and this is of course, the 1 000 daily moving average and every single time, basically once were trading below The 1000 daily moving average boom good buying opportunity boom good buying opportunity, good buying opportunity here and personally, once again, i think its a good, larger time frame buying opportunity its an its a good buying opportunity.
If you have that macro perspective, if you only have a perspective for bitcoin, what its going to be doing tomorrow or the day after yeah youre, probably not think its a good buying opportunity, however, on the larger time frames, this is a once in a lifetime opportunity And, of course, if we recover, we recover quick, just like here, just like here, just like here, every single time, once we do recover outside below the 1000 daily moving average, and we come back up again of it. We go exponential. Basically, look at this exponential yeah bull run. Exponential bull run, exponential mid cycle run up exponential, blu ray. You know it happens every single time and its probably going to happen once again. The same were going to be having probably another explanation, run up here later this year or either the beginning of 2023. So please do take this and notice, of course, theres still some signs that are dangerous and thats. Of course, the s p 500. Right now s p 500 is trading clearly against a very strong resistance target, and hopefully we can break above it, but if we cant yeah, that is probably going to lead towards uh lower targets here on the bitcoin price section as well yeah. That was already it for todays update video. If you did enjoy the content, make sure to subscribe to the channel.