Transcription
Yo, welcome everyone. The next move on Bitcoin will be a big one. I really do hope you're ready because most will probably get wrecked once again. Let me show you.
You're going to see that Bitcoin yesterday got another push towards the upside directly towards our daily high from time frame area of resistance. Not only that, we hit almost to the exact dollar accuracy, the 200 exponential moving average on the 4-hour time frame. Bitcoin hit the level and guess what? A lot of people become very bullish at the area of resistance because apparently we are breaking towards the upside. What you're right now going to see everyone that entered a long position right here right now on the entire push down got wrecked, got stopped out, and definitely got liquidated.
That is why usually I am telling to you we can be looking for long positions on Bitcoin and on the entire crypto market only at the areas of support. And also something I posted about yesterday on Twitter right here where I said longing resistance remains one of the best strategies to lose money. Everyone that longs the resistance expecting a major breakout towards the upside. Usually we can then see a rejection, rack them, and only then potentially do see a bigger reversal back towards the upside.
That is right now why I want to share with you what is going to be my bullish scenario. I'm right now paying attention to in a case Bitcoin actually bottomed out at this specific area and we are simply going to go with our head and shoulders pattern or more specifically with the inverse head and shoulders pattern. We can say left shoulder right here. We got our head and as of right now, because also we are in the middle of the weekend, Bitcoin is probably going to chop around this specific area right now for some time. Right shoulder is right now forming and then of course if we are able to break the neckline at approximately $113,300, simply the inverse head and shoulders pattern is going to see a breakout and we can be looking for much higher targets in the next couple days.
I am going to share with you exactly where we can be looking for long positions on Bitcoin and also I'm going to share with you the exact level on Ethereum where I'm also as right now going to potentially enter another long or a buy position at. But nevertheless, what is right now going to be the next very important target paying attention to this specific inverse head and shoulders pattern. All we have to do is to measure from the head right here back towards the neckline, putting the trend line on the potential breakout right here. And what you're right I'm going to see the price target of the inverse head and shoulders pattern is going to be at approximately $120,000. Trust me, this specific price target is really not a random level.
Let me go on the weekly time frame because we need to talk about our weekly high time frame area of resistance landing at $119,300 area. Not only that, exactly right here, as you can see, we do have our recent high which is right here for liquidity purposes. So that is right now why if Bitcoin is going to be able to see a push towards the upside, break this major area of resistance. And later in the video, I'm still going to talk about this specific area slightly more in depth. But yes, if there is going to be a push up, this right here is going to be the first major theoretical price target of our inverse head and shoulders pattern.
Additionally, some of the indicators for Bitcoin are right now being really slightly more bullish on the daily time frame. You are right now first of all going to see Bitcoin for the past couple of days definitely has been forming brand new lower lows right here. The MACD indicator has gotten another higher low and not only that, we are probably going to get a confirmation or this specific bullish cross in the next couple of hours, which is definitely then going to mean bullish divergence is right now definitely present on the daily time frame on the MACD indicator. Not only that, on the 2-day time frame, we are still right now forming another lower low on MACD, higher low on Bitcoin, hidden bullish divergence. And not only on the 2-day, also on the 3-day time frame. Higher low, lower low, much more of a bigger lower low on MACD actually right here, which is also going to be another bullish Bitcoin indication. So, the only question as right now is, is Bitcoin going to be able to get a breakout above this major area of resistance? Because if we do get it, definitely major bullish indication, we are going to be looking for much higher price targets in the next couple of days.
That is right now also why I would really appreciate for you to smash up the like button because 1,000 likes are really possible. And also, by the way, there are still some spots available to join my free VIP Discord group. Click this specific link down below in the description because yes, I am sharing with all of you all of my technical analysis not only on Bitcoin itself, but of course also on many different altcoins. And yes, as right now, I am also interested longing many different altcoins because many of them are going to hit some very nice levels. Join the free VIP Discord group while you still can with this specific link.
Right now, let me also share with you another very important bullish indication. We are right now seeing on the 2-day and also on the 3-day time frame. Not only bullish divergences are being present on the MACD, but also on money flow and also on the RSI on higher term time frames. What you're right now going to see at the moment, the RSI indicator is seeing a lower low right here. While Bitcoin is seeing a higher low, another hidden bullish divergence on the 2-day time frame, also lower low on money flow, lower low on RSI, higher low on Bitcoin. Hidden bullish divergences are clearly being formed which are right now suggesting potentially Bitcoin can continue higher in the next couple of weeks.
Now, the brutal reality right now is still going to be that yes, on lower term time frames such as on the 4-hourly, on the 2-hour time frame, Bitcoin is still moving in a downtrend. So do not get me wrong. I am not saying that Bitcoin right now already must see a push towards the upside. The reality is on the two-hourly, on the 4-hour time frame, clearly market structure is still bearish. Why is right now market structure still bearish? We still right here have our low right here, lower high, lower low, high, lower low. This right here can still be a lower high for Bitcoin and we simply continue our trend literally straight towards another lower low.
But yes, I want to share with you right now the first important area of support that you really need to be paying attention to. Why I'm as right now saying to you potentially the inverse head and shoulders pattern is right now playing out on the Bitcoin chart itself. And for that, you need to pay attention to our first quite an important and a major support level that can right now be identified with a fixed range volume profile. Let me measure the entire inverse head and shoulders pattern with the volume. What you're right now are going to see, value area low on Bitcoin is coming in at $109,500 area. Why is this specific level such an important price target? Because what we can also right now and do, we are going to go with our Fibonacci retracement from our swing low back towards the swing high, golden Fibonacci ratio coming in exactly at our volume level. And not only that, remember each low and of course each high are there also for liquidity purposes. Why so? Because people that are right now in long positions, guess where they are setting their stop losses? Exactly below the recent low right here. And of course also yesterday on the push towards the upside where people are setting their stop losses exactly above the recent highs. Stop them out, dump it straight towards downside.
That is right now why if we do see another pull down towards our value area low, towards our golden Fibonacci ratio, and of course also towards our liquidity level at $109,300, we can simply be then trading and looking for some kind of a reaction. We need to close the candle above the recent low, get a successful swing failure pattern or a liquidity grab right here, then simply look to enter a long position with a clear, very simple invalidation level below our area of support. In a case right now, Bitcoin is going to lose our value area low, bearish Bitcoin indication, market structure remains bearish on Bitcoin, and only in that case I'm going to be looking for lower price targets and of course only in that case our bigger inverse head and shoulders pattern right here is going to be invalidated. But as of right now, because it's such a nice support level on Bitcoin, I would really like to see some kind of a reaction right here. If there is a reaction, yes, I am adding even more to my long position on Bitcoin, on XRP, and also on SUI. I'm going to be entering even more of their long positions on many different altcoins. And also, I'm going to be entering another long position on Ethereum itself. More about Ethereum in a moment.
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Now let me also share with you some kind of a bullish Bitcoin indication that is right now being present on the Bitcoin liquidation heat map on the 2-day time frame. Remember a couple of days ago I talked about that yes, Bitcoin does have bigger liquidations below the recent lows, but again, this right now changed. We do have quite significant liquidations exactly below the recent lows. But the biggest liquidations on Bitcoin are not anymore below the recent lows, but actually exactly above the highs. 313 million of short positions are going to get liquidated if Bitcoin does see right now another push towards the upside and of course potentially also break our major inverse head and shoulders pattern towards the upside. So this specific area is right now really going to be another very important price target you should be aware of.
And let me right now also tell you something very important at the area of resistance. Even if we do see a successful breakout right here, I am not interested to fire another long position. Remember what I said before right here, longing resistance remains one of the best strategies to lose money. I am not looking to go with a long position right here. I am only interested to fire a long position at the area of support. So if the market or if Bitcoin in this case is going to see a push towards upside, only in that case I am looking for a long position. If we do get a push towards the upside again, you're then going to be longing at the area of resistance and also if you look like that, you're going to be late to the party. You're going to be longing Bitcoin after we have already gotten a push up of approximately, let's just say 4%. Not to mention, as we said before, it's quite a significant area of resistance. Major liquidations are going to be right here. And also, if you look like that, Fibonacci retracement from the high back towards the low, we still do have a major golden Fibonacci ratio right here. Additionally, we are going to have the anchored VWAP from the all-time high and also additionally, we are going to have the value area low of the entire upper price action. So, yes, this specific level is a major area of resistance. You should really write and be aware of on the Bitcoin chart itself. If broken towards the upside, happy days for Bitcoin, our inverse head and shoulders pattern is going to see a successful breakout. Let's look for higher targets, not only on Bitcoin, but of course also on the Ethereum chart itself.
Let me right now share with you the two very important levels I'm right now paying attention to on Ethereum. So if Bitcoin right now does get another push down towards our support level right here, we can be looking for long positions on Bitcoin exactly at this specific area with a simple invalidation level below this specific support level because in a case if broken, we are going to look for another lower low. Ethereum pretty much the exact same story. If Bitcoin does get a push down, probably Ethereum is also going to follow and we are going to hit our first very important liquidity level at approximately $4,200. This specific price target is a very important one where also, as you can see, I do have an alert set. If we are going to also get a reaction towards the upside. Similarly as on Bitcoin, yes, I am looking for another long position on Ethereum. And of course also if we then potentially go even lower, this right here is then going to be our next price target. But overall picture for Ethereum is simply going to be right now we are forming the bigger fourth Elliott wave after we finish our ABC correction. We can then of course be also looking for another all-time high, not only on Ethereum, but of course also on the Bitcoin chart itself.
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