Today for the bitcoin price and yes guys believe it or not, there’s one bitcoin pattern. One bitcoin pattern to rule them all. One bitcoin pattern to break any second right now, as you remember yesterday, actually I was with talking about this one, I’m not talking about this. One actually I’m talking about another one. If you are asking yourself what is happening on the weekly candles, are we going to expect a break to the downside or to the upside here?
Well, then, definitely yesterday’s video is made for you. This video was the most watched. Bitcoin video on YouTube. Thank you so much for your support. Yesterday’s video got like almost 18 000 likes and i don’t know how many views it’s crazy.
So much for that, so, if you’re asking yourself what happens on the weekly, yesterday’s video was for you now, let’s go down here and let’s see what is actually happening on the daily canvas, I’m let me quickly go over to the daily candles on the daily. It’s always a different story and yes, we are bearish on the hourly. We are bearish on the on the daily, on the four hourly and on the weekly. That’s the only time frame where i would say, hey guys, we are not bearish yet and on the daily. I said it multiple times we are bearish and uh like it really depends on what you are pulling out, but pull out the ema ribbon.
We are bearish, we have below, we flip bearish right. We have uh, take out the vpvr support right. We are below the point of control right. There is some volume coming in here but like in general, we are making lower lows on the daily, not very bullish right. The daily is bearish actually, but but on the daily.
Yes, we are forming lower lows. We are forming lower highs right, but one thing i do want you to keep in mind when we are forming lower lows and lower highs. Sometimes that coincides with a falling wedge pattern and you can see we had multiple falling wedges before right. We had a falling wedge right here in summer, where we broke out to the upside price target was 42, we fulfilled it. Then we had another falling wedge right here in October, just right before my birthday, but there is always a very bullish time we broke out to the upside here.
On the 9th of October, approximately my birthday hit the price target of 52 000 and broke higher and right now bitcoin is going down, and this is probably the biggest falling wedge on the daily. I have ever seen on bitcoin, however, uh sooner or later we have to break out. You could see this as a channel, but if you are taking the closes on the daily, it is clearly converging trend lines and we are getting closer and closer to the apex. One thing i want to tell you if we break here the resistance instead of the support, the resistance instead of the support. Ladies and gentlemen, if this one would be breaking out towards the upside, then we are looking at a price target off and now guys, listen very closely, the top of the wedge, the price target of 69 000 us dollars.
And yes, i want to mention a few limitations here because number one on the ema ribbon. We are unfortunately below that and we would need to break the 49 000 us dollars for actually breaking the m ema ribbon and yes also on the vpvr. You can see there is a lot of volume support coming in between the volume resistance coming in between the 45 000 and the 49 000. 50. 000 us dollar area.
Just this exact level of resistance here, which is now above us all of these things. I do want you to keep in mind as limitation, but sixty nine thousand us dollars at sixty four thousand us dollar sixty fairly. Let me quickly protect 68. 069. 000 us dollars.
The previous high would be the price target here. Don’t get too excited yet. Please do keep in mind that, yes, guys here on the uh on the let me go on the weekly. We are still having this head and shoulders pattern, which i think is gonna be serving as a big trap as a liquidation event, but obviously guys as a bearish liquidation event. But obviously what we want to see here is the weekly kind of reversing.
We need this weekly channel to turn green within the next five days and eight hours at the time of recording. This is what I’m looking out for, but on the daily this one specific, let me quickly go back this one specific falling wedge pattern is definitely one to keep an eye on and if this bullish scenario comes into place within the next few days, this daily pattern Should break and the price target is quite a quite a crazy one. Let me know what you think about that, obviously guys i always have much more to share with you here if you’re going down to the pinned comment and you want to get ready for your next trade and yes, i am getting ready for my next trade. I was telling you actually completely frankly. I am, of course, having affiliate links down below.
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