Today for the bitcoin price, and yes guys. What? If i told you that within the next let me show you 62 hours, we are going to get a decision, whether we are going to break all the way towards the upside to 69, 000 us dollars or whether we are going to break the bottom and test Lower lows among the 30 000 us dollar areas. Yes, you heard me right and, of course, in this video i want to exclusively talk about my prediction. What i think is going to happen very very soon whether the break is going to happen towards the upside or whether the break is going to happen towards the downside, and if you are asking yourself right now chris, why are you so out of breath?
Maybe it is because i was just walking this insane staircase yeah to the upside, and i don’t know i think i have to do a little bit more cardio. Now, let’s go straight into the content. Guys smash up the like button to a new all-time high. As always as you are the most supportive community in the world, i truly love you. You are face for air force for good.
Thank you so much for all your likes for your comments. You are the reason why we are basically having the most watched, bitcoin videos in the world anyways. I wan na go jump you straight into the content and if you think chris, this was clickbait well watch this video until the very end, and you will probably change your opinion uh. I wan na go you down to the daily canvas and still like old story, but this old story is coming to an end right now. You probably already know what i’m talking about i’m talking about this falling wedge, which has in fact a bullish bias just because of probability from a thousand falling wedges, 670 700 are breaking towards the upside.
Only a little bit more than 300 are breaking towards the downside. So, just from a probability standpoint, of course, the likelihood should be higher to break towards the upset. But honestly this is bitcoin. So let’s check a little bit more indications. Let’S check a little bit more, what’s going on here and well, obviously, on the daily candles uh.
It’S not looking the best right. We have lower lows, we have lower highs, but this is also, of course, always what a falling wedge needs. However, we have a lot of resistance above us right. We have here this uh daily ema ribbon above us. I can tell you: we also have the weekly we will come to that later and the only thing which is right now, yeah, a kind of good news – is of course number one that we are here in a falling wedge and number two that this support, which Was actually built from january 2021 um, which was then of course, uh verify uh validated right here with this resistance, then we had here resistance.
We had resistance and support right here we had more support right here and we had beautiful support here just recently. So, of course, it’s very strong support, but the more often support is tested, the more likely it is to be broken. I, however, think the likelihood is still higher to break towards the upside. That’S why? If i had to back bet right now, a or b, i would say, break towards stops, and i’m probably the only one in the world right now saying that, because everyone, if i’m checking the fear and greed indicator, everyone is right now.
Let me quickly turn this around. Everyone is right now bearish, but of course this is the moment where i’m stepping back and i’m saying hey. Maybe we have to reevaluate a little bit. Maybe the crowd is wrong here, of course, it’s possible that we are breaking down and like what the most people expect is actually going to happen. However, here i would hold your hold my horses a little bit and er.
It gets a little bit more obvious if you are going over to the weekly canada, so let me quickly go over here to the weekly candles and actually pull this out, pull out the ema ribbon, which we are still below. It’S, not a good news for sure. We are having here the third consecutive week in a row for the first time, and this is interesting for the first time since the black thursday in 2020 sold for the first time since basically yeah almost two years. Bitcoin is floating below the ema ribbon on the weekly candles, and this is by no means by no means something bullish. If we are going back here, you can see right here.
The last time we were actually floating below. We basically had a massive dump down of like 40. Then of course we had another occasion. Usually this is uh coinciding with a massive sell-off, though uh another occasion, right here in november 2019, where we had a nice or not so nice, 19 dump – and i i mean i could go on right. I mean let’s, let’s look at this one, the very famous one in 2018 of the bear market where we had here nice weekly, close below and then the price was basically dumping down.
55 percent, so long story short going below the ema ribbon on the weekly is by no means something bullish. It’S definitely something bearish. However, this is my point guys. If you want to go bearish, please just wait for the break of this uh falling wedge. This is like the last hope.
This whole support is the last hope. So if you want to go, bearish, give it another 72 hours or so just wait a little bit right. So, of course, the price target. If we were to break the resistance would be approximately along the 68 000 us dollar areas. Of course, we are here below this resistance, and another very interesting fact is if i am pulling out the vp vr that also coinciding with the top of the ema ribbon.
We are having the point of control, so we are having so much resistance above us. Obviously, all of these things not so good. On a bullish note, the only thing is falling wedge support right here and volume support below us. That’S the only thing. So what is the game plan right now, of course, with all of these technical indicators, especially when you are not so tech savvy when you’re not so much into technical analysis, you are asking yourself okay, chris, but what does this mean now?
What should i do right now? First of all, this is, of course, based on you. This is something you have to make your own research on what i will do right now. This is something i can talk about is if i’m going back to the daily candles. I am getting ready for a trade right, so if we are breaking support – and this is coinciding with the downward sloping support and also the horizontal support at 38 300 us dollars the moment – we are closing a daily channel very important – the daily candy below this is The moment, if i were a two-dimensional trader, i would short, i would short all the way down to the previous lows.
Actually uh. You could actually also take a measurement tool and takes a take some profits a little bit earlier. Let me quickly take this one here. All the way down, actually it’s not earlier, it’s later it just looks. It just looks uh as if it was um as if the price target would be higher.
Let me quickly turn this around so for this, for this technically less likely scenario, just from a pattern perspective, the price target would be approximately 31 000 us dollars and then, of course, the previous lower lows are 29 000 uh 400. But that would be honestly that would be probably it for this for this bear market. If you want to call it like this, if we were, however – and this is something where i would be getting active close – the daily candy with volume support above – go back into the weekly ribbon above the 42 400 us levels, a daily candle important, i would be Trading it, i would be opening probably the biggest long trade of my life take my first profits at 50, 50, 1000 usd 57 and eventually at 68, 000 us dollars below the previous all-time high. This is my game plan right now and i wan na know from you. What do you think is going to happen?
Are we going to break towards the upside or towards the downside? Let me quickly check what is happening here with my camera. Hope it’s working again. Yeah, it’s working again. How do you think we are going to break towards the upside or towards the downside like, of course, and leave your comment down below?
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Thank you so much for watching guys. Thank you so much for smashing up the like button to a new all-time high. We are going to see each other very soon at the next one of mmkrypt and as always guess, as always, bye, bye,