Hello guys welcome to the moon. My name is carl, and I’m going to bring you this cryptocurrency video and I’m going to talk about a scenario um which um is bearish, and i know that people will will be a little bit afraid and they don’t like when i talk about the better scenario. But remember guys as an investor or as a trader, you always have to stay neutral and look at the bullish case and the bearish case. You cannot stare blindly at one scenario. So that’s why i want to pay attention to the bearish scenario today and i think that most of you probably already have seen this in the charts.
Actually, i have talked about this before, but now i want to go more in depth into this pattern here. That could be a potential head and shoulders pattern where we see a um a shoulder form here. You could even make the case that what we’re seeing right now could be the second shoulder. So that’s what we’re gonna talk about right now. Obviously, a head and shoulders pattern is a bearish pattern um.
So if we break the neckline, that’s where we have to pay attention to the bears where we can even make a short position make some money over on by bit. For example, just like we shorted back here, i made a very, very uh, perfect short position right here and that’s what we can do again if that plays out. So that’s why i want to talk about the better scenario. Obviously, as of right now, i would just quickly want to say that we’re still bullish, because if we bring out, let me just go to the weekly real, quick and just uh before you get so afraid. I just wan na.
I don’t want anyone to panic, sell right now, because look at this bitcoin is still above the weekly ema ribbon. That’s still the case, but if we break below the ribbon and below the neckline of the head and shoulders, that’s when we have to start paying attention to the bears um but yeah. Don’t panic sell right now because you can see we’re still clearly above the weekly exponential support. That said, we have in an up trending bitcoin price action, but the volume is going down on the weekly time frame. That is generally not what we want to see.
We want to see the price go up and the volume stay at the same or go up. That would be a strong signal, but right now seeing the volume go down means that um, you know we need more. We need more conviction, more confidence from the bulls. All right, so, let’s talk about the bearish scenario. Where could bitcoin go, but before i talk about the exact target, let me show you this right.
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Either this one on twitter or the one down below this video does not matter. It’S the same link and then you have to comment below this tweet your buy bit user id, but your id has to be signed up with my buybit link, essentially uh, because we will. I will also be able to send you the tokens, hopefully to your buybit, account directly. That’S what i really want to do, but then you have to make sure that your buyback account is under my my affiliate link. Basically, so if you don’t have that go down below this video, you find either the tweet where you find this link, or you find my buy bit affiliate link down below this video right now and actually right now, as i am recording, this casta is doing the Ieo on by bit, which means that if you go to buy bit right now, you can claim up to 9.
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Of course, there is spot trading and there is derivatives. Trading derivatives trading is only for experienced trader spot trading, it’s obviously just like finance buying and selling customer tokens buying and selling ether. Btc doesn’t really matter right, so bibit has spot and derivatives all right. So where is the target if this breaks down? Well, let me show you so in head and shoulders, we just take the head down to the shoulder, and then you pull this down like so, and this would give us a target of 21 000 or a drop of approximately 54.
That would be very, very, very dramatic. I’M not telling you guys that this is gon na happen. This is not what i’m saying and always when i make these videos, i always see these comments down below that. Oh carl you’re saying we’re gon na go to 20k. No, i’m not saying that i’m saying that if we break this level, then this would be the technical target.
But personally, i think that it’s also very possible that we go down like this to maybe 36k and then reverse back up and head and shoulders doesn’t have to meet the target. It’S not guaranteed uh, it’s not even very likely. It’S only like maybe a 60 chance. Usually that we meet the target and on in a bull market, maybe even smaller, of a chance. So that said, we also have huge support from the 30k level massive support so to meet the the target.
We also have to break through this massive support, which is not going to happen very easily right, but 30k huge level, and then we have another massive support level down here. At 41, 000
Look at this huge level resistance and support absolutely huge. In my opinion, it is possible that we break down to uh to 40k and then see this play out or we go down to maybe 30k and see this play out. I don’t think we’re gon na go down to 21k uh. That’S just my opinion.
I would put 21k at maybe a 5 chance or so um 30k. Maybe it’s like a 15 20 chance. 41K, it’s more, like maybe 40 to 50 chance. As of right. Now that’s kind of my my general gut feeling, as i’m looking at this chart, uh right now.
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