Bitcoin drops to new two month low as world markets sell off

Bitcoin drops to new two month low as world markets sell off

The volatility just hit the markets and Bitcoin dropped more than 16%. While we saw more than
1 billion US dollars in Bitcoin longs and shorts getting liquidated, more than 18% of the total
interest leaving the market and more importantly, Bitcoin is currently breaking its very important
downtrend and according to some various news sources, Elon Musk has sold more than 373
million US dollars worth of Bitcoin. So I will be exactly discuss this. What is currently
happening for Bitcoin? Where is the next big support? The most important trend line we’ve
been looking at has currently broken down and I will be exactly talk about what is next for
Bitcoin right now. Where are we standing in this cycle? And I will be exactly discuss this so don’t
forget to slap up that like button on today’s update video. So can we smash it back up 500
likes? That will be absolutely incredible and with that being said, let me jump straight away
towards the imminent short term for Bitcoin. So like you can see on the imminent short term,
Bitcoin has seen an accelerated dump towards the downside and right now it finally looks to be that
we’re finally starting to see that Bitcoin is cooling down here and basically for the entire
night while I was sleeping, this happens and Bitcoin dumped towards the downside, hitting a
low of 26 thousand US dollars and on some exchanges even hitting lows on 23 thousand US dollars since
this movement was so sharp towards the downside. Looking at the one hour time frame, we are
massively oversold and we’re starting to see a small little bounce on the RSI right now here
but looking at the open interest, we can currently see that more than 1 billion US dollars in Bitcoin
longs and shorts got wrecked and got liquidated in the past 24 hours and what is very interesting
to see that if you’re going to be looking at the open interest right now on the market,
you can actually see that on this movement towards the downside, more than approximately 28% of the
total open interest on Bitcoin got sweeped out in the market in the past 8 days or so
or basically since this move towards the downside happened. So a lot of open interest got out of the
market and if you’re going to be looking at where the open interest is currently standing at, it’s
all the way back at its same level of June 2023 here, so at this beginning point of the ETF hype.
So due to the fact that the Bitcoin spot ETF was apparently coming or that BlackRock was
applying for a Bitcoin spot ETF, we saw massive inflows of people buying Bitcoin with leverage
and they right now all got flushed out in the market because we’re right now below that level
where the Bitcoin spot ETF hype started. So this is definitely a very important thing to be seeing
here but more importantly if we’re just looking at Bitcoin and if we want to be seeing what
currently is going on here, we can first of all also see that on the 4 early time frame,
we’re actually hitting a low on the RSI never seen before in the last 7 years on Bitcoin. So be on
high alert, the low that we’re currently seeing on Bitcoin in terms of oversold has not seen in
an approximately 7 years. So Bitcoin is right now definitely extremely oversold. Once these
movements happen so very quickly towards the downside, they also give you a very good opportunity
to be starting to be accumulating in the market again. But now let me go over the most important
part of this video and where are we going to be finding support for Bitcoin. So if you’re
zooming out on Bitcoin, you can clearly see that Bitcoin once again has been retesting that 25k
region, right? 25k region has been previous. The $25,000 has previously around acted as very strong
resistance also right here but once we broke above it, this level the $25,000 clearly acted
as major support. So Bitcoin is right now back towards this level and like I’ve said, once Bitcoin
is going to be breaking below that support line right here, my price target is actually $25,000
but I was not really expecting that level was going to hit so quickly. So yeah, we saw Bitcoin
moving down very sharply and if you’re zooming out also on the 3-day time frame, you can clearly
see Bitcoin is right now trading at major major support in this market and if we can be holding
on towards the $25,000, it’s going to be absolutely crucial but if we do break below that level,
yeah, then we’re actually going to start to see levels around $21,000 be potentially
effect for the next movement towards the downside. So currently, a quick update on what I’m doing
here with my trades. I mean, I got out of my Bitcoin trade, remain to be in my Ethereum
position right now here with an approximately 30% loss, what is of course quite a significant loss
that I’m currently making on my Ethereum trade but I’m looking to be scaling up this trade here
if Ethereum does really come down even more and my targets where I really want to be opening up
more at is around $1,500. So that’s another approximately $180 down here. So if I get the
opportunity to see Ethereum even lower, I’m going to start adding more margin towards this trade.
I already added even more margin here. So currently, I’m at approximately $180,000
long on Ethereum. I just want to be adding more and more margin as price is going down here but
yeah, if you really want to be benefiting from accumulating Bitcoin on these lower prices,
go to the link in the description of today’s video where you can actually right now sign
up an account on Bybit with a $30,000 to post a bonus. So if you’re interested in buying and
accumulating crypto, go to the link in the description of today’s video where you can
sign up an account right now here. So we do know volatility finally hit the markets but it really
happened that the volatility was towards the downside. So that is definitely very unfortunate.
We did know a big move was brewing but unfortunately, it happens to be towards the
downside. So yesterday also the news came out here that I tweeted about it as well here that
accordingly Elon Musk sold all its $373 million US dollars in Bitcoin but be on high alert. This
news came out after Bitcoin already forms its lows here. That is very interesting. So it was
probably not the catalyst. So that is why I would say this news is not the catalyst of the movement
towards the downside and we have to really wait maybe a few more hours before Elon Musk is going
to say something about it and maybe the Bitcoin price action is going to be bouncing very quickly
back towards the upside since this news is not even confirmed. And even if they did sold, it
wasn’t likely to be today and it was based on a previous report. So what we did saw today here is
that the retail investors really freaked out here and sold off all their Bitcoins what caused massive
long liquidations and short liquidations across the entire market. So yesterday what really happens
due to the fact of the price drop was likely due to the fact of the unfavorable economic news in
China and the bearish movement in the US stock market on high-risk assets. So now you know you’ve
got once again a chance to accumulate Bitcoin cheaply so please don’t panic and this is the
time where you have to stick towards your strategy and for me it’s the dollar cost average strategy.
Bitcoin is once again cheaper and yes I once again see this as an opportunity even though I’m highly
aware that likely the bigger trend is going to shift around right now here. I think the bias for
Bitcoin right now has to be shifted around here. You can currently see that maybe for Bitcoin we’re
going to be starting to be looking at somewhat of this parallel channel right now in the market.
We’re going to be starting to maybe start Bitcoin accumulate between this region right here.
I think it’s very likely if Bitcoin is going to be remaining to be trading in this region
because if you compare Bitcoin towards its previous times around across and halving
usually before the halving it tends to go sideways. Of course we had the pandemic crash with it
but I do definitely see this as a black swan event but in the end of the day Bitcoin was
basically still bouncing between the highs of lows of $6,000 and $10,000 the entire time of that market
and maybe this time around it’s going to be $25,000 towards $31,000. So yes I do really still
see the $25,000 as a major support level and that is why I will still say here this is a very good
range for accumulation and I don’t really see this as a bad time for accumulating your Bitcoin positions
at all. So further on I can currently see this is not confirmed yet so please don’t judge me on this
but if the three-day time frame is going to close somewhere like this we could be starting to create
a bullish divergence on the three-day time frame and that will be of course absolutely amazing to
be seeing here and if this really gets confirmed you will be the first one to know on the channel
so make sure to stay subscribed here and further on if you’re just really zooming out on Bitcoin
on that three-day time frame we are currently hitting support. We already bounced from support
to be very clear we did clearly broke the very important legendary support line towards the upside
we are probably going to see more bearish suppression towards the downside over the course
of this time here but be on high alert. I have said this several times before in these times where we
see of course a lot of panic hit the markets think about how 2024 is going to be and I’ve said it
several times before 2023 is the year of accumulation but in 2024 the deadline for the Bitcoin spot ETS
is going to hit the markets the US elections are going to happen the interest rate cuts are going
to happen definitely since otherwise the US is going to devolve on their own depth and more
importantly the Bitcoin halving as well coming up in 2024 so yes everything that’s happening right
now here you should take with a grain of salt here it’s fun that you’re seeing the market this is time
to be accumulating maybe Bitcoin is going to come down to $15,000 but I don’t care I remain to be
dollar cost averaging every single day in towards the market I’m going to be buying more and more
Bitcoin until Bitcoin breaks off $35,000 because then I don’t think it’s a fair valuation to be
buying more Bitcoin so right now I remain to be believing that this is a good time for accumulation
so I’m personally doing that it’s no financial advice it’s just my own strategy I remain to be
buying more Bitcoin to prepare myself for the 2024 bull run in these times where big moves towards
the downside happen you start to you have to start to zoom out here you have to know and understand
the bigger perspective in this market we do know that currently open interest has massively dropped
here what is giving you a good opportunity to accumulate Bitcoin once again here since it’s
most certainly lower risk than the previous times and previous months before us and more importantly
Bitcoin has never been so oversold on a 4-hour time frame than ever before so that was it for
me in today’s update video here we have to wait a few more days or maybe a few more hours before
this news was going to get confirmed about SpaceX and Elon Musk here so maybe it’s going to shift
the market around very quickly again and then we saw a massive massive short liquidation event
that really got people out of the market and then we could part and then potentially we could start
to spike very quickly so things could change very quickly in crypto and Bitcoin so make sure to pay
attention that was it for me in today’s update video and I’ll see you guys on the next one peace
out goodbye

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