But since we actually created a new all-time high and went lower here creating a similar low, there's a new sheriff in town, and we can draw a new Fibonacci extension level, and according to that, the lowest price target to look out for would be
once again the famous 68– $69,000 level, and the one I'm personally looking out for
is the Fibonacci golden ratio. BitSwap is the hottest new way to trade tokens. Crawling all the top decentralized exchanges, BitSwap will get you the very best price
and value for your trades. BitSwap is changing the game. Try it now at bitswapdex.com. Welcome to BitBoy Crypto!
The largest crypto channel in all the Interwebs. My name is Ben. Everyday on this channel, I show you
how to make money in cryptocurrency. If you like money and crypto,
make sure to hit that subscribe button. Also, guys, if you want to win a full Bitcoin, you can do that down below in the description. Guys, in this video, I sat down
with Chris from MMCrypto to talk about the direction of Bitcoin. He's actually got some extremely bullish targets
that you're definitely going to want to check out.
We've got a new price target for Bitcoin
that could be heavily to the upside. If at any point you want to take
advantage of this information and use our trading site
or trading indicator of choice, you guys can head on over to
bitboycrypto.com/deals. You go down to the Bybit section
to sign up for a trading account, or you can go down to the
Market Cipher indicator section and get the best indicator in the world. Alright, guys, let's jump into the interview
and see what Chris has to say. Hey, guys! Once again, this week,
I'm joined by Chris from MMCrypto. You guys know, we've been talking
about it in the livestream, the charts are looking a little dicey. Bitcoin is looking a little dicey. Coinbase IPO came and went. I need to know, where are things heading to? So first and foremost, welcome to the channel, and secondly, where the heck is Bitcoin going? Thank you very much, man.
Happy to be back. – I think, last week, we didn't do a video,
– That's right. so now, let's provide double the value for today. Things were happening, man. And I was looking into the charts. I can tell you I have some very
interesting things to share because Bitcoin is at this line of the sand right now, and today and tomorrow actually will decide
where we will go in the immediate short term. Okay, well, let's take a look at the charts
and let's put a little visual to that – and see if we can figure out
exactly what's happening.
– Yeah. – Alright, alright. Let me share this chart.
– Yeah. I also would like to ask the people watching here, you have an incredibly smart community, and I want to know the mood right now.
If you're watching this, leave down below, please, guys,
bullish or bearish? Maybe there's more reason to it. I will go down below.
I want to see your mood, and maybe before I'm doing the TA,
comment it right now, and then we can see how much it is
in alignment with the charts here right now, at least in my opinion. – So–
– Yeah, I love that. And also, guys, make sure you are subscribed to
Chris's channel, MMCrypto. You guys will be able to find that link down below. You get analysis like this every day over there. Definitely a channel I watch. So, okay, so we see the charts here. Bullish or bearish, what we got? Thank you, man.
Thank you. And also, of course,
I'm watching your channel as well. What we can see here, we have so many
small patterns within this big pattern. This big pattern is actually a bearish rising wedge. And what's interesting here is
more the support line here because this support line, I could go to the
weekly chart for example or to the– let me go to the 3-day chart. What you can see here is that
this downward support line, – this was actually holding for quite some time.
– Yeah. It isn't perfectly drawn here, right? But we have multiple, multiple touch points, and this time, for the first time,
we decisively broke it towards the downside. I think, on the weekly, it's very, very visible. As you can see here. This time, for the first time, it's decisively
broken towards the downside. And the question is is this the beginning of the bear trend? And I have some struggles believing that it is
because usually what happened here– no bull market or no massive bull trend
ends with a consolidation.
This was basically a consolidation. We just did a few hundred dollars above the
all-time high and then had this dump down. Usually, a bull trend or massive bull run
ends with something like this, where we are just pumping up maybe
a 15%, 20% pump in the last day, – and then we get a blow-off top
towards the downside, right?
– It's a great point. Yeah. So, I have a very hard time
believing that this is the end, but still we could have more downside. And this is what I want to elaborate right now. First of all, we broke down here
from this rising wedge.
And it's not that I predicted that, no, but what I was saying is that
this upward sloping trend line, once it's broken, I will ring the alarm bells. And this is actually exactly what happened here. We broke it. I was ringing the alarm bells
over on my channel. And we broke significantly lower. Now, the question is will this pattern actually complete? So, what does it mean when a pattern completes? That means we are hitting the price target. And the price target of this rising wedge
would be the bottom of the wedge.
Most conservatively here, it would be this line here,
the $43,250 level. This would actually liquidate me out of a trade. So the question is,
"Chris, why didn't you close your trade yet?" Well, I took half of my trade out. – I mean, most of your viewers know my trade.
– Right. I had $10.5 million in. Now, I took like approximately $5 million
out of this trade in contracts because it is more likely that
we are going bearish, but I still don't think so.
And the reason for that is the following. Let me show you the EMA ribbon. So far, nothing is confirmed. This dip here– let me show you that. This dip down actually did not
break the previous low. As I can show you here. A few dollars above. Technically, on the 4-hourly,
on the daily, on the 3-daily, we have a higher low still for Bitcoin. As long as we are creating
higher lows and higher highs, we are in a bull trend.
We have one high. We have another high. Then we have this low here. And we have a higher low. So technically, we are still in a bull trend. Sounds crazy, right? Another thing actually I wanted
to elaborate on is– let me take this one out– is the 4-hourly EMA ribbon. And this one flipped bearish right now. We are below. And as you can see, we also broke lower, but if I'm just going back
into the whole bull trend, we are breaking below every now and then, but the bears don't have too much chances
here actually to push the price lower because the bulls are always fighting back.
Breaking below, creating a W, breaking above. Breaking below, creating a W, breaking above. And this happened time and time again. This is not a beautiful W
because the second low is lower, but basically the same thing
repeats over and over. W'ing out, breaking above. And here, the same thing, right? So you get my point. We are never below
for more than two or three days. And so far, this is still a possibility right now. Bitcoin just has with the next
attempt towards the upside, We have to break it towards the upside. And what I can see here looming,
and it's not completed yet, not confirmed, is one of my most favorite patterns. This could be a W pattern,
where we have a low, let me take the conservative one, this one here, and a higher low.
So if Bitcoin were to just go
a few hundred dollars higher close above this yellow neckline, then our price targets– the price target here, ladies and gentlemen, would
be bringing us all the way back into our pattern and all the way back above this
new resistance zone here and to the price target of $62,000. So, why am I saying today
and tomorrow will decide whether we are going to see the
bullish scenario or bearish one? And this is what I wanted to
come through right now. This is already– it's probably the most important point here, is on the daily. If I'm pulling out the EMA ribbon, one thing can happen
but did not happen yet, which didn't happen since September 2020,
since seven or eight months. And here, I'm zooming out.
– Usually, Bitcoin is in a bull trend when
we are above the 50-day EMA.
– Yup. The 50-day EMA is the lowest moving
average here on the EMA ribbon. And we didn't break it. We didn't break it so far. We wicked below. – The bulls were buying back.
On the daily, you can see it.
– It has not closed below. Yeah, it has not closed below that ribbon yet. Exactly, exactly. We were below sometimes, and I was, "Okay, okay.
Let's see if the daily closes below." Every single time, the bulls were pushing back. Right here. – And you saw it the last time happening actually
here at the Elon Musk time, right?
– Yup. This was when Elon Musk was buying in and when
also Michael Saylor was buying in once again. Also, by the way, guys, don't forget that Michael
Saylor was somewhere buying here at $54,000, right? Just as a little side note. So we didn't break below right here in March. We didn't break below right here in the
beginning of March, end of February. We didn't break below here in January
when actually Tesla was buying. We never broke below. The last time we broke below was
the time we hit the 21-week EMA. The last time we broke below
was in September, when we hit $9,800.
Basically, before we went on to that crazy run. So personally, I will not ring any alarm bells unless we are not closing a daily candle below,
let me quote it exactly, $55,000 pretty much exactly. If we are closing below, I see the likelihood pretty high
of breaking this low, breaking this low, and then Bitcoin may be even potentially going
all the way down to our price target of $43,000, but this didn't happen yet.
So far, I see here very, very strong
signs from the bulls, and the likelihood actually higher of us
reaching back here the $62,000 level going all the way back into our previous pattern. And BitBoy, if you want, I have–
there's a new sheriff in town. – There's a new price target actually
in town for the bullish scenario.
– Okay. – If you want, I can elaborate on that.
– Yeah, sure. – I mean, we always love a good bullish scenario.
– Yeah, exactly. So, as I said, for this bullish scenario,
we have to actually complete this W pattern. We have to go above the neckline. With that being said, in case we are going to see that
today or tomorrow, in this specific case, I would take– and that's why I'm saying
there's a new sheriff in town.
Before, we didn't have a new low,
or we didn't have a new high, so all what we did was we were
taking these price targets, and, well, as you can see, Bitcoin was also perfectly–
let me just pull it over. These Fibonacci lines,
they are just amazing, right? Look at this. We exactly hit
the price target right here. The first price target. You never know where it stops, but usually it stops at one of the
Fibonacci extension levels, right? So unfortunately already the first
one lights out all out, right? And we went lower. But since we actually created a new all-time high and went lower here creating a similar low, there's a new sheriff in town, and we can draw a new Fibonacci extension level, and according to that, the lowest price target to look out for would be
once again the famous 68– $69,000 level, and the one I'm personally looking out for
is the Fibonacci golden ratio.
As you know, Fibonacci golden ratio
is usually the price target which gets hit– as the most luckiest one. And that would be $73-74,000. And just wanted to add to all this bullishness, please, guys, take my words of caution as serious, and please have a look there, that you may even be taking some
profits from profitable trades if we are breaking our previous level here, the previous low here, and especially if we are breaking this one here because then I can see people are
completely panicking about Bitcoin. – But, yeah, that's my outlook for today.
– Love it. And that's actually my new price target,
and I can't wait to see the 73. Yeah, I'm certainly hoping we get to see that. So just to summarize today's video, Bitcoin could go up or it could go down. Alright, Chris, well, thank you so much
for joining us today and giving us these new price targets.
Really excited to get a little bit of bullish,
you know, chart analysis to look at some good price targets. So, Chris, anything you want to leave us with today? Yeah, sure, sure. I mean, what you said is true. – It can always go up, down or sideways, right?
– That's right. The only important thing as a TA guy
is, like every professional TA guy, you always have scenarios, but, you know, when A happens, I do A. – When B happens, I do B.
– Right. So that's why we have to keep
specific things in mind, and when we go below this specific level, well, we can go short, Bitcoin goes low. When we are going above this specific level, Bitcoin can go higher.
And that's actually what makes
a professional trader. And that's what can help us to make profits
regardless whether we are going up or down. And I think that's the beautiful thing about TA. And with that being said,
thanks for having me. – Thanks everyone for watching.
– Yup. I love this community. I'm not getting tired of saying that. And I hopefully see you guys again
in the next week. Ba-bye. Yeah, that's right, guys. So the important part is make sure you have a plan. No matter where Bitcoin is going,
make sure that you have a plan. So down below in the comments,
I want to know if you're bullish or bearish. And then I want you to give me your plan
for what you're planning to do.
Alright, guys, thank you so much for joining us. That's all we got today. Be blessed. BitBoy out..