MASSIVE Bitcoin Dump (#1 New BTC Price Target)

the largest dump in bitcoin's history that's what we saw today i invited carl from the moon over to my channel to talk about price targets and where we could potentially see this to go in the longer run so if you want to know where bitcoin is going because you want to make money trading definitely pay attention to this video let's get it bid swap is the hottest new way to trade tokens probably all the top decentralized exchanges visible gives you the very best price and value for your trades bitswap is changing the game try it now at bitswapdex.io hey guys i'm joined with carl from the moon youtube channel uh thanks for joining us carl thank you so much for having me on the channel always an honor i love the channel i watch your videos every now and then very cool yeah thanks carl so guys uh bitcoin bitcoin am i right a big huge dip today a lot of people are questioning where the market is going and i want to bring on carl he's uh you know an expert in technical analysis an expert in understanding where the bitcoin price is going he leads his audience every day on his channel multiple times so i kind of want you you to just give us an overview of where do you think the bottom of this dip is and what are some key levels people need to be paying attention to yeah let's let's get into the charts because it's important when we when we see big volatile swings that we don't panic we just take it take a step back and we take a look at the charts and that's what i always try to do on my channel so yeah let's get right into the bitcoin chart alright guys so here you can see this is on the four hour time frame and when you zoom out let's just like zoom out a little bit first and we can see that we are seeing a significant dump but in the bigger time frame it's uh it's not enough to to panic but uh let's go into the uh one hour and take a look at it because it looks worse when you zoom in of course that's why we always want to take a step back before we start to panic now while we're dumping you can say that we did see a small bearish divergence here and this i love looking at these bearish divergences i think that you should always take a look at the rsi this is the rsi down here relative strength index when you have a high and a higher high in the price and the opposite in the rsi that's a bearish divergence and this is something that i even talked about on my video i uploaded earlier or to yesterday and this is visible on the one hour and also on the four hour time frame you can see here that we also saw the same here bearish divergence like that now they are not guaranteed to play out but this time it worked out quite nicely as you can see we're seeing a dump here um on the one hour and four hour time frame but what is the support that is a big question right and let's just go back to the one hour and i want to show you this ema ribbon this is an indicator that i like it to use because usually when we see a clear up trend like this usually when we break this ribbon that is usually time to pay attention that is usually a good time to um to sell and uh this time this did work out after we see support a few times here we saw a couple of bounces and this is where we broke it and now we're technically in a one hour downtrend going to the four hour we can see that we have not broken this level just yet so on the four hour time frame according to the ema ribbon we are still in a um in a bull trend um if you use this lowest ema which is the 55 ema but let me also just isolate the uh the 20 ema on the four hour real quick because i think that it's a very important um ema let me just delete the other ones like this and now we're left with the pink or purple line here which is the 20 ema and this is interesting because look at this ever since we broke above it here you can see that we've basically been riding this 20ma very nicely and engulfing very nice bounces off of it like i don't know how many but maybe 10 bounces and um i usually say to people that as long as we're above this level that's usually a good sign because we usually get bounces off of it and if you go to the bollinger bands you will see that this ema is basically the um or this yeah you have the moving average and the ema but they're basically the middle of the the bollinger band and um yeah if you look at the moving average or the ema they usually line up pretty nicely so but i stick to emas usually not the moving averages um and what we can see now is that the bitcoin price is uh breaking this very very key level and what does this mean well this means that we're technically according to this ema in now a downtrend and this should now start to act as resistance rather than support so um if we did top out now and if we are entering into a downtrend well let's take a look at where is the potential bottom because that's where what everyone wants to know right and in my opinion i think that we can consult the fibonacci retracement tool i love this tool i think it's very very powerful and um one level or the most important level in my opinion is the golden pocket or the 61.8 percent fibonacci ratio down here and um well that lines up at thousand dollars approximately so in my opinion a target if if this was the top uh then forty thousand dollars could be uh something that could easily happen without without bitcoin becoming necessarily bearish this would just be bearish on the four hour and maybe daily time frame but yet again if we zoom out this doesn't necessarily mean that we're gonna see a big bear market jump in this would be like a correction right so if we were to go from this from the top down to 40 000 then this would be a correction of 30 percent and i mean that sounds horrible that sounds like a big correction but in a bull market we see this all the time actually if you look at this correction right here this was um exactly 30 as well like 32 so this is well within the realms of possibility to see something like that and when these things happen people always panic just like uh back here when we saw a big dump people got super panicky and people thought that this is the end for bitcoin and we're going back down to 5k um and i mean at some point we will see that scenario play out not 5k but we will see a huge correction uh but this is uh this is not enough price action to um to determine if we're going to see that now or not so far we have barely even touched this uptrend we're still in a parabolic uptrend in my opinion bitcoin is still looking bullish on the bigger time frame if you go to the daily and bring out the um the 20 um let me see 20 emas this is the 20 ema and uh well we're still clearly above it and as long as we're above this level i think we have to uh we have to remain we have to remain bullish and if we bring out the moving averages um because on the daily time frame i do like the moving averages rather than the the emas the exponential moving averages um or i like both but if i use moving averages i tend to use them on the daily time frame you can see that the the 20 moving average we got two nice bounces right there we got a nice bounce right there when we broke it right there that's when we saw this stump which was it was a quite significant dump actually 20 or so now we're still clearly above this level and bitcoin can go all the way down to 47 000 and still remain in a clear bull trend on the daily timeframe according to the daily moving average so that would be a correction of approximately um maybe 20 or so which is nothing in a bitcoin bull market so i guess what i'm saying here is that bitcoin is still bullish we haven't we haven't um broken this parabola in my opinion and we can go much much lower and still remain bullish that's kind of my my analysis here so we shouldn't go all panic mode just yet and that's good i know that's definitely what the people want to hear i certainly don't think there's anything to to panic about right now i definitely believe that prizes are going to bounce back but you know kind of like we saw back in early january sometimes you just gotta you know sit be patient and wait for a good entry and you'll be paid off for it definitely so carl thank you so much for joining the channel today showing us these charts i think that has given everybody you know a good piece of mind when it comes to to where bitcoin is going so you guys make sure go down below in the description click on carl's link make sure you're a subscriber to the moon uh crypto channel if you want a lot of uh technical analysis uh breakdown he's definitely the guy to show it to you carl thanks for joining us today thank you so much for having me on the channel it was an honor to just show your audience uh what i see in the bitcoin charts and uh i love making these videos it's just so amazing uh and i can see it's probably the same on your channel right people are just smashing the likes like crazy more than my my other videos so uh it seems like people love these collaborations it's like this uh this um synergy yeah synergy i love it i love to do one live in person one day uh but yeah like i said carl thanks for joining us everybody make sure to smash the like button while you're at it uh that's all i got be blessed [Music] you

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