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MASSIVE Bitcoin Dump (#1 New BTC Price Target) - YouTube

Channel: BitBoy Crypto

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the largest dump in bitcoin's history

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that's what we saw today

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i invited carl from the moon over to my

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channel

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to talk about price targets and where we

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could potentially see this to go

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in the longer run so if you want to know

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where bitcoin is going

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because you want to make money trading

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definitely pay attention to this video

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let's get it

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bid swap is the hottest new way to trade

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for your trades bitswap is changing the

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game

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try it now at bitswapdex.io hey guys i'm

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joined with carl

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from the moon youtube channel uh thanks

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for joining us carl

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thank you so much for having me on the

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channel always an honor i love the

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channel i watch your videos every now

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and then very cool

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yeah thanks carl so guys uh bitcoin

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bitcoin am i right a big huge dip today

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a lot of people are questioning where

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the market is going and i want to bring

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on carl he's

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uh you know an expert in technical

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analysis an expert

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in understanding where the bitcoin price

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is going he leads his audience every day

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on his channel

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multiple times so i kind of want you you

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to just give us an overview of where do

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you think the bottom of this dip is

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and what are some key levels people need

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to be paying attention to

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yeah let's let's get into the charts

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because it's important when we

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when we see big volatile swings that we

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don't panic

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we just take it take a step back and we

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take a look at the charts and

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that's what i always try to do on my

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channel so yeah let's get right into the

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bitcoin chart alright guys so here you

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can see this is on the four hour time

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frame and

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when you zoom out let's just like zoom

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out a little bit first and we can see

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that

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we are seeing a significant dump but in

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the bigger time frame it's

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uh it's not enough to to panic but uh

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let's go into the uh

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one hour and take a look at it because

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it looks worse when you zoom in of

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course

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that's why we always want to take a step

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back before we start to panic

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now while we're dumping you can say that

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we did see a small bearish divergence

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here

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and this i love looking at these bearish

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divergences

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i think that you should always take a

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look at the rsi this is the rsi down

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here

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relative strength index when you have a

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high and a higher high in the price

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and the opposite in the rsi that's a

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bearish divergence

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and this is something that i even talked

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about on my video i uploaded earlier

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or to yesterday and this is visible on

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the one hour and also on the four hour

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time frame

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you can see here that we also saw the

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same here bearish divergence

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like that now they are not guaranteed to

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play out but this time it worked out

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quite nicely as you can see

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we're seeing a dump here um on the one

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hour and four hour time frame but what

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is the support that is a big question

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right

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and let's just go back to the one hour

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and i want to show you this ema ribbon

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this is an indicator that i like it to

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use because usually when we see a clear

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up trend like this

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usually when we break this ribbon that

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is usually time to pay attention

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that is usually a good time to um to

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sell

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and uh this time this did work out after

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we see support a few times here

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we saw a couple of bounces and this is

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where we broke it and

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now we're technically in a one hour

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downtrend going to the four hour

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we can see that we have not broken this

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level just yet so

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on the four hour time frame according to

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the ema ribbon we are still in a

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um in a bull trend um if you use this

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lowest ema which is the

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55 ema but let me also just isolate

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the uh the 20 ema on the four hour real

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quick because i think that it's a very

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important um ema

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let me just delete the other ones like

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this and now we're left with

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the pink or purple line here which is

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the 20 ema

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and this is interesting because look at

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this ever since we broke above it here

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you can see that we've basically been

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riding this 20ma

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very nicely and engulfing very nice

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bounces off of it

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like i don't know how many but maybe 10

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bounces and um i usually say to people

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that as long as we're above this level

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that's usually a good sign because we

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usually get bounces off of it and

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if you go to the bollinger bands you

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will see that this ema

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is basically the um or this yeah you

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have the moving average and the ema but

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they're basically

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the middle of the the bollinger band and

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yeah if you look at the moving average

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or the ema they usually line up pretty

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nicely so

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but i stick to emas usually not the

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moving averages

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um and what we can see now is that

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the bitcoin price is uh breaking this

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very very key

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level and what does this mean well this

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means that we're technically according

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to this

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ema in now a downtrend and this should

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now start to act as

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resistance rather than support so um

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if we did top out now and if we are

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entering into a downtrend

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well let's take a look at where is the

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potential bottom because that's where

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what everyone wants to know right

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and in my opinion i think that we can

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consult the

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fibonacci retracement tool i love this

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tool

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i think it's very very powerful and um

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one level or the most important level

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in my opinion is the golden pocket or

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the 61.8 percent fibonacci ratio down

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here

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and um well that lines up at thousand

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dollars approximately so

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in my opinion a target if if this was

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the top

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uh then forty thousand dollars could be

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uh something that could easily happen

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without without bitcoin becoming

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necessarily bearish this would just be

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bearish on the four hour and maybe daily

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time frame but

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yet again if we zoom out this doesn't

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necessarily mean that

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we're gonna see a big bear market jump

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in this would be like a correction right

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so if we were to go from this from

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the top down to 40 000 then this would

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be a correction of

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30 percent and i mean that sounds

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horrible that sounds like a big

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correction but

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in a bull market we see this all the

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time actually if you look at this

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correction right here

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this was um exactly 30 as well like 32

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so this is well within the realms of

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possibility to see something like that

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and when these things happen people

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always panic

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just like uh back here when we saw a big

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dump people

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got super panicky and people thought

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that this is the end for bitcoin and

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we're going back down to

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5k um and i mean at some point we will

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see that scenario play out

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not 5k but we will see a huge correction

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uh but this is uh this is not enough

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price action to um to determine if we're

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going to see that now or not

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so far we have barely even touched this

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uptrend we're still in a parabolic

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uptrend

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in my opinion bitcoin is still looking

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bullish on the bigger time frame if you

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go to the daily and bring out the um

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the 20 um let me see 20 emas

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this is the 20 ema and uh well we're

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still clearly above it

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and as long as we're above this level i

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think we have to uh

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we have to remain we have to remain

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bullish and if we bring out the moving

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averages

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um because on the daily time frame i do

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like the moving averages rather than the

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the emas the exponential moving averages

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um or i like both but

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if i use moving averages i tend to use

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them on the daily time frame

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you can see that the the 20 moving

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average we got two nice bounces right

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there

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we got a nice bounce right there when we

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broke it right there

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that's when we saw this stump which was

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it was a

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quite significant dump actually 20 or so

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now we're still clearly above this level

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and

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bitcoin can go all the way down to 47

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000 and still remain in a clear

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bull trend on the daily timeframe

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according to the daily

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moving average so that would be a

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correction of approximately um

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maybe 20 or so which is nothing in a

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bitcoin bull market so

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i guess what i'm saying here is that

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bitcoin is still bullish

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we haven't we haven't um broken this

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parabola in my opinion and we can go

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much much lower and still

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remain bullish that's kind of my

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my analysis here so we shouldn't go all

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panic mode just yet and that's good i

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know that's definitely what the people

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want to hear

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i certainly don't think there's anything

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to to panic about right now i definitely

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believe that

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prizes are going to bounce back but you

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know kind of like we saw back in early

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january

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sometimes you just gotta you know sit be

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patient and wait for a good entry

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and you'll be paid off for it definitely

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so carl

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thank you so much for joining the

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channel today showing us these charts i

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think that

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has given everybody you know a good

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piece of mind when it comes to to where

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bitcoin is going so you guys make sure

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go down below in the description click

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on carl's link make sure you're

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a subscriber to the moon uh crypto

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channel if you want a lot of uh

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technical analysis

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uh breakdown he's definitely the guy to

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show it to you carl thanks for joining

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us today

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thank you so much for having me on the

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channel it was an honor to just show

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your audience

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uh what i see in the bitcoin charts and

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uh i love making these videos it's just

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so amazing

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uh and i can see it's probably the same

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on your channel right people are just

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smashing the likes like crazy

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