In technical analysis, when a cryptocurrency like Bitcoin falls back to a crucial support level (such as the 72K USD level), traders should monitor whether it holds above this level; if it breaks below, it often signals the initiation of a downtrend that may continue to previous lows (around 63K USD) and potentially lower, as historical patterns show similar rejection scenarios at the 200-day moving average during bear markets. Additionally, high funding rates indicate the majority of traders are long, which often precedes bearish continuation, and capital rotation from gold back into Bitcoin can occur when gold consolidates, making Bitcoin potentially undervalued relative to other assets.
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This Is Your Last WarningAjouté :
Bitcoin has fallen back to this uptrending level of support and I warned you about this. I warned you that this was going to happen and the thing that I can tell you is that this will only be the start. Watch today's update video because Bitcoin is sitting at a crucial level of support what that we must hold.
If we fall down below this level, we are about to see a similar scenario playing out again just like we have seen at the beginning of this year. So, we'll need to talk about that exactly in today's update video. This is happening while the funding rates still remain to be quite high. We'll need to go over that.
We'll need to talk about my Bitcoin shorting position, oil trading position, and many more things like the capital rotation that is starting from gold back into Bitcoin. We'll need to go over that and many more things in today's update video. So, as always, let's get started with that a shorter timeframe. And in a shorter timeframe, yes, Bitcoin has been falling back to the downside exactly like we have been anticipating. We've been entering up this shorting position and after that, Bitcoin has been falling back to the downside. Now, Bitcoin has been falling back into this previous level of resistance turning into support coming from the 72K US dollar level. And after hitting that level, Bitcoin has been seeing a little bit more of a bounce in that a shorter timeframe.
We've been seeing a bit of a relief.
Now, we have been seeing a bit of that relief starting from this uptrending level of support, this crucial level of support that Bitcoin must still hold above. If and when Bitcoin will fall down below this level, I definitely do think that the next trend to the downside will get initiated and our trade is about to play out. Bitcoin, in my personal opinion, will most certainly reach and fall back to the previous lows sitting at about the 63k user level and I even do think that Bitcoin will be falling down below these levels right over here to grab the liquidity below the previous lows and even grab the liquidity below the 2024 lows. So, I do think that that will be happening if and when Bitcoin will break down below this uptrending level of support. Now again, keep in mind, this is very important to keep in mind, that this will only happen if Bitcoin will break down below this level of support. As long as we're not going to be seeing this break to the downside, yes, I do still think that the trend will be pivoting to the downside and we're eventually still going to be seeing that push to the downside.
However, just when, as long as we will still hold on to this level of support, I still do think that Bitcoin is looking relatively more bullish and relatively more strong. Now, keep in mind again, longer time frame or a medium time frame for Bitcoin, I do still expect that Bitcoin will be seeing that continuation to the to the downside just like we have seen during the last bear market where we have seen the same exact rejection from the 200 daily moving average. If we're going to have a look into this post I did yesterday over on X, we can see Bitcoin has rejected from the 200 simple moving average as expected. Now, history is exactly repeating and what comes next is obvious because in this graph you can see that in 2022, at the start of that bear market, we've also seen a retracement back into the 200 simple moving average, and after that, we have seen the continuation of the bear market. But now, we are seeing the same exact rejection. So, I do still think that the trend for Bitcoin is about to shift to the downside again.
Now, again, short-term, we might perfectly see a bit of a bounce. We might perfectly see a bit of strength coming in. That could definitely be very possible. However, I do think that the trend is about to shift to the downside, and I do still think we're going to be seeing somewhat of continuation to the downside after getting rejected right over here, after getting a break to the downside right over here. Now, again, at that ultimate scenario, we might even still see a bearish divergence getting created right over here, and after that, see the push to the downside. That might be very and very possible, and that is going to be a probability and a scenario I will keep in mind, and I will consider. However, for that, if that were to be playing out, I've got even more short orders sitting above us. So, if we're going to see that scenario playing out, it's going to be all good, and it's going to be even better for me. Now, keep in mind, again, I do think that inevitably the trend is about to shift to the downside, and we will be seeing this leg to the downside. If that If that's not going to be right now already, it might be a little bit later after that push to the upside that we might first initially see, right? So, it's going to be very simple and very easy.
Now, on top of that, we are also playing out a bit of a head and shoulders pattern right now to the downside, breaking back inside of our range right over here. Now, while this breakdown is happening, we can also see that the Bitcoin funding rates remain to hold pretty high, and this means that the majority of the market is still trying to long the market, and as long as people are trying to long, well, usually the majority is wrong and then we tend to see more continuation to the downside. For example, OKX, we're still at 0.01% Bybit also still positive, Binance positive, KuCoin positive. On many of the major exchanges, we are positive. So, the majority of the market is trading long and whenever the majority of the order book is long, usually majority is wrong and we're going to be seeing some bearish continuation to liquidate all of these longs. It's going to be very simple to keep that in mind. Anyways, yeah, we are seeing a bit of a death cross over here for Bitcoin and during the last cycle as well, we have seen a rally going into the death cross and after the death cross, we have seen that bearish continuation just like we might expect right now as well. Just like might happen right now as well and I would not be surprised to see that happening right now again. The cycle is just perfectly being repeated. Some people have been saying, "Oh, no, this time it's going to be different. Oh, no, this time we're going to see a super cycle. This and that." But, I've heard these stories like a thousand times already and I have said on my channel that no, I'm just going to be following history. I'm just going to be having a look into the cycle until proven otherwise. We haven't been proven otherwise. We still had a look into the cycle. We still had a look into history and well, we are right again in the market while all of these others, they are wrong in the market and this happens every single time. Every single time when the majority of my comment section tells me, "Oh, Mr. Crypto, you are wrong again in the market. Close your short positions because we are about to liquidate you." Well, whenever everybody is telling me this in the comment section, I just know. I just know that I'll be right again. I've been in this market for long enough. I've been trading the market for long enough, and I've been making videos for long enough.
I'll just know right now in the market what will happen and what will play out.
Now, obviously, not with 100% accuracy.
Obviously, I'm still sometimes wrong in the market. I'm only a human, you know?
But so, you should do your own research, and you should do your own analysis.
However, if you do want to be on the right side of the trade most of the times, make sure to stay subscribed to my YouTube channel, like today's update video, and become a part of the Mr. Crypto community, because I've been showing my analysis time and time again, and time and time again, I am right in the market, and right now I'm right in the market again. So, yeah, make sure to become a part of the Mr. Crypto community.
Now, I do think that again, we're going to be seeing this follow-through. While everybody has been saying, "Oh, no, we're going to be entering a super cycle." I like history has shown us that most likely we are going to be seeing that continuation to the downside, and we are getting many of these signals, like for example, getting a new Fed chair, okay? And getting many of these other signals that I'm going to go over in a second. Now, first of all, if you are interested in my exact trades, trading updates in absolute real time, make sure to join the platinum group with the first link down below. Check it out with the first link down below, and make sure to join, because over here, I'm sharing all my trading updates and every every single little piece of information and all that in absolute real time. So, make sure to join. Join the platinum group with the first link down below, and I'll see you on the inside. Anyways, Bitcoin is slightly getting rejected by the EMA ribbons, and what I have been What have I been saying for the last couple of weeks? Well, I've not only been saying that we're going to be reaching the EMA ribbons at the bottoms, right? At the bottoms, everybody was bearish. I've been one of the few guys being bullish, and I've been one of the few guys saying that we're going to see a relief rally back into the EMA ribbons. And I've even been saying beforehand, before this trade was getting hit about 1 month ago, and even before that at the lows, I've been talking about this trading opportunity right over here. And well, what has happened right after? We have not only been hitting the trade, but also after hitting the trade, well, we started moving and trending back to the downside again. So, not only have I been executing this trade right over here, but also I've been talking about this trade already beforehand, before it was going to happen at these bottoms right over here. I've been longing and buying, and I've been saying that I'm going to be targeting these levels right over here. And while we are moving to the upside, I've still been saying Bitcoin is going to be headed even higher.
Bitcoin is going to be moving even higher. And then boom, we targeted my trade, and we reversed back to the downside. So, yeah, it has happened again, which is pretty nice to see, right? And the amazing thing about this is again, and I've said this in every single one of my videos, but everybody was leaning more to the bullish side again at the exact peaks. At the exact level of resistance from the Bitcoin EMA ribbons, everybody was becoming bullish again. I could see it all over on X. I could see it all over in my comment section. I could see it all over with my daily interactions I've been having in the gym, etc., etc. Everybody was becoming bullish again. While we are we are hitting a massive crucial level of resistance. So, this was a clear clear indication that the majority was wrong again, and that we were going to be seeing this rejection by that level, which has happened right now, right? On top of that, we are about to enter the summer months, and the summer months are historically speaking always bad, historically speaking bad for Bitcoin, uh worst performing, right?
So, I do still think that again, Bitcoin history is about to play out right over here, until proven otherwise.
Now, even though I might sound a bit more bearish in that medium time frame, guys, guys, something major is happening in the market right now, which I want to point your attention into. And first of all, before going over that signal, I want to say that even though I might sound a bit more bearish in the medium time frame, keep in mind longer time frame, I am one of the biggest biggest bulls out there. I do not think that anybody over social media is as bullish as me in that longer time frame. I literally do think that Bitcoin is the best best asset on the earth to hold. And obviously, it's just my personal opinion. You should do your own analysis, and you should make up your own opinion yourself as well. I'm just sharing what I'm doing myself, and what I'm thinking about market myself.
Anyways, I think Bitcoin is the best asset on earth. And that is why my like end goal will just be to accumulate as many Bitcoin as possible. Why am I trading Bitcoin right over here short term? Yeah, because I might think that Bitcoin might come down a little bit lower, but the end goal is just to accumulate more Bitcoin. If I catch this shorting position, I will be able to buy to have more USDT available, and to buy with that more Bitcoin at a cheaper level. So, that is going to be the end goal, to accumulate even more Bitcoin.
And if Bitcoin is going to be crashing down even lower, that is only going to be very interesting for me because then I'll be able to buy even more Bitcoin at a cheaper rate, which is going to be benefiting me, right? That is going to be my end goal to buy as many Bitcoin as possible. And especially right now, while we are seeing these relatively cheap prices, I want to be using this to my benefit and I want to start accumulating as many Bitcoin as possible. Keep in mind Bitcoin is very very undervalued against every other asset price on uh going up on or well going down on the risk curve, these less riskier assets, they're all going up exponentially and Bitcoin is just lagging behind. Crypto, which is a little bit higher on the risk curve, is just lagging behind, doing nothing, just going even going down over here, being undervalued, right? But, this is the exact rotation I think that is happening right now because gold is starting to see a bit of consolidation over here.
Stocks, they're still moving exponentially, but I just think that whenever Bitcoin is going to be forming that cycle bottom on the four-year cycle on the Bitcoin halving cycle um chart, right? Whenever Bitcoin is going to be forming that bottom this year and after that, gold, um stocks, silver, and all these other assets, the Nasdaq, will start to consolidate and will start to retrace maybe a bit, then all of the money, all of the liquidity, will go down further on the risk curve.
And what is next on the risk curve? I do still think that Bitcoin is next on the risk curve. This has happened every single time. Watch this video right over here. I'm sure if you've been in crypto, you've seen this chart for for uh before. I mean, I was one of the I was the first guy that has put been posting this chart right over here. It has gone insanely viral all over social media, but it makes a lot of sense because every single time whenever gold tops and then starts to consolidate, starts going sideways, and starts going down, that is the exact moment where the money will start go down even further to the risk curve, towards assets like, for example, Bitcoin. And what is happening right now, well, gold is starting to retrace just ever so slightly, consolidate right over here.
If this were to continue, if we're going to see gold consolidating even further, maybe going down a bit right over here, well, I just think that this capital will start to rotate towards assets like crypto. And this can perfectly confluence and perfectly happen while the Bitcoin bottom can be reaching and becoming in later down this year, during around October. We have always seen a Bitcoin bottom forming 364 days after the Bitcoin bull market peak. And if this is going to be happening again, we're going to be seeing a bottom forming during October of this year. And after that, we can be seeing that capital rotation, which would make a lot of sense having a look into the cycle stuff, which would make a lot of sense because right now crypto is just very undervalued compared to every other asset, and which would technically make a lot of sense in my personal opinion. Anyways, let me know in the comments down below what you think about this yourself as well. Let me know what you think about my current shorting position. Oh, also, by the way, for my oil position, I'm looking into what's closing it right now. Yes, we have been riding it and trading it Right now all over again very perfectly on oil. We've been shorting initially right over here. We've been then taking profits during this time right over here. We've been adding again right over here. We've been taking profits right over here. And then yeah, just been riding it even further. And right now I'm looking to be starting to take a little bit of profits when the funding rates are going to be flipping. Right now they're still positive, but when the funding rates will be flipping negative, so I will need to pay again for my shorting position. That is going to be the moment where I'll be looking to be scaling out of my oil position. So that is going to be very easy and very simple. For my Bitcoin trade we'll still just remain to keep it open. If we do see that upside, I'm just going to be keeping it open as well. And I'm just going to be filling my orders. Now I do think we have seen a bit of a pivot over here. And more likely than not we will see some more further continuation and downside price action. So let's see about that exactly. Anyways guys, if you did enjoy today's content, make sure to like and subscribe. Check out that link down below if you want to become a part of my community. Join the platinum group over here. I'm I'm sharing everything in absolute real time. Follow me over on the Instagram. And anyways guys, I'll see you in another update video tomorrow morning.
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