If we break the neckline,
then we will have a target which is quite low.
Let me show you real quick.
Pull this down like this.
And then you can see that the head and shoulders' target
is actually all the way down here at $22,000.
Wow!
Hey, everybody!
Carl is back.
It is time for Monday with The Moon
as he's going to be breaking down the Bitcoin price.
Don't forget to go down below in the description
and make sure to subscribe to his channel and also do us a favor,
like this video while you're at it.
More people get to see this video and learn about crypto when you do that.
Carl, how are you doing on this Monday?
I am doing absolutely fine.
And I think we're going to reach 10,000 likes on this video.
- Easy. - If we do, then I will be even better.
That's right. Carl's mood is dependent on your likes.
- So, you guys, make sure to hit the like button. - Yes.
So we're going to be looking at some interesting stuff.
You know, we continue to talk about the direction that Bitcoin is going,
trying to figure out if it's going up, if it's going down,
what are the chances for both.
And I know, Carl, you got some interesting charts that we're going to be taking a look at.
Before we get to the charts though, I just want to know kind of like
what is your general--
what are you seeing the general sentiment for Bitcoin right now?
Yeah. So we have been in a downtrend on the daily for quite some time now.
And this downtrend has right now also resulted in a weekly downtrend,
if you look at the lows and the highs.
So we are definitely bearish currently on those two timeframes.
And you can see that on Twitter.
- You can feel it on YouTube. - Yeah.
People are getting bored and bearish and angry and starting to accuse each other of this and that.
So for sure, we are in a bearish time.
And historically speaking,
that is always the best opportunity to accumulate Bitcoin, Ethereum and other big names.
I'm not going to tell you to buy every single random altcoin out there
because some of them will never come back.
But if you look at Bitcoin historically,
when people are bearish and when people are FUD'ing and hating and trolling,
that's when you want to keep accumulating.
So I think that right now is a perfect entry point to increase your dollar-cost averaging
if you want to hold your Bitcoin for the next four or five years,
which I hope that all of you want to because Bitcoin--
Bitcoin is not a trade.
Bitcoin is money.
Bitcoin is your exit plan out of the fiat system.
So you can definitely trade Bitcoin if you want to,
but I want everyone to prioritize Bitcoin,
or to see Bitcoin firsthand as an investment and an exit plan for themselves in their portfolio,
- and then you can trade it also. - Yeah.
You can trade altcoins, Ethereum, or whatever you want over on Bybit
or wherever you want.
That's perfectly fine.
But some people, they forget what Bitcoin is when they just trade all the time,
look at the charts all the time.
So when Bitcoin is going down, people get panic and, "Oh, it's all going"--
but remember, the fundamentals don't change just because Bitcoin is going down.
Actually, the Bitcoin fundamentals are growing,
getting stronger and stronger every single month right now.
So don't you panic out there. That's what I want to say.
Yeah, exactly. We definitely don't want to see panic in the markets.
That's when it will definitely send it into a flurry of selling and push prices down lower.
But the important part is, when you sell and it does go lower,
the price usually bounces back,
and then you're regretting leaving the market because, you know,
while it may seem like a good entry point right now,
you know, the market can turn around very, very quickly
and you miss these entry points.
So let's go ahead. Let's check out the charts and see what is going on there.
100%. So I want to take a look at the shorter timeframe here
because there is something interesting unfolding here.
And right now, I want to show you this,
this descending broadening wedge.
This is forming right now,
after we broke down below this neckline out of this bigger head and shoulders.
- Let me zoom out. - Okay.
In the past couple of weeks,
I talked about this, I believe, even on your channel, that we had this head and shoulders,
and, of course, if we break the neckline,
then we will have a target which is quite low.
Let me show you real quick.
Pull this down like this.
And then you can see that the head and shoulders' target
is actually all the way down here at $22,000.
Wow!
Yeah. And ever since we broke the neckline, we have seen a 30% correction approximately.
And--
so so far,
we are just basically just seeing a very natural continuation
of the already established downtrend,
which was even more solidified by the fact that we broke down below this, this support.
And what I see currently is that we are forming this descending broadening wedge.
And these are-- they tend to be slightly more bullish than bearish.
So if we break the resistance here,
then this would be a fantastic point to put in a trade, in my opinion,
where we could potentially make a trade up to retest the previous resistance here.
We can also call that, like, up here, let me just put a line.
Right there at $46K would be an interesting point.
And definitely also this green box at $42K is also a huge previous support and resistance.
But before we see a bullish breakout,
I also want to show you a small, little bearish pattern in the immediate short term.
If you do this,
then this is actually a double top or a McDonald's pattern
because if this M or McDonald's pattern breaks to the downside,
then you and me, Ben, we're going to have to go back to McDonald's and look for a job.
- Well, that was definitely my first job. - So--
I worked at McDonald's when I was 15.
- So-- yeah, yeah. - Wow!
So I've actually, you know, I've done the McDonald's thing.
I've had a McDonald's hat.
I tweeted on Twitter, my favorite place to tweet,
about how, you know, when I was working the drive-thru back in the day,
it was Beanie Babies in Happy Meals.
And that was one of the most chaotic times in the history of the world.
People would line up.
They will go through the drive-thru all day because you can only get 10 at a time.
They would literally drive through for the entire 12 hours we were open.
- That is crazy. - Yeah.
But how do you feel about going back to McDonald's if we break down below $36,000?
Well, I mean, they have McFlurries now.
They didn't have McFlurries when I was there.
- So, you know, before. - That's nice.
So, you know, it's not the worst thing in the world,
but we do know that ice cream machine is almost always broken.
So sad.
A little bit sad, yeah, yeah, yeah.
- But the Big Mac is actually my favorite burger in the whole world. - Oh, wow!
- It doesn't-- yeah, yeah. - Really?
Actually, like, here in Dubai,
- you can go and eat these crazy golden burgers in Nusr-Et - Yeah.
for like, I don't know, $200.
But no matter how much money I spend on burgers,
the Big Mac,
there's nothing that gives me so much satisfaction.
So I will look on the bright side if we break down here.
I'm just going to, you know,
look at the bright side and say that I love the Big Mac.
But, guys, on a serious note,
we are potentially looking in for a small little correction
if we break the neckline out of this McDonald's pattern at $36,000.
And technically,
you can see here, technically,
the target would be down at $33,000 approximately.
So this could actually be a short trade if anyone wants to put in a quick little short trade there.
Like, 80%.
So that's what I'm seeing here in the immediate short term.
Essentially, we have support and resistance.
We have resistance at $38K approximately,
big support down at $36K.
Right now, we're ranging in between.
And I think we're going to stay boring here for a while with declining volume
until Bitcoin chooses a direction.
And when Bitcoin finally does choose a direction,
I'm going to jump in, execute a trade and make some money.
Yeah, definitely. I know people like that.
The one thing I'm kind of looking at on that 4-hour chart,
I mean, if you just look at the last, you know, the last week,
you know, where we're at right now at this moment,
you know, maybe we're going to be able to hold
and maybe we're going to be able to put in basically a higher low
and maybe start an uptrend.
So, you know, if we go back to kind of where we peaked and bottomed there,
you know, several days ago, that would have been around the Fed meeting.
And so, you know, maybe that could have been the catalyst
for us to see some more upwards momentum.
But I think, in general, you know--
I do want to get your feelings on this statement.
I'm going to make a statement. I want to give you--
I want to give you a chance to respond to it.
Bitcoin hits $100,000 when?
Bitcoin hits $100,000 by the end of this year?
By the end of the next cycle?
What is your feeling?
Where are you feeling about $100K right now?
I still think Bitcoin will reach $100,000 this year.
I don't feel like we have seen the end of the bull cycle because
there is no point in the past six months where we saw maximum euphoria.
We saw big--
we saw, like, big bullish kind of euphoria towards $70K there,
but we didn't see that crazy, crazy, over-the-top euphoria
- that I remember back in 2017 - Yeah.
when Bitcoin broke to $20,000 and then in January 2018
when we saw the insane altcoin season like we never saw before.
- I feel like we haven't seen that yet and-- - Right.
I just--
I mean, I could be wrong.
Maybe I am wrong. And maybe we already saw the top.
But for me, it doesn't feel right.
It feels like we should see more euphoria.
And then we're going to go into some kind of maximum pain after that.
Because after maximum euphoria, you always see maximum pain.
Yeah.
So, yeah.
Yeah. I think, you know, if this were to be a multi-year bear cycle that we have begun,
if that were the case,
there's a very specific reason why it would take so many people by surprise.
And that's exactly what you said. We did not get the euphoria.
The euphoria is what drives the pain later on.
We never got that.
So, you know, maybe we're going to range in, you know,
in the kind of this accumulation zone for a while and eventually break out,
but, you know, if this truly is a bear market,
there's nobody out there that's an influencer or a YouTuber you should really be blaming
because since we did not get a blow-off top,
it makes it nearly impossible for people to call the top.
So it's either we're going through a long stage of accumulation
or, you know, maybe we are in a bear market,
but we might talk a little bit more about that on your channel.
But either way, we know long term, Bitcoin is going up.
I mean, I don't think you would think there's any chance at all
Bitcoin doesn't eventually hit $100,000, correct?
Of course. It's absolutely inevitable it is going to happen.
- I'm-- - Yeah.
I'm just as certain in that as I know that tomorrow the sun will go up over the horizon.
It's very, very, very certain, in my opinion.
So I'm very bullish on Bitcoin.
I'm bullish on crypto long term.
Maybe not short term as we saw in the video now,
- we are in a downtrend, but, yeah. - Yeah.
- So-- - Okay.
Well, Carl, thank you so much for your insights.
We appreciate it as always.
Always good to start the week getting your opinion on things.
So, everybody, make sure to like this video, go subscribe to Carl's channel.
Carl, we'll see you on the next one.
To everybody else, drop your comments below on where you think Bitcoin is heading to.
That's all I got.
Be blessed.
BitBoy out.