I'm not saying we are out of the woods yet.
I'm not saying new all-time highs by today.
But hear me out, guys.
Let me take out the EMA ribbon on the 4-hourly.
And when I'm done with you here, guys,
I think you will probably agree with me.
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Welcome to BitBoy Crypto! The largest crypto channel in all the Interwebs.
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Today, I brought on Chris from MMCrypto to discuss the Bitcoin price and some nice targets.
He's also going to reveal something to us that has never happened before for Bitcoin.
You guys have to see it to believe it.
But also, guys, if you want to take advantage of any of the information in this video,
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Alright, let's jump into the interview.
Hey, guys! I'm joined once again, as we do every Monday, with Chris from MMCrypto.
Bitcoin had a bullish weekend.
Chris, how are you doing?
I'm doing very well, man.
I love to talk about Bitcoin, love to be on your channel.
Let's get straight into it.
There are very, very interesting happenings in the charts for Bitcoin in the beginning of the week,
so I would love to share my thoughts on that.
Yeah, let's do it. And, guys, as always, make sure you guys are subscribed to Chris's channel, MMCrypto.
You can get the link down below in the description.
You guys make sure to head on over there and subscribe to his channel
so you guys can get his content every day.
Let's jump into Bitcoin.
Amen. Appreciate it. I love your community. I'm saying that every single time.
I sound like a broken record, but--
anyway, let's start here on the 4-hourly candles for Bitcoin.
I actually have this exclusive content here.
I was just a few hours ago talking on my channel, but something happened ever since then.
I uploaded the video a few hours ago before we started recording here.
First of all, a quick recap here,
we already talked on your channel about this rising wedge.
We broke down.
I was severely cautious there.
Probably people remember the title of the last video.
- And then the Elon Musk news came. - Right.
Probably somewhere right there.
And Bitcoin was still chopping around.
I switched my bias.
And it looked like as if I was wrong,
but ever since then, I created here a W pattern,
and I was basically calling for a breakout after this Elon Musk news here
towards the upside to this specific price target.
And I also mentioned that we are probably going for another retest here.
All of these things happened.
And in the video earlier,
I was actually mentioning that something interesting is happening for Bitcoin now.
And that was before the breakout here,
before we actually created these two beautiful green 4-hourly candles.
I'm not saying we are out of the woods yet.
I'm not saying new all-time highs by today.
But hear me out, guys.
Let me take out the EMA--
wait, that's not it--
the EMA ribbon on the 4-hourly.
And when I'm done with you here, guys,
I think you will probably agree with me.
So what you can see here is different exponential moving averages on the 4-hourly timeframe.
The upper one is the 20.
The downwards one, the red one here, is the 50-period moving average on the 4-hourly.
And so how I actually say when we are in a bull trend and in the downtrend,
so we are in an uptrend when Bitcoin is above the ribbon of course.
And when Bitcoin is below the ribbon, we are in a downtrend.
What actually no one is talking about is the ribbon itself.
So whenever the short-term moving average is below the long-term moving average,
this, for me, shows, okay, Bitcoin is in a clear downtrend.
Whenever we are switching,
and I will come to this specific point here just in a few seconds,
we are going into a bull trend.
And what I was saying in that specific video, I was showing you just a few examples.
Look at this.
Bitcoin switched here on the bottom left side into a bull trend.
The short-term moving average went above again.
Bitcoin stayed above.
Massive run towards the upside.
Well, we went below faking out here and there.
And you didn't really know where Bitcoin's going,
but in the exact moment we actually flipped here on the ribbon,
well, Bitcoin went into a downtrend and actually created new lows.
Of course, we W'ed out,
went above,
but only in the moment Bitcoin switched here on the 4-hourly,
once again back into a bull trend,
Bitcoin had this massive run towards the upside.
You could basically go back years,
and way more often than not, actually 90% of the time at least,
this was a beautiful indication of Bitcoin switching the trend into a bull trend/bear trend.
And here, you see it again, flashed, Bitcoin went higher and so on and so on.
So we were in that bear trend actually for an extended period of time for a few days,
but just right now, and this is what I was talking about here,
I recorded that actually after the recording and edited it in
because I found it while I was editing the video.
Right here, Bitcoin was switching over once again into the bull trend.
And look at this massive pump-out.
And this pump actually is not just--
let me quickly go over here.
It's not just a $3,800 pump, which is nowadays not so crazy.
No, guys. It's much more important. It's also a break outside of the pattern here.
We had a severe downtrend here of this downward sloping resistance where we have multiple touch points,
and after Bitcoin breaking down out of this bearishly biased pattern,
which was a rising wedge,
now, we were forming this falling wedge, which is a bullishly biased pattern.
I was very happy Bitcoin holding support here with the support of Elon Musk as well.
And now we are breaking out.
So question No. 1, what is the price target?
My first price target of this breakout-- of course, we need follow-through.
Honestly speaking, we need a little bit more volume coming in.
The first volume is already satisfying, but it's not a pound-the-table volume.
A pound-the-table volume is when we are breaking the previous volume candles.
So I would love to see that volume coming in,
but then the first price target would be already here among the lines of the previous all-time high,
and that is, let me quickly remove that, $61,700,
which is actually a target I'm personally eyeing here for my trade.
I'll quickly go over.
I have a trade open here on Phemex, $2.5 million in profit.
I have to disclose here. I opened it way earlier.
But today, BitBoy, I already told you, I put in another million dollars in that trade.
My liquidation price increased here to $41,800,
so I will take at least that $1 million out once we are reaching near this previous high
because we can expect maybe some psychological resistance,
maybe another drop down,
and then I will go in the new reload zone.
But I will remain most of that trade, at least $5 million in quantity in that trade
because, so far, it doesn't seem that this bull trend is over,
especially here that we got this significant strength and that breakout here for Bitcoin.
So, one more thing actually I wanted to mention before,
if you have some questions, of course, I'm very happy to answer them,
I wanted to talk about what is my next price target for Bitcoin
- because-- - Yeah, let's do that,
- but, you know, before we do that, - Yeah?
let's go back to the ribbon for a second
because there's something that I noticed about the ribbon I want to get back to.
So what I noticed is it seems like every time that the price of Bitcoin is going down below the ribbon,
it's the end of the month.
Going back to January.
If you go back to January, you see when it dips below the ribbon for a prolonged period of time,
that's when the January futures contracts were expiring.
And then if you go to February, that's when they were expiring,
and then the same thing with March.
And we were talking a little bit before we went on air here about the CME gap and stuff like that.
- Do you-- - Nice point, man.
Yeah. Do you think there's any validity to that?
I mean, I don't think it's random.
I mean, surely the futures contracts have some push down on the market at the ends of the month.
I think it's a very nice point.
And let me quickly see.
So for January and February, it held true.
Well, it's the end of March.
And it's possible that this repeats again.
Every single time at the end of the month, we were actually breaking above
- and starting the run towards the upside, right? - Yeah.
So that is interesting.
Then the same thing right here in February,
- 1st of February. - Yup.
Well, good point, man. Good point.
Yeah, so now we should be breaking out because, you know, it's not the end of the month.
It's the last Friday of the month.
So now that we passed last Friday of the month,
now we're free to go back to the upside.
So, pretty exciting at least for a couple weeks here, I think.
That is a very good point. I mean, of course, with everything in statistics,
we need a higher sample size
- to say it with a high degree of certainty, - Right.
but it's definitely a very, very interesting observation here.
And since it's in alignment with the bias I'm having right now,
with the trade I'm having right now,
and with the projection I'm having right now,
well, very interesting thing. Definitely something I would like to take into consideration here
for future trading actions for Bitcoin.
So good one. Good one, for sure.
- But it's Monday, right? - Yeah.
And we broke out out of this massive pattern. It's Monday. So I would love to see some more volume.
This is maybe some word of caution here I would like to add.
We usually-- I would like to see more volume. If we can break out without volume, fine.
But a Monday breakout without volume, well, could maybe indicate--
and I'm not a fan of these CME gaps.
This is the CME gap on the 4-hourly. On the daily, we have it as well, I think.
We have here actually a CME gap at-- let me point that out.
Yeah, it starts-- so to close it, Bitcoin has to go down on the CME chart.
It's BTC1! if you want to check it out on TradingView.
Bitcoin has to go down to $54,490 to close this gap.
Well, without volume this is actually possible even though we are here having a very strong breakout.
Let me quickly go down.
Unfortunately, this breakdown,
if Bitcoin were to close the gap,
- would bring us back below into the pattern. - Yeah.
So I don't think it's the most likely scenario, but it's definitely a possible one.
So if you are in a profitable trade,
maybe you watched the video earlier here over on my channel,
well, maybe you can hedge your bets, put your stop loss in a breakeven.
So, definitely something to look out for.
- And I have one closing note, man. - Yeah.
I already told you before.
And this is the monthly chart for Bitcoin.
On this specific index.
I wanted to give everyone who is on your channel.
I don't know if you mentioned already.
There is a new chart in town.
It's not the Brave Liquid Coin Index.
This long one with a long history.
It is INDEX:BTCUSD.
Beautiful!
Because on the BLX, you can only chart the daily chart.
Here, you can go down to 4-hourly, hourly, 15-minute.
And it goes back all the way until the 1st of July 2010.
So this is my new favorite chart to look at the long-term price action for Bitcoin.
And here, you can see the monthly candles we are having right now.
We had six.
1, 2, 3, 4, 5, 6 green monthly candles.
So the question is, back in history,
did we have--
when did we have six green candles the last time?
Or did Bitcoin ever had seven green monthly candles?
Well, let's go back.
2018, no.
2017, no.
This is three.
This is six.
No, this is five.
Actually, this is five green candles, so also no.
Let's go back into the bull market before 2013.
No.
The last time was actually in 2012.
- 1, 2, 3, 4, 5, 6. - Wow.
All the way until April 2013.
And what happened afterwards?
We got a retracement down.
Do I think we are necessarily going to get that right now?
I'm not sure. We have massive institutional FOMO.
But at least we have to acknowledge
- Bitcoin never had seven green monthly candles in a row. - Wow.
And this is at least something I would like to mention here,
with all the bullishness, with all my bullish biases,
with my bullish price targets, with my long position,
I wanted to get that out.
This has never happened before.
So let's see what happens in April.
April is usually a very bullish month for Bitcoin.
For altcoins, it's very bullish.
And even the May, I remember 2018, 2019, was always extremely beautiful for Bitcoin
and for altcoins.
Also, the altcoin cycle just really started in April 2017.
And Bitcoin exploded as well.
So I don't know.
We are here at crossroads.
- And it's going to be extremely interesting. - Yeah.
And we will let the chart tell us what to do.
Yeah, I think one thing I really take away is going back to, you know,
we were talking about earlier with the futures contracts,
is that I think the reason why we're getting so many green monthly candles in a row
and why I don't think we'll get a correction probably for two more months
is because I think the ends of these months we're getting the downward pressure
from these, you know, futures contracts guy hedging the markets,
and we're not seeing the gigantic breakout.
We're seeing more of a consistent breakout month over month
where it goes up at the beginning of the month, goes down at the end of the month.
And I think that's keeping it from having, you know, like one gigantic kind of top out candle
that would force, you know, kind of a correction.
So I'm going to look at it
because I don't feel like any of the last three months that Bitcoin has hit its full potential.
I feel like there has been forces pushing it down at the ends of the month.
So, you know, just something to think about
is that we're getting little like mini cycles within the month
instead of the general time where like maybe for two months it has a blow off top,
something like that.
Yeah, a very good point.
I mean, that's the thing. We didn't see--
something before here in January 2000-- that looked like a blow off top, right?
Now, Bitcoin actually had a slight consolidation and is in the build up phase once again.
This definitely speaks here to-- for something you are saying here.
This doesn't look like a blow off top.
Usually, Bitcoin doesn't end macro runs towards the upside with a lot like this.
This kind of bullish consolidations among the all-time high.
It doesn't really look like a blow off top, so I am on your side here.
And just a statistically speaking.
But definitely the month is something to look out for.
And if we are getting a green month for April,
well, we broke new records,
- and we had the first time like this. - Let's do it.
I love breaking records.
So, Chris, as always, thank you for coming on the show today
and giving our audience a glimpse into the TA side of things.
I think you've given them some very interesting things to look at.
Anything you want to leave us with today?
Man, thanks for having me. Always a blast.
Of course, we are going to do another video over on my channel
with some very interesting information.
I want to say thank you everyone for watching.
It's like a true honor for me always to see like last video of ours got like 150,000 views.
150,000 educated crypto investors watching this video
just brings me close to tears, man.
Thank you so much for having me. And I'll see you next week.
Awesome.
Alright, guys, drop some comments down below. Let me know what you think about this TA.
And where do you think Bitcoin is heading to?
That's all I got.
Be blessed.
BitBoy out.