Bitcoin is right now breaking below the Daily EMA ribbon and in this exact video I will be talking about what this means For Bitcoin historically speaking and What is next in general in terms of the Trend for Bitcoin so don't forget to Watch this video till the end it's going To be a very important one and with that Being said don't forget to slap up the Like button back above 500 that will be Absolutely incredible and with that Being said let me jump straight away in Towards the content and once looking at The image short term for Bitcoin we Started to see of course that two days Ago we had that breakdown of the Symmetrical triangle and ever since we Sold a breakdown of this pattern we Start to see the continuation of the Downtrend happening for Bitcoin right Now we've been hitting lows around 21.5 K what is definitely not nice to see for Bitcoin but like I've been saying Currently we are clearly trading in a Downtrend we're forming lower highs Together with lower lows and until the Trend swaps around we should be bearish On the price action of Bitcoin we can See in the four early time frame as well That we officially broke the uptrend and Only in the short term we have been Already saying we have been trading in a Downtrend but on the bigger picture we Were still creating higher lows on the

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Lower Side however right now as well we Also confirmed a trans reversal on the Four hourly time frame bigger picture I Also said as soon as we do break below The support line I actually want to be Shorting the resistance unfortunately I Have been not able to short it because It happened all over the course of the Night but currently we can see that Bitcoin broke down and I'm going to say It already my price targets of this Breakdown is going to come in around This range right here the green box that I'm currently drawing around 20.4 to 20.6 K so I personally still think there Is a lot more downside that could happen For Bitcoin right now so make sure to be Alert Bitcoin is not necessarily looking So strong right now here it's breaking Below all kinds of important levels and It probably could only result in of Course a bigger drop-off however there Is one big level of support that Currently is waiting below us and that Is his level around 21.4 to 21.5 K so This stuff was really the level that we Should be looking at previous resistance Leapt into support right here and most Certainly will be providing support Right here so I'm going to be looking at This level right here I'm going to keep All my eyes wide open on this level and If we fall below this level that will be For me the confirmation that Bitcoin is

Also going to decrease towards that Level and price Target around 20.6 K you Can see in the 12-hour time frame that We officially also broke below the Ascending bro knowing wedge and the Ascending Broner match has got a price Target of 20.6 K so also another Confirmation that we are probably Actually going to be looking for some Lower lows I'm not saying that we can't Have a bench right here but this Vans Probably would only be a signal of a Confirmation that we're creating just Yet again a lower high so I am Definitely going to be looking at shorts In this trend in general but currently Things are not necessarily looking so Strong for or Bitcoin my trade I've been Taking more profits like I've been Saying I am locking in more profits as We go down my N3 price is 18 000 US Dollars and I am just yeah casually Taking more profits out of this trade Here because I personally am right now Taking off some profits of the table However the funding rates are currently Negative what means that there are more People shorting Bitcoin than longing Bitcoin what actually makes it quite Interesting to still have this position Open because I'm literally getting paid To be in this position right now if you Want to be trading yourself as well you Want to be training all coins or Bitcoin

Check out buy bit because by bit allows You to trade cryptocurrencies and you Can write no claim a 30 000 US Dollars Deposit bonus if you sign up an account Using the link in the description right Now furthermore we can see the Bitcoin Officially has been closing its daily And below the daily EMA ribbon and this Is definitely a big warning shot of Course as soon as we do see the bearish Goes over we should definitely be warned But first of all the break below the AMA Ribbon is already be a very bearish Signal you can see it happened right Here just before we had the column Before the storm and the big drop off Towards the downside you can see it Happening right here at the previous Ultimate we broke below the daily EMA And we had a significant rally towards The downside here we broke below it we Also saw more continuations then here we Broke below it and also we saw a big Drop off towards the downside so Basically the loss rule four times this Happened Bitcoin really went out of the Fort Bitcoin really went three out of The four times significantly down at one Out of the four times it just had a Minor drop however every single time it Happens Bitcoin tends to drop so this is Definitely not a good signal for Bitcoin Maybe if we can turn it around today or Tomorrow it still could be okay for a

Bitcoin but currently it is just Indicating and telling us there's Probably more weakness coming for Bitcoin we can currently see that Bitcoin is finding support on that Three-day EMA ribbon it's going to be Very important to hold on towards this Because the three-day Emi ribbon is Really giving us a bigger trend and Direction and if we break below this one It's definitely going to be bearish for Bitcoin checking up on the super Trend Indicator basically if we break below Twenty thousand dollars that is the Confirmation for the super Trend to be Bearish in the bigger trend for Bitcoin So that is also a very important level To be looking at and I will be Personally keeping my eyes wide open on This level you can also see that Actually on the daily time frame we are Currently retesting the previous daily Low and you can see that previously Around this was also Daily resistance So Currently I can definitely argue Bitcoin Is at critical support Bitcoin is a big Big support and the question really is Are we going to hold on towards this Level right here I think it's actually Likely that we are at least going to be Finding someone of support just like we Did right here that we are going to get Some support for around four to five Days I'm currently seeing this of course

As an important level of support you can See on the daily time frame is that We're actually right now approaching That important level of previous Resistance flipped into resistance right Here resistance right here flipped into Support and currently we're retesting it So this daily level this is an important Level to look at you can see it if we're Zoomed in but you can also clearly see It if we're zoomed out and on the weekly Time frame we are also approaching that Weekly level of support because many Many weekly candles are close around This region so I am personally am right Now really expecting that this could be A level of support and that's why it Would also be very careful with shorting Bitcoin on this exact level right here I've been bearish on bitcoin ever since We basically moved up from of this point I've been bearish I mean actually I've Been bearish on the stop side also a Little bit here but really from this Point right here I've been bearish but Right now I'm definitely cautious I Embarrassed but caution if we see Confirmations of the break below this Level I'm expecting 20.6k to be Happening but currently I'm cautious but Bearish and you can see also on the Weekly time frame maybe another bearish Signal is it actually on the weekly time Frame you could potentially start to see

A double Top Gun and create right and That could be very bearish for Bitcoin If we create a double top we could Potentially see a more downside for Bitcoin and yeah we've been saying it Many times before the level 2 to break For Bitcoin in order to flip bullish is Just the top side of twenty five Thousand dollars but nevertheless There's not a lot of more things that I Can really update currently we just are Looking at this big big level of support On the lower side and that level of Support is currently the daily slash Weekly support if we break below it Things are going to be looking very bad For Bitcoin Bitcoin could go in a free Fall just like it had right here but I Am not really expecting that something Like that is actually going to be Happening right now so that was it for Me in today's of the video if you did Enjoy don't forget to slap up that like Button I am still looking at new trades But I'm just very cautious right now With looking about what my next move is Going to be for Bitcoin you should trade With these Trends here and I'm currently Looking for a potential next Trend Direction so thank you so much for Watching towards amazing new video on The channel and see you guys on the next One peace out goodbye

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