This video discusses Bitcoin’s potential for a new all-time high, with the speaker expressing a bullish outlook on Bitcoin, Ethereum, and XRP.
Here’s a summary of the key points:
- Bitcoin’s Current Position: Bitcoin recently hit the bottom of its major horizontal range at $115,000, a level the speaker had previously identified as a good entry point for a long position.
- Personal Trades: The speaker personally entered new long positions on Bitcoin, Ethereum, and XRP, and remains in most of their other long positions on various cryptocurrencies.
- Bullish Outlook and Price Targets: The speaker anticipates higher targets for Bitcoin in the coming weeks. While a CME gap remains open at approximately $114,000-$115,000, the strong reaction towards the upside and reclamation of an important volume level suggest the bottom for Bitcoin is in. Using the Fibonacci extension tool and a logarithmic chart, the speaker projects Bitcoin could reach $127,500, which would mark the completion of the fifth Elliot wave.
- Bullish Bitcoin Indications: Bitcoin has reclaimed the value area low, which historically is a significant bullish indicator. The speaker is looking for a bullish EMA cross on the 1-hour timeframe, which would indicate an average uptrend. Higher timeframes (2-hourly, 4-hourly, daily) already show an uptrend.
- Next Area of Resistance: The first major resistance area for Bitcoin is identified at $118,300. This level aligns with the golden Fibonacci ratio, the point of control (biggest volume cluster), and the anchored VWAP from the all-time high.
- Liquidation Heat Map: Approximately $230 million in long positions would be liquidated if Bitcoin pushes below recent lows. Approximately $237 million would be liquidated around $121,000 if Bitcoin moves higher. The speaker believes the upper liquidation cluster at $121,000 is the most probable level to be hit in the next few days.
- Ethereum Outlook: The speaker is also bullish on Ethereum, expecting it to pump towards $4,500, followed by a correction, and then another impulse towards an all-time high of $5,000, completing its five-wave price structure.
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