Bitcoin price today is getting ready for another move and within exactly 10 hours the next Bitcoin move will be getting confirmed so make sure to read and subscribe to our blog to know the price targets daily. I will be also talking about the four hourly time frame momentum of this insane parabolic that probably is looking to end right now also the most important day is tomorrow when the Federal Reserve has to make a very tough decision and we will be talking about this how I will be trading this and much more important stuff.
So don’t forget to share this post and subscribe to our daily newsletter of Bitcoin Price Today with your friends that will be absolutely incredible and with that being said let me jump straight away in toward the content to kick things off here on the imminent short term on the one-hour time frame for Bitcoin.
Bitcoin Price Today Chart’s
We can clearly see we are creating currently an Uber sloping support line with higher lows and we’re creating a potential downward sloping resist line here from the top side, and if I draw these lines together we can see that we’re expecting to see a breakout within the coming 8 to 10 hours ahead of ourselves right now and on this breakout.
It’s going to be important to see whether we confirm a break below the upper sloping support line if we do so we basically confirm that we’re probably going to go lower because yeah once you break the uptrend you’re probably going to see continuation towards the downside and once we confirm the break above the upside we probably are going to see in continuation towards the upside.
Bitcoin Price Today Target
What are the targets I’m looking for if Bitcoin breaks down I’m going to be targeting 26.8k and if Bitcoin tends to break up I’m going to Target levels around $28.9k to $29k US Dollars those are my targets those are the levels I’m currently looking for and I think it’s going to be a clearly straightforward trade however if I am currently looking at the 4 hour time frame there are some things that I’m actually not loving to see right now we are creating still higher highs on the floor early time frame and while this is happening the RSI is forming significant lower highs what means that we’re currently creating a bearish Divergence in the four hourly time frame for Bitcoin.
What could indicate that this is a potential short-term top formation yeah this is definitely not necessarily a very bullish thing that currently is occurring on the market and also if I’m actually looking at the Fairly time frame and you can clearly see it if I actually invert the chart you can see that this is looking like somewhat of an exponential drop right this is an exponential drop and usually it’s search states right here we are at the end stage of the drop or if we invert it again we can see that we’re somewhat of the end stage of the top we had a parabolic run up and right now it looks to be that the momentum is drying up.
We’re seeing fewer exponential heights, we’re seeing fewer exponential lows which means that this could be a potential end stage of the parabolic run up towards the upside right now I think what really will matter and what I’m really expecting is that today actually is still going to be staying quite boring tomorrow as well is actually going to stay quite boring because tomorrow the volatility will really kick in as soon as the FOMC meeting hits.
Because in 1 day and 13 hours from now on we will have the FOMC meeting where the Federal Reserve will make a decision you know what the interest rate hike is going to be or whether they’re not going to hide the rates at all it’s also going to be very important to know what the language is of Jerome Powell and due to that I will be covering this event tomorrow so don’t forget to subscribe to the Blog and turn on the notifications.
Because then you’re definitely not missing out on this insane important event currently approximately 72 percent of the market is pricing in that we’re going to get a 25 basis point hike but really the question is if he’s really going to do it because yeah and right now really the question is is he really going to hike the interest rates after several banks in the US are already failing so that is going to be the very important part we will be discussing this tomorrow but this is probably most certainly the driver of big volatility in towards the market tomorrow.
Bitcoin Price Today Longs/Shorts Position
Currently, I am still looking for that long position on bitcoin if we’re going to come down to $25.2k. I mean there has to be something crazy that has to happen if Bitcoin wants to come down towards this level but if we were to come down towards this level of $25.2k I am going to be opening up a long position why is because the 25.2k is this previous a very important resistance level like you can see right here that most certainly is going to be flipping into support, So if we do get the opportunity to long back on a rounded level I am most certainly going to do so but yeah maybe after tomorrow more bullish news comes out.
I don’t get the opportunity at all and then I’m probably going to close the trade and look to trade somewhat of this range right here that I’m currently looking make sure to subscribe and share this blog post so stay up to date about my next trades here I’m looking to only take low-risk trades with high returns and that is why I am very patient with my next trade currently we can see the Bitcoin is actually running in towards very important resistance I wouldn’t be surprised if we do actually see a small rejection from this level.
But currently, we’re running in towards the most important level of resistance and this is really the level that I’ve got all my eyes open on because if we do manage to break above this level tomorrow it’s going to be good for Bitcoin because then we’re basically confirming really the break back in towards this higher region of the market because really this was the support that was holding us up in the entire bull run right.
So this level was holding us up for approximately 536 days and right now for already longer than 250 days we’ve been trading almost 300 days so by the way we’ve been trading below this level and it’s going to be a very important level to be watching it’s going to be a very important level to break above and if we can break above it it’s definitely going to be very bullish for Bitcoin.
Also to confirm yesterday I started this wall on the weekly time frame where you are currently seeing the inverse initials breakout with the price target of around $40K dollars so next pay attention to that one also the entry price for this one is somewhere around $25k, so that is why I’m still got my order set up here on the lower side and if I’m looking at the Bitcoin dominance we’re actually right now running in towards the top side of resistance of the Bitcoin Domino’s what could potentially indicate that it is going to be a good time to step into all coins what I think is going to be performing very good here so let’s see how it’s going to be playing out but currently clearly we can see the Bitcoin dominance is rising.
If we break above this region we probably could see an even further continuation of Bitcoin dominance just like in the bear market recovery phase of 2019 because this was the bear Market recovery here in 2019 we also saw a huge run-up for Bitcoin dominance and also we’re not really moving back towards the upside so that is why it’s also important to have usually your biggest exposure to bitcoin.
Because Bitcoin Indian today always leads the way furthermore we can see the reason why Bitcoin is, of course, being pumping is due to the Federal Reserve printing money and if you think that this is uh it I can tell you already this is not it, this is just to begin because they’re planning to print 2 trillion US dollars in the coming 12 months and due to that I am extremely bullish on bitcoin.
Because at the previous bottom, the bottom was basically getting confirmed because the Federal Reserve was printing money again and that is of course the thing we need here if as long as the Federal Reserve is printing money, money is basically cheaper and free we could of course only expect that Bitcoin is going to go up because yeah there’s going to be more money in circulation.
It’s going to be more than likely that the Bitcoin price today is actually going to go up more investors are potentially expecting there’s going to be higher inflation so that is important to pay attention to us right now here and also the last signal I want to talk about is this insane signal on the email ribbon.
Because yeah I’ve said this several times before always once the email ribbon is red and we’re trading below it it’s a good buying opportunity I’ve said it every single time and usually, people say oh but that’s so no it’s not stupid because it is just something from the bear markets always, once Bitcoins trading below the EMA ribbon on the red it’s just a good buying opportunity historically speaking.
And we can see it once again happening if I’m zooming in right now we are actually confirming the break above the weekly EMA ribbon Bitcoin closed its weekly candle above the email ribbon and every single time that has happened in the past it led towards more run-ups towards the upset it happened here in 2015 we saw a gigantic run up it happened here 2019 we saw a gigantic run-up and it is currently once again happening here in 2023 for Bitcoin.
And this is getting me extremely excited and I am currently looking at this level of course as soon as the email ribbon crosses bullish it’s usually a lacking indicator um so yeah I’m not really waiting for that one but we are currently clearly seeing the signal already that we are actually confirming bullish on the weekly time frame for Bitcoin so that was it for me in today’s Bitcoin Price post.
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So thank you so much for reading this post on Bitcoin Price Today and I’ll see you guys in the next post. Goodbye