00:00On yesterday's video, I explained that currently I am just looking at one level and this level is the 82.8k and the moment Bitcoin will confirm a break above this level, I would say we are looking bullish

00:13We are breaking back into the region but but as long as Bitcoin sees rejection from of this exact range, I would approach this as a bearish retest

00:22So, on today's update video, I will be exactly explaining what I'm currently looking at on Bitcoin, why we have seen such a bigger drop towards the downside and what the possibilities are right now in this market

00:33As well, I will be talking about some potential targets I currently have in mind, my support targets and so much more on today's update video including the fact that currently the funding rates on Bitcoin remain to be negative and of course, I'm going to all explain in today's video what this means next for Bitcoin

00:52So, so again, without any further ado, don't forget to straight away smash with that like button back above 900 likes and let me jump straight away in today's update video

00:59And first of all, before we were looking at this ascending triangle, the moment Bitcoin basically broke down, it broke down and you know where to, exactly the target

01:08I mean, not exactly but just a few dollars off the exact take profit target from of this pattern

01:15And if I'm looking at Bitcoin right now and I said this on yesterday's video already and of course, I also spilled the beans in my Discord community

01:23For Bitcoin right now, I am just looking at one level and that is this 82.8k level because this level previously ran acted as major support as a weekly fair value gap and now is acting again, like I expected, as major resistance

01:38And obviously, it is currently weekend but still, this is the exact range I am approaching and watching very closely to see if Bitcoin can break through because for me, if we can break above this exact region right here, we would basically confirm a re-entry for Bitcoin in the previous consolidation phase

01:56And I mean, we have seen many times before on Bitcoin that we're creating certain liquidity grabs before ultimately absolutely sending it towards the upside

02:04And for me to say that again, Bitcoin is going to be breaking back into the range and of course move towards the top side, I just need to see that confirmed break through of that weekly fair value gap on Bitcoin

02:15And whenever we do so, Bitcoin is going to again give us some very great trading setups because right now, as of for now, I'm still seeing that the funding rates on Bitcoin remain to be negative

02:25This means that the majority of the market is currently trading short

02:28Of course, that usually means that there is most likely another squeeze going to come here

02:33And of course, on yesterday's video as as well, I explained some worst case scenarios that could still play out on Bitcoin

02:40And if I would say what is the worst case scenario we are looking at right now, it is going to be $72,000, which is the 200-day moving average

02:47So, whenever Bitcoin is going to come towards this exact level, I would again see this as one of the worst case scenarios

02:55And of course, I would see this as one of the biggest opportunities for Bitcoin as well

03:01So, I say worst case scenario, but actually if it's going to come there, it is going to give us so much opportunity to take some trades

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03:54And further on, if I'm looking at Bitcoin and if you're just approaching it on the daily timeframe, so far, I really don't think Bitcoin is looking so bad

04:02I mean, yes, we're seeing still this rejection from off this range

04:06I think this is very important to be approaching, but ultimately on the daily timeframe, we're just seeing a retest of that previous high

04:14And this And this is obviously very basic TA here, but it does always work around

04:18So, we are still creating an higher high right now together with higher lows

04:23So, for me right now, the trend is still overly bullish

04:26I am not seeing this as a distribution pattern

04:28I am still seeing this as somewhat of an accumulation pattern on Bitcoin right here

04:32And for me, the only confirmation that we're going to be breaking towards this 200-day moving average would be that confirmation of the break of this exact level right here

04:43And I wrote this one also out actually on some other charts I discussed as well in previous videos

04:48And that is this level right here

04:48If we break below this low right here, we basically confirm a bigger and higher timeframe downtrend on Bitcoin

04:54So, that is exactly what I'm going to be looking at

04:58And so far, you can clearly see this level has been acting as support

05:00We're bouncing from it, and that is obviously looking quite good here

05:03And we could also maybe say that Bitcoin is creating somewhat of a downward-sloping support line right here

05:08And I mean, as long as we're not breaking below this low, I think we're still good

05:12If we can confirm the break above 82.8k, it's going to be very bullish

05:16And guys, also by the way, for me, since I'm currently like about 1.2 million dollars in profit with my Bitcoin long trade, I want to hedge myself a bit because Bitcoin is currently sitting, you can clearly also see it here on the Weex platform, at this major important zone in the market

05:32And I mean, if we are going to see a rejection and Bitcoin moves down, I'm going to be losing a lot of profit on my trade, and that is why I'm just hedging myself with taking a few short trades

05:43And that is why I'm hedging myself with taking a couple short positions on Bitcoin on this exact level right here in case we are going to be seeing a breakdown

05:52So, that is my exact strategy on Bitcoin right here

05:54If Bitcoin, of course, breaks back towards the upside, I'm just casually going to be going out of these positions, and of course, my major swing trade is going to be making it all back anyways

06:04So, this is how I like to approach my trades

06:06And also, guys, by the way, you always should have your own risk management, so make sure to have a plan for yourself if you're going to be taking any trades

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06:37And I mean, and actually, these were all the most important charts I'm currently looking at over the weekend on Bitcoin

06:42I'm currently traveling a lot here, that's why I was a little bit later today with my update video

06:46In 3 days, I will be back home again so I can start to do some live streaming and live trading

06:50So, make sure to stay tuned for that as well

06:52And yeah, don't forget to subscribe to the channel if you want to be staying up-to-date

06:57But anyways, thanks so much for watching, and I'll see you guys in the next one

06:59Peace out

06:59Goodbye.