In short: Simon and the ParadiseTeam stay short-term bearish on Bitcoin after a bearish MACD cross and a break below the ascending trend line. He sees the fifth wave up likely complete near $65,000, expects a move down. And marks the $60,000 to $59,000 zone as his preferred high-probability buy on confirmation.
Is Bitcoin about to crash to $60,000?
Not guaranteed, but Simon leans that way short term. Bitcoin has broken below the ascending trend line and printed a bearish MACD cross. So the ParadiseTeam sees the next big move pointing down toward the $60,000 to $59,000 zone.
He stresses this needs confirmation. Price sits squeezed between support and resistance, so patience matters before acting. Simon frames $57,000 as a low-probability extreme, held up by strong support below.
Why is the fifth wave up likely finished?
On the weekly, Simon reads Bitcoin in the final fifth wave, with a possible push toward $79,000 later before a rejection. On the daily, he counts an A-B-C structure where the C wave is now forming.
The recent five moves up look complete near $65,000, exactly the lower boundary of his resistance zone. That raises the odds of a pullback. A move to $67,000 or $69,000 stays possible but low probability while price holds below the trend line.
What key Bitcoin levels is Simon watching?
Simon marks tight levels. Immediate support sits at $63,600 and the ascending trend line acts as resistance near $64,700, leaving price squeezed in between.
Above, $65,000 still acts as resistance, with another confluence at $66,450 and targets at $67,000 and $69,000. Below, his preferred buy zone is $60,000 to $59,000. More level-by-level reads sit in the Bitcoin analysis hub.
What do funding and liquidations show?
Positioning looks crowded long. Simon notes 81% of market funding is positive and funding rates are heating up, though still mild for thin summer liquidity. The crypto funding rates board tracks this in real time.
On the 30-day view an imbalance remains. A push down toward $59,000 would liquidate around $6 billion in longs, versus roughly $3 billion of shorts on the upside. Fear and greed reads neutral, and the squeeze probability sits near 16%, already warm.
Why is a long position a no-go right now?
Because the odds and the math both point against it. With the five-wave move up likely done and price under strong resistance, Simon calls a long here a no-go on risk-reward grounds.
A long entry would need a stop below the low, and the first target near $65,000 offers thin reward. He would rather wait for the $60,000 to $59,000 zone. This guide on position sizing and capital preservation mirrors that discipline.
Frequently asked questions
Is Bitcoin going to crash to $60,000?
Simon sees the next big move likely pointing down, with the $60,000 to $59,000 zone as his target and preferred buy area. He calls $57,000 a low-probability extreme because strong support sits below. He stresses this is short-term and needs confirmation before he would act on it.
Where does Simon want to buy Bitcoin?
His preferred high-probability entry is the $60,000 to $59,000 zone, and only on confirmation. He points to multiple confluences there and better risk-reward than chasing a long near current price. Until price reaches that area or reclaims key levels, he favors patience over forcing a trade.
What does the bearish MACD cross mean here?
The bearish MACD cross, alongside a bearish RSI cross and declining bullish volume, signals fading upside momentum to Simon. He reads it as the bulls getting weaker as price pushes higher. A confirmed continuation lower on the RSI trend line would reinforce his short-term bearish view.
What are the key Bitcoin levels in this video?
Simon watches immediate support at $63,600 and trend-line resistance near $64,700, with price squeezed between them. Above sit $65,000, $66,450, $67,000 and $69,000. Below, his buy zone is $60,000 to $59,000, and he views $57,000 as an unlikely extreme for this move.
Should I open a long position on Bitcoin now?
Simon calls a long here a no-go for himself on risk-reward grounds, since the five-wave move up looks complete and price sits under strong resistance. He notes every trader differs, so those with an edge and a fitting tactic may act, but he prefers waiting for confirmation.
MyCryptoParadise has run a professional crypto signals and trading-education service since 2016, led by founder Simon Mach and the ParadiseTeam. Simon records these sessions three times a week, and every episode lands on the Bitcoin video analysis hub.
Educational content, not financial advice. Crypto trading carries substantial risk; you can lose your capital. Past performance does not guarantee future results.
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