We are taking a look at the Bitcoin price in one hour. We talked about this ascending channel that we did have for Bitcoin breaking down this area getting a consolidation now. The probabilities, of course, and going to lower levels is higher. But, I’m going to show you what the major levels. We can see as support for a potential bounce in what harmonic pattern. I am eyeing for here for Bitcoin and also we’re going to take a look at GMT and I’m going to tell you why GMT is very likely going to hit the one-dollar area in the next coming days.
Do you want to buy Bitcoin or different altcoins? If you want to be aware of all crypto trends and create your passive income. Download and get registered on our platform Jet-Bot copy trading platform.
Why I do think that we’re not going to break successfully below 25 000 looking at the weekly, but zooming in here on the one hourly. We talked about this scenario over here where we potentially gonna break down this major support from this ascending channel. We haven’t done it with too much volume, but volume can start kicking right now. We are actually at the lowest value area. As you can see, we do need that push down all right on the Bitcoin price right now because we are basically not pushing down with volume. We’re just sitting below this major support area turning into resistance from this ascending channel. What I want to show you is what levels could we bounce from because I think it is very likely that Bitcoin will be hitting twenty-eight thousand dollars, maybe even twenty-seven thousand dollars around that range. But, I am looking from this exact area of potential balance where I actually think that bitcoin could bounce to the upside from this level. But, a little bit of downside is very possible and I am looking for that potential bounce where at what exact levels are you looking for that balance well just keeping it simple. In a nutshell, Fibonacci retracement from the low to the highs over here in between already the 382 to the 618 area all right which would be the 27.5 k level where we could potentially get that bounce on bitcoin.
In my personal opinion, it is also a major level on the four hourly. It is a four hourly close right over here where we could get a little bit of volatility and hit that level and get supported exactly at that six one eight level. If we take a look at the one hourly chart. Let me just go to the one hourly chart here for this quick major level. I want to show you the biggest volumes that we’ve had for the last 10 days is on the 11th of May and on the 12th of May where we actually got that big massive bounce. Once we hit that 25.3 range low all right remembers on the 12th of May. We exactly you know got that big massive bounce here with some pretty nice volume on the one hourly. This the top of this one hourly candle with this big volume is exactly also the closes at around about the 27.5 27.6 where we should be getting some kind of reaction at that level six one eight big volume on the one hourly.
This is why I do think that we could actually get a bounce from those levels, of course, we can come lower. I’m just looking at the major support levels here. Remember, we were talking about this inverse head and shoulder scenario with this descending neckline. We have actually bounced it’s not the most beautiful alright because this is a bit of an aggressive descending neckline. But, we actually get a bounce already from this neckline. We’ve had a bounce here to the 6182 perfections from this drop now like I said when you break a trend line. You are probably going to retest it. Even though you have broken it. You’re not going to skyrocket from this moment. You could actually retest it a few times and then get the bounce all right. This is what I am eyeing right now on Bitcoin. I am expecting lower levels. But, I am also expecting a potential big bounce in between that 27-28 000. We might have a little bit of volatility for a little bit of a few weeks all right. But, I think it’s very likely that we’re going to create a higher low from this region and that’s only my personal opinion. If we do successfully create that higher low round at the level well above 26 thousand dollars. I am eyeing a potential harmonic pattern that I will be talking about. Once we create that higher low and that big consolidation and a potential balance where I do think we’ll be breaking well above 32 000 in the next coming weeks. If we do manage to create that higher low, but, of course, that is still pure speculation. We’ll be eyeing that in the next few days. If we do manage to create that higher low and what I want to tell you is that that harmonic is valid. If we do actually start pumping to the upside from this exact moment because we are already hitting an important Fibonacci harmonic level which is the 382. We are actually at that 382 from the low of 25.3 to the high of just 31.4 here hitting that 382 which is very much valid for that nice price action to the upside in the coming weeks. Remember, on Buybit for experienced traders you have an insane bonus of up to four thousand and fifty dollars.
Let’s dive in here into GMT because GMT is looking very good now for a major drop all right since we broke this kind of ascending symmetrical triangle. I would say okay I am eyeing this bullish gauntlet pattern that could turn into a bullish bat pattern and I’m going to explain right away in just a few minutes. But, let’s just zoom out here and see where we are here on the four hourly with GMT token because I did very successful trades on GMT for the last few weeks and since we broke this major trend line here from March. As you can see right over there we’ve been in a big massive downtrend and each support and resistance zones has been turning, having been getting that rejection to perfection. As you can see, we did have this major support created from April bouncing at that two dollar range as soon as we broke it successful resistance turning and having that major drop. Also we did have a support bounce right over here in March. As you can see and also one over here in May, the 9th of May getting that bounce from that 1.75 cents as soon as we broke that range. There has been major resistance now to what has happened here in the immediate short term because the trend is to the downside.
We are hitting major resistance here at 175. As you can see just in the last few days, it’s very likely going to get rejected and continue to the downside. If we just zoom in to see what has happened in this price action as soon as we got rejected from that 175. We have had a kind of symmetrical triangle right where we have had these lower highs as you can see higher lows and the price of BTC actually breaking down okay the last higher low over here getting consolidation. We are actually at below the biggest point of control here on GMT which is at the 1.50 from the last 10 days’ volume traded. Now what we can expect here is that we are actually going to come all the way down here to almost re-test the lows or even potentially retested it. But what I want to show you here, of course, this kind of symmetrical triangle we are in a downtrend most of the volume is down and this textbook target is getting the width of this symmetrical triangle from the breakout. It is showing you that we can actually hit that one-dollar range. But, we’ve also got a gartley pattern which is taking the low here right over here to this high to this 50 retracement to the next lower high over here which is the point 88 all right from this actual drop.
You’re hitting the 0.88 creating that lower high to have that potential Gartley pattern where you are going to very likely lose these lows at the 1.20 level 1.25. This is it this would be the Gartley pattern where you could potentially get a bounce here at around about that one dollar area it is the target of this symmetrical triangle that we have broken down from and very likely that we are going to hit. The point 79-78 is the Gartley d point where you could get a potential big bounce. It would be also the value area low which would be around about 90 cent. What I want to show you that a Gartley pattern can turn into a bat pattern. They have a very strong similarities and what could happen here is that instead of hitting the point 78 and getting the bounce. You could actually hit the point 88 which would be that crab pattern all right which would be hitting the value area low here as you can see from this volume traded range and, potentially, getting that balance so I am looking to target that one dollar 90 cent level all right on GMT where you could create that higher low and get a big bounce. This is what I am seeing on GMT Bitcoin and GMT can be traded on Buybit.
This article is a transcription of a video made by Andy Bitcoinsensus
Original video: https://youtu.be/whFKFuCMk4E