What’s up my creative legends, we’re taking a look at the bitcoin price on the one hourly chart and we did finally get that rejection here from the 21 500 area looking for lower here, potentially, to the 20 500 range which we did reach a few hours ago, looking for the high probability zone of this correction that 20 500 biggest points of control Bitcoin and Ethereum price exhaustion. I have been trading some bitcoin altcoins such as Dogecoin and GMT just for the Bybit competition.
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Let’s dive in here straight into the one hourly chart because we did finally get that perfect rejection from this zone the 21 500 area. It was the value area high as you can see from the volume traded the last 15-20 days, we saw major resistance at the zone failing to break above this range getting that consolidation slightly higher highs on the price action seeing that exhaustion and finally confirming, the swing failure kind of double top here. As you can see from not breaking the 21 800-range getting that rejection heavily and in the telegram group where I do have a lot of people from the team for the private competition. I was talking about it is very likely that we are going to get rejected at the 21 400 21 600 range to have that leg to the downside why this range because we had the failed attempt which was this one right over here, the swing failure wicking above and not managing to continue this uptrend.
If we take a look from this major drop to from the high to the low okay from the 26th of June to the 27th of June we hit to perfection. That’s 618 Fibonacci retracements. As you can see entering some trades right there for that potential leg down to the biggest point of control which was right over here at 20 500 range absolutely beautiful trade that I did take on Bybit. Remember, if you are interested in trading bitcoin, Ethereum any other altcoins Bybit is my favorite swing trading platform they have insanely cheap fees. I have been trading dogecoin. As you can see, I do have a position here on dogecoin at their point zero seven six cents okay in a short position right now and I’ve been trading some all coins just for the competition. Remember, you got an insane bonus down below up to four thousand four hundred and fifty dollars you got the best bonus available which is down below you also get 30 days of zero percent maker fee. No fees for 30 days now dive in here straight back into the bitcoin price now.
We have stopped at this major level, there’s a big spike on the VPVR this is currently where we are getting a reaction on bitcoin. But there is a possibility that we actually have a continuation to the downside because we’ve had a massive big failed attempt in breaking this resistance zone. So, we are looking for a potential consolidation here, if we do consolidate in between today and tomorrow in between twenty thousand three hundred and twenty thousand seven hundred inside of this zone. Maintaining this value area low level on the VPVR. We could actually go as low as 20 000-19900 where we have this spike over here. I do think there is a possibility that we could potentially come down to retest this low or even lower in the coming hours and days. This is a falling knife if you are trying to long this position. It is very dangerous. You want to see a consolidation in the price just like we saw right over here for the last couple of days looking for those shorting opportunities unless we do get a reaction here. I am not looking for shorting or longing.
At this level, I will be holding some of my position here. Just in case we do go lower totally protected. So, now we’re talking about this scenario, this inverse head, and shoulder. But we also talked about you know this neckline breaking above it. But it was the weekend guys we had hardly any volume on this breakout. We were going sideways looking for that exhaustion on bitcoin. So, we’re not looking for any long positions at this range. At this major resistance or if we did have that leg up also looking for shorts at this 22 800 now. This was a perfect call from yesterday and also talked about the telegram group for the competition team now. What if we do not hold this range like I said it is likely that we are potentially going to actually break this resistance neckline. It’s not going to hold and we’re probably going to break through it. If we don’t manage to consolidate in between today and tomorrow at this level in between twenty thousand two hundred and twenty thousand seven hundred approximately with that volatility plus-minus a hundred dollars. The deal bitcoin is very volatile. All coins are even more, so if we do lose this valley area low. It is likely that we are going to retest this low area from the 22nd of June now. There is a bunch of liquidity here which I do think can be retested in between today and tomorrow. If we dip below this range. I am looking for this consolidation okay depending on how we drop tomorrow between today and tomorrow.
If we start falling and we do get this consolidation tomorrow at this level. This is going to be a very strong level for me for looking for longing opportunities. You might ask yourself why well we have been talking about this in the past. This has been a major resistance zone. As you can see once we broke through we managed to hold this range as resistance here on a couple of touches. It is the 19 400 range, but not only that this is a major daily level here from December of 2020 and also the end of November where we do have several daily closes. As you can see at the end of November, in December of 2020.
It’s a very important consolidation where we did have resistance, so if I zoom here back in on the one hourly and zoom in we have seen that this level has been very much respected as resistance not much as support just a strong falling knife a little consolidation and continuing back down. As you can see here this was no level to trade because we actually fell below this level all right. We didn’t get a consolidation at this daily zone. So, we’ve got the daily level, we’ve got some resistance here on the price action but also if we do take a look at Fibonacci levels from the low point here on the 18th of June to the high levels. It is also in between 50 and the six one eight fifty percent is nineteen thousand seven hundred and forty and sixty six one eight is nineteen thousand two hundred and twenty approximately, so round about that zone. If we do get that reaction, it is going to be looking very interesting for a potential bounce.
We’ve got a lot of confluence at that nineteen thousand four hundred dollar level plus-minus hundred dollars because of the volatility. If we do see the bearish exhaustion at this range in between you know today and tomorrow it might be in two days. We my console early and then drop down. This is a major interest zone for me for looking for longing opportunities and this is about it. We were talking about this major resistance yesterday there’s a higher resistance right here at the 22 800 range plus-minus 100. Just in case you do get that volatility for that potential leg down or this scenario also where we have had the leg down having insane profits. Now I am looking for lower levels and a sign of strength, round about the nineteen thousand four hundred dollar levels.
If we were to lose here the lows of nineteen thousand eight hundred dollars. There is a possibility that you might create a kind of a double bottom. If we start seeing some volatility at this range in between 19 200 and 19 800 which is this low a little bit of volatility, a little bit of a few bounces six one eight from this major uptrend. Then it’s going to be looking very interesting for bitcoin to actually continue this uptrend. We have had for the last week for higher levels. TThat is my trading plan all right for a couple of days on bitcoin.
This article is a transcription of a video made by Andy Bitcoinsensus
Original video: https://youtu.be/QATRK7EaykU