We’re looking at the critical levels for support for bitcoin to hold and what may happen next over the next 24 hours in case this market does break down. Now the key warning caution here is that we will see very high levels of emotion. But the key thing that a lot of people won’t be watching is the price. They get swept up in emotion and we know that happens and will continue to happen indefinitely in history because of how markets are made up, so let’s look at those price levels and what to expect in case most emotion does get extremely high. Then also look at these altcoins which are on their last chance to bottom. They’re getting very close to some other support levels.
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Let’s look at bitcoin for our chart double bottom forming here, the move to the upside is at the moment very weak, you can see this move here. We’ve had the correction back down, so looking at the price ranges using our trusty old tool here, that’s the 100 range that the market needed to overcome on the next up move and you can see we only did 78.6% of this move. The reason is we need the market to overbalance to the upside to show the momentum from the buyers is coming back in. So, this is the technical stuff about form reading on a market. I’m measuring this range and then projecting it off the current low to let the trader – let us know what is happening next? What is smart money doing? We don’t need to hear about the news, we don’t need to hear about all that stuff because the people who are actually buying and selling are the ones who are pushing the price up or down. We need to know what they’re doing. So, that’s why I’m looking at this so far the move to the upside has been less than what we saw previously. This is looking at a four-hour chart that the previous move up was bigger than what we currently saw. So, it means that the buyers for now short term the buying is running out. It’s as simple as that.
This is the thing that we’re all waiting for in 2021 to pump bitcoin to 100k 250k whatever ridiculous number someone was pulling out of their ass at that time this is the sort of thing that everyone was waiting for it didn’t happen they’ve rejected it again. Now what I saw recently is grayscale will look to SUE the SEC. So, we’ll see how that goes on and how that plays out over who knows the next months it could take longer. So, the target’s emotional side here is at about nineteen thousand seven hundred now. If we break that support my next level is at eighteen thousand nine hundred of course nineteen K is that round number but just looking at where the market previously was back before we got to that little dip where we got really really emotional. It was actually a shorter dip than the previous one but the emotion was just as high. That’s why I’m focused really really heavily on the emotion, the sentiment, those sort of things that the market picks up and the buyers actually stepped in sooner than they did to the previous downside.
Then we had this small bounce, so the breakdown I’m looking for is around that eighteen thousand nine hundred about nineteen K to me. That doesn’t look too great because there’s really not much left underneath it eighteen two. Then, of course, that final low at seventeen five. But for me, this is probably one of the last legs that I would love to see the market hold up and then bounce from that’s the bearish case scenario to the downside the upside we hold up from here hold this level at 19.8. Of course, let’s see the market move up and take out some of those highs now I know that’s pretty straightforward up, down or sideways I get it. But, we’re looking at short-term timeframes here. We need to be open to both ways of the market. So, if this is the low that holds.
Now let’s look to the bullish case what happens to the bullish side 50 percent level. If this is the low 19 80 19 800 the 50 level comes in at 20 800 because the top is 21 800. So, it’s basically just measuring this entire range which is basically two thousand dollars splitting in half giving us a halfway point so some of the resistance levels that I could ascertain would be at 20 500 being the wick lows of this zone and then the bodies of those candles come in about twenty thousand seven hundred giving us uh and then also our fifty percent at twenty thousand eight hundred so obviously there’s a bit of a zone here at twenty thousand five hundred to twenty thousand eight hundred. So, if it was to come back up there and anyone trading that’s where I would be looking at some possible resistance so I don’t see too much in it to the upside at this point and at least the positive to it is that we can keep the stop nice and close because these levels are pretty close here at 19 700.
So, the downside emotions will probably get higher if we break through that 19-7 if we don’t and we bounce towards it. I’ll be looking for some sort of rejection up into the mid 20 thousand with the hope that we break above form a higher low above that level and that’s the key to then take on that twenty thousand eight hundred again. This level here was resistance and we looked at it over the last several days on the channel. All of this resistance at twenty thousand seven tried to break above false signal back underneath. Look what happened right here got rejected at that level. That’s why we know that the market is respecting this particular line at about 20 400 with those peaks at about twenty thousand seven and twenty one eight.
They’re the levels to the upside that I’ll look for in terms of trading, so the critical test for bitcoin is to hold this level. This is pretty critical now that we’ve come all the way back down. It is really trying to hold up for cryptocurrencies’ last chance sort of stuff. The reason why I’m saying that is that the market has now reversed. We’re getting again closer to these lows and I think there’s still a lot further downside for cryptos for all coins than there is for bitcoin. This is a level that I’ve been looking for for some time now between the 100-ish 130 40 50 billion up to about 200 ish billion just to these tops here. There it is 200 billion so from the current price to the top of that support zone. I’m looking at about 40 for generally speaking cryptocurrencies. Now, this will have to play out with stable coins also losing some of their total volume and some of their market caps as well because this is made up of altcoins. So, that’s down to about 200 billion.
There’s still what I see over the course of six or so months maybe even longer more downside for the altcoins. They’re really not bouncing as hard as we are looking for to get them back to that resistance zone of 400 billion 420 30 billion and then back to this zone here at 480 billion. So, there are a lot of levels in front of it that can act as resistance. Hopefully, we hold up here and then start to move towards those levels again just looking at that in terms of support and resistance on a shorter-term time frame so down to the four hours. We can see that this low 350 billion is basically where the market currently sits. Now I know it sounds like doom and gloom and it’s the last chance and potentially this really is the last chance before it comes back to test some of these major levels. You can see from your own eyes on the chart that this is a significant level for the market to hold. If we come right back there, it is 330, and that previous low at about 3 24. This in a short term we’re on a four-hour chart. If this holds up we’re about an hour and a half away from the close of this four-hour holds within this zone just looking at a short-term tape reading on this chart.
Well, I think what would happen next is it will start to see the market try and test the higher levels. The reason being is that close needs to be in this level because as the old saying goes the professionals master or they are the ones that move the clothes. They’re the ones who control the clothes, the amateurs control the open, the professionals control the clothes and this happens on all sorts of time frames, daily weeklies four hourlies and right now. It’s this battle is to get a close within this price range. Obviously, we don’t want to see it break down from 553 billion. That’s when we need it to stay for it to not come to this last chance in the market full out. Let’s use Solana as one of the proxies here. We’ve been down four one two three four. This is our fifth day down now after Solana was cleanly very cleanly rejected at the 50 level which was around 42 dollars. So, that’s the 50 of this downrange move. It had the bounce on the 12th of May where the entire market bounced. That’s the peak that we’re using to that current low where we loaded around 13 14th of June. It’s a very easy clean rejection that you can see here five days down waiting to see if this thing can hold up. Of course these levels again for Solana are about to do it 28 to about 30. So. 28.5 to 30 and a half dollars which aren’t too far from where it currently sits so the struggle for Solana. Once we find a bottom where does it then come back to test? Is it going to be a higher low? This is what the market always does and then comes back down.
This article is a transcription of a video made by Jasson Pizzino
Original video: https://youtu.be/vchSE2pmqfQ