BITCOIN PRICE DIRECTION

BITCOIN PRICE DIRECTION

We’re taking a look at the bitcoin price on the four hourly and the one hourly zooming in to see what major levels can be respected and where the price action can go in the next coming hours and days. We’re gonna go through what happened the last few days because we got that beautiful rejection from that 24 000 area and coming all the way down to that 22.6-22.8 slightly below that level. But managing to hold and getting that bounce is a major daily level that will remind people why did we get that bounce from this range now. We are currently hitting resistance.

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BITCOIN PRICE DIRECTION

What is going to happen are we going to create a lower high or are we going to break 24k levels and continue to the upside. This is something that I want to discuss because I know a lot of people are waiting for shorting opportunities at. This range we are getting exhausted we need to remind ourselves. That we are still in a short-term very heavy uptrend as you can see here on the chart creating higher lows. I’m going to show you where I will be putting a heavy shorting opportunity. If we do break this support level.

BITCOIN PRICE DIRECTION

Let’s dive in here straight into the bitcoin chart guys because it has been pretty amazing how we have been respecting these levels the last few days. I did manage to place a short position here at the 23.7 k level and took most of my profits at 22.8. The rest of my position was stopped out here with a very small profit almost that break even. So, what is happening right now are we going to create a lower high or are we going to go to the upside well first of all. Let’s just remind ourselves the reason why we did get this major resistance at the 24 000 range okay if I zoom out. Let’s take a look at these daily levels. Remember, we do have an important zone from December of 2020 where we had a large consolidation of over a week closing daily candles exactly at the 23.8k levels and also daily candles here at the 22.7 22.8 large consolidations.

If we fast forward now on the price action these levels have been very much respected. As you can see here on the chart getting that resistance at the 22.8 k range resistance and now after this breakout we got that rejection from the top of the consolidation of December of 2020 another daily level at their 23.8k levels and finally getting that rejection here also apart. It was the resistance from a channel created from these higher lows if you create a channel and get it up here to the resistance zone. Then, of course, you do get rejected here perfectly as you can see just a couple of days ago now – why was my area of profit the 22.8. Because this was a major daily zone like I said we also created a daily level here just at the beginning of June. As you can see right over here major daily close open and close. As you can see here close and opening three major daily candles, as you can see at this range, is very important.

BITCOIN PRICE DIRECTION

This is also why we did get that beautiful balance from this level we actually dipped slightly below here as you can see on the chart. But managing to get that reaction managing to get finally that about from that range. So, this is also a longing opportunity. But, why is it along an opportunity because we need to zoom in here close. What is happening in the immediate short term for the last week or so for the last 10 days approximately. Well, you can see it right over here, we are in an uptrend. So, even though, it’s in the short term or in the the long term. We need to go with the trend. So, if in the short term, we are in a very aggressive uptrend this was actually a pretty nice buying opportunity this 22-22.5-22.6 k level where we did have that consolidation here looking at the one hourly. Also, right we can see the price action getting that consolidation sideways action beautiful resistance turning into support. So, it was actually a pretty nice buying opportunity. We need to remember that we are still creating higher lows.

BITCOIN PRICE DIRECTION

As you can see on the chart it’s consistently creating higher lows. We haven’t dipped below a higher low all right for the last 10 days. We’re still in an uptrend and the trend is your friend till the end so if we zoom in here, would I place a safe short. Nothing is safe in trading, it is just probability. We’re the biggest probability here for trade on bitcoin and I would be waiting patiently because there is a possibility. We’re going to try and break 24 000 and maybe go to higher levels trying to hit 25k in the next coming days. It is very possible. But, it could also get a big rejection all right and a big massive crash. This is also very possible, so what would be the highest probability trade. Of course, what is the major level that we have been talking about the 22.8k level has been major resistance. It’s a major daily level. Also, we’ve got two daily levels here daily level from back of December of 2020 and also one that was created here in June of this year just about a month ago. It is a very well respected level here on the chart getting that beautiful balance here.

BITCOIN PRICE DIRECTION

You can get this insane bonus, so if we do break the zone. We will be breaking the last higher low. This is the last higher low from this uptrend. If we do rate this last higher low very successfully with some pretty nice volume. The next leg up here is very likely going to create a lower high and we’ll be creating a downtrend. So, that would be the highest probability trade to get into a shorting opportunity. This would be the high probability of shorting opportunity right at this 22.8 22.6k level after a pretty aggressive drop. So, what would be the biggest high probability in the long position apart from this one that we did create yesterday getting that consolidation at the 22.5 following the uptrend? That was a high probability of long trade.

I did short this because I was waiting for this rejection over here. I got into some major levels breaking here. This small uptrend has a large volume. I did manage to get into two shorting opportunities here on bitcoin. I am in no trade at this moment so what is the best longing opportunity, in my opinion. Well, of course, if we do get a solid breakout from this 24.2 k level the highs that we did create two days ago. Of course, we want to see a solid breakout here with very high volume now. The retracement has very low volume after a high volume. You want to see low volume on the retracement if we do have that major daily level at the 23.8 k level so we’ve got the 24 23.8 this is a major daily zone right over these highs. If we do get a solid breakout where we could potentially get rejected is at the 25-25k, zone here 25-25.2. It was low that we did create on the 12th of May with very high volume okay so it was the spike it was low that we created here on the 12th of May. So, that level can be very strong resistance. If we start breaking out solidly this is a potential rejection zone. If we do get a consolidation at that range we could get rejected. If we reject here and come down to that 24 000 range. 

This article is a transcription of a video made by Andy Bitcoinsensus

Original video: https://youtu.be/ckKzcNfiGxE