We’re taking a look at the weekly chart for bitcoin and we are defending the all-time high from 2017. We also had consolidation in November and December of 2020. Now if we do break this level we were talking about a potentially large drop that could happen with bitcoin. But, so far in the short term. We are holding the range. As you can see several weekly candles closing above the daily level and weekly level from the all-time high now. We’re taking a look at the daily chart also as you can see here we have been getting above this major daily level. We did get rejected here at this daily level so what can the price action do in the next coming hours and days. This is something that I’m going to discuss here in the lower time frames.
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Let’s dive in here straight into the weekly chart because we can see that we are finally holding this range at the nineteen thousand dollar level. It is the all-time high from 2017. we got a daily close at 19 400 and a weekly close also around about the 18 900 range. This is why we are holding very nicely these last few weeks at this level. We also had a pretty nice consolidation back in November and December here looking at the weekly charts. So, we are defending this range very well now does this mean is it possible we’re going to have a relief rally just because we have defended this range last few weeks we’ll absolutely not because we did actually defend this 30 000 level.
As you can see, it was a big major support here in the summer of 2021 we were consolidating several weeks at this 30 00-29 000 range. Finally, we did get a breakdown so this could be the same scenario, we are probably just consolidating. Then we’re gonna have that break down now. What I want to make you understand is that. If we do have a daily strong candle breaking below the 19 000 range and a strong weekly candle even better then the price action is very likely going to come to the biggest support level which is the twelve thousand dollars here’s, where we do have those daily candle closes. As you can see a large consolidation from 2019 and 2020 at those levels and also looking at the vpvr we can see right over here is where we have the largest amount of volume from the volume traded the last five years. It starts right over here at 12 000. As you can see, where we have this yellow horizontal line. Just to say if we start breaking well below this nineteen thousand dollars you can expect from seventeen thousand sixteen thousand dollars
I want it to close above 22 000 for some potential more price action to the down or to the upside sorry the reason why is because we are above a major resistance zone we currently broke today above this level. We still have several hours for this daily close. But, what level is this level exactly the 21 500 why because we have daily closes and opens daily closes and opens right over here. It has been a strong resistance zone because we have got rejected. As you can see here on the chart now. We are currently well above this level. If this daily candle closes well above 22 000.
It is likely that this daily zone is going to hold nicely as support. So, there is a potential quick opportunity right there because we have been going up to here for quite some time right now. But, it’s very likely to get, at least, one bounce to at least almost re-test the highs. If this does happen in between tomorrow and after tomorrow. You could get that strong bounce here and then potentially that major correction. If the price action cannot go to the upside and these major daily levels are very well respected best example. I can give you right here is this daily zone look at this daily open close and open we wicked exactly to the dollar right there. As you can see and also we are getting that rejection all right today as you can see at that 22.8 k level major daily level. We’ve got two daily levels this time. We hit the highest one and got rejected this time over here.
We hit the first one right there and got rejected which was from the volume traded all right from the 15th and 16th of June. As you can see here on the chart this major zone getting that perfect rejection, so we also got a value area high over here. The value area is low from the volume traded in the last 30 days. Approximately, you would say. What we can see here is that there’s been a huge support. We can also see this has been a major daily zone not managing to break below. This is a major daily zone okay where we had multiple attempts already and finally broke. So, like I said there are two scenarios right over here we close the daily candle. Well, above 22 000 would be the ideal scenario because this could start rejecting heavily before the end of the day. It would just be a big massive wick and you are going to close below 21 500 range and this is going to be looking very.
This article is a transcription of a video made by Andy Bitcoinsensus
Original video: https://youtu.be/OQnoysK_KEs
