DANGER FOR BITCOIN? OR BOUNCE SOON?

DANGER FOR BITCOIN? OR BOUNCE SOON?

We’re taking a look at the bitcoin price on the two-hourly looking at this major support level, we absolutely crushed this shorting opportunity, absolutely, crushing it here meeting the target. We were also looking at this inverted Adam and eve scenario to be completed when we were trading at these levels. Now your question might be what is going to happen, are we going to break the support level and retest the lows here from June or are we going to get a big massive bounce. I’m going to talk about the big major support levels, we’re also taking a look at Ethereum because Ethereum also played out beautifully here having this breakout from this ascending wedge and coming all the way here to our target here. Also, we are going to take a look here at Ethereum because we are hitting big major support levels right now. Is the price going to go up? Is the price going to go down? I don’t know. But, what I do know is some big major levels where we can take some opportunities.

Earn from 200% up to 2,000% APY! Save your money and create passive income! If you want to be aware of all crypto movements, download Jet-Bot copy trading platform! 

Let’s dive in guys here straight because we had some pretty nice momentum. A lot of people were in doubt from this major resistance level where we did take a short opportunity at this range over here the 21-21.2 was that level to wait for this beautiful consolidation and then we had the confirmation to actually continue here to the downside playing out. We had the descending channel. We know that the descending channels usually break to the upside, but we were very much confident here to complete this double top inverted Adam and eve scenario right over here to come down and retest this low 20 000 range absolutely completed playing out beautifully as expected. Now your question is what is going on now I don’t care what happened, what’s going to happen next?

Let’s dive in here straight to see what could happen here right away because what is happening is that we are getting a reaction from this resistance here of this descending neckline. As you can see currently getting a small reaction at this level, it is very soon to know. If we need to actually buy the market here because you know we are still very much falling we’ve only just retested this level a couple of hours ago. If we had a major consolidation, then this would make me pretty bullish. Why would it make me bullish? Well, let me just make you understand here that this has been a major support range here during the month of June. It is also the value area low of. As you can see here on the volume profile from the last volume traded the last 15 days. But, it is true that we are retesting this level okay for the third-fourth time. As you can see once we came above it and also created this double top scenario, a very dangerous scenario over here. Now I do expect a little bit of volatility potentially coming lower and your question might be how low? Well, I want to show you here fib levels from this low to the high right over here. We did get a consolidation at the 382 all right around this range at the 20 200. As you can see here on the chart, many hourly candles are trading at the 382 level. So, now we are below this range getting some support at this level at this moment getting that consolidation, so we do have a lot of support beneath us.

I will be very much more interested in actually longing this range. I do not think that the price of bitcoin will have a successful breakout below 19 000. I do think that between 20 000 and 19 000 is a very good range where we could consolidate and look for that potential big bounce. Your question is because we do have very strong resistance. Let’s just zoom in here on the one hourly chart just to remind you that this 19.4k level has been very strong resistance here. Once we broke below this range, you can see several bounces as resistance and support. It is also a very important daily level to remember back in December in late November of 2020. We had a very large consolidation here of over a week, even two weeks at this range. There were major daily closes at this range, so if we just zoom in here again all right on the BTC price on the one hourly. We can see that this level has been very much respected as resistance not much as support. But, we are not interested here as we’re getting into this bounce. If we do not get a consolidation above the daily level we break straight through it. So, what we saw here was big major resistance at this daily level. If I take a look at Fibonacci levels this is around the 50 levels. Also if we take a look at the low to the high level. As you can see in between the 618 which is up 19.2 and 50 which is at the 19.7 is where we do have the daily level and big resistance here that we’ll be turning into support. So, if we start falling from this price a lot of the people most of the people are going to be bearish because we have broken support and it is very likely that we’re going to come down to retest here below 18 000.

I do not think that this is going to happen. We have very strong support and I do think that there is a big possibility that if we dip below the 18 000 the 19 800 range. Do not make it with a lot of volumes and start consolidating. The most important thing here is checking out the volume from this breakout. It is true that it is very likely that we are going to see some kind of a spike in volume. If it does break down, but if we break down with low volume and start making sideways action on the price. This is going to be extremely bullish, I am talking in between the 19 200 and the 19 700 range. We are only five-six hundred dollars from, we are only about five-six hundred dollars away from that level currently trading at twenty thousand fifty dollars. So, if we get that drop all depends. I am looking very much bullish at this range if we are going to dip below. But, only if we have low volume.

If we do consolidate in the next coming hours if we have that breakdown because a lot of people are going to be bearish at this level. Just like a lot of people might have been bearish at this range, looking for bitcoin to have a continuation to the downside. We had that big massive break-up back again. So, this is what I am looking for here. I am currently pretty bullish if we do dip down below the nineteen thousand eight hundred dollar range looking for those long opportunities. If we do get that consolidation is very important because we can have a falling knife and a lot of people are gonna rush into a trade. I will not rush into a trade unless we have several consolidation candlesticks here and multiple attempts to break below this 19-200 range and fail. This is where I’m going to be extremely bullish. So, this is what I got for bitcoin now. What if bitcoin does get a bounce to the upside from this range.

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

Original video: https://youtu.be/pXJWsqqp0uY