We’re taking a look at the Bitcoin price on the daily. We’re also zooming in here on the four-hourly on the two hourly breaks from this descending wedge, but we haven’t managed to break above the last lower high; there is no volume from this breakout. Is this just a big massive fakeout? I’m also going to explain with VPVR. VPSV also why we’re getting this heavy rejection at 39 000 we’re taking a look at fib levels.

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Let’s dive in because what I want to show you here is super important. We are hitting one of the strongest resistance that we do have inside of the five-month volume trader that I’m gonna explain to you with VPVR. It is exactly the 39 000 range exactly, we got the biggest point of control from the volume traded for the last five months. What is the problem here now? We are hitting this major support higher lows on the ascending channel. We’ve also got a major daily and weekly level here holding pretty nicely getting those bounces. We are breaking out from the descending wedge, everybody is getting a little bit bullish, not everybody. But you know, thinking that this is the breakout and I want to explain how we need to be super cautious on this movement. If you’ve been longing for the lows here I would protect my position. 

We got the funk meeting at eight o’clock Central European time. It is at 2 p.m Eastern time there in the US and we can see a lot of volatility. We don’t really know exactly what interest rates are going to go up? Is going to point 75.5 very likely? It’s going to be 0.75. This probably is going to have an impact on the market to the downside, especially, if the markets are pumping today in between yesterday. Today, if it starts pumping – it’s very likely there. This is a reason why they’ll push the price. It is down afterwards, probably. Nobody really knows. Technicals are saying we are looking pretty good to have some more momentum to the upside but what I want to show you here looking at the four hourly charts is that there is absolutely no volume from this breakout. We can take a look at the four hourly, and the one hourly. The volume is very low. Volume is actually going down while we are actually pumping here. So, this is not a good sign. The moment is now.

In the next few hours we need to consolidate at this range and have a massive leg to the upside with big big volume because if not this is very possible very likely that we’re just going to turn round and get back in the zone, start breaking major support levels. So, make sure to stay super cautious. It is a very tricky day for trading. As you can see here on the VPVR, just looking at the last 10-15 days of volume traded. You know that 39 000 look at this on the VPVR, the biggest point of control. We’re getting massive support here and massive rejection twice already for the last few days not managing to get above this range and if I take a look at the VPSV, basically, which is showing you the volume traded from the last 10 days on each day. You can see the strength right over here. We’ve got one over here from the 25th of April. Also here on the 27th we got another one right over here. Let me just zoom out a little bit, so you can see actually here on the one hourly chart. The reason why we are getting this major rejection. You can see the VPSV at this major line and this is why we are getting rejected the entire volume profile from the last five months is exactly the biggest point of control reacting as resistance right now. 

This is why we need to see you. We need to be super cautious what I want to explain here is that once. We do break above this huge solid volume profile and this major resistance which is the last lower high from this descending wedge and the biggest point of control. If we have an explosive breakout in the coming hours with huge volume – it will be very likely blue skies for Bitcoin. We’re probably going to consolidate, create a higher low here and continue to the upside potentially reaching the top of the wedge, which is in between 42.5 and 43 000. 

In the next coming days potentially a week or two, or depending on the retracements that we do have now, of course, we are having this bearish case scenario right now. Where we may not manage to break above the last lower high and get a big massive rejection breakdown. These levels stop out all of those people that are extremely over-leveraged to the long side. Finally, you know having a major drop to potentially 37 000 or slightly lower now, we do know that the 37 000 is a major level if we do come down there in the next couple of days because we have a strong daily level. It’s also the support from these lower lows we could expect an aggressive bounce. If we do hit that level stay cautious with trading I am in a long position, I did manage to get into a long position here at 38k. Protected my position already because I know it’s a dangerous day to trade. Remember, you got an insane bonus down below that you can claim up to 44050 dollars to claim. 

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

Original video: https://youtu.be/rTL21d9H5TU