We’re taking a look at the Bitcoin prices. I absolutely love this range where we’re trading at right now and the lower we get even better. I’m going to explain today. Most people are talking about this kind of symmetrical triangle created here on Bitcoin with these higher lows and lower highs. But I think there are some different scenarios here to make sure to not get trapped like most of the retail people because I`m gonna show you what could potentially happen for Bitcoin. We also take a look at the Kyber network because I think the Kyber network is hitting a major resistance zone, we are going to analyze.
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Let’s dive in guys straight into the content, keeping it super simple, similar to yesterday. We can see on the weekly chart that this is a major level. We’ve got a big massive wick closing above the last lows from 2021. As you can see on the chart, looking for that swing failure pattern, looking for that consolidation and a potential reversal in the next coming weeks. Now, also, if we do take a look at the volume. We do have a pretty nice volume spike, we haven’t seen a volume like this since early 2021. The last big volume spike was in May. As you can see, this indicated a potential bottom where you did actually slightly came below this low but not successfully having this consolidation. This is what I am looking for the next coming weeks where we are not going to succeed. In my personal opinion, break below the 25 000 low that we did create last week where we could see a retest but a consolidation and a potential relief rally like I mentioned for the next coming weeks, as you can see here on the chart, we are retesting the value area low from the volume traded of 2021-2022.
As you can see, we are at a very low point here not managing to break through successfully. We are actually consolidating at this range below 30 000, so we can expect that this major level is potentially going to hold now what I want to show you also we do know that we are forming this kind of descending wedge. This support is also holding from these lower lows, so I wouldn’t mind seeing a little bit of volatility, maybe, hitting 26 or 25 000 the next coming days or a couple of weeks. But, let’s take a look at the short term, this is the most important thing.
Let’s take a look at Bitcoin at the four hourly chart and that I was looking at this trend line this kind of inverse head and shoulder with this a little bit of aggressive descending neckline which we actually broke out from. We actually got a bounce from, but the volume wasn’t high enough. I wasn’t interested in trading any of this. But, if you did actually long this you are still actually in profits. You could have taken profits around this range at the six one eight from the actual peak over here. It’s a good level always to take profit that’s six one eight. If you are trading a resistance or support now.
What I want to show you here. I’m going to leave this trend line, I think this trend line is pretty important from these aggressive lower highs. But, most of the people right now are looking at this scenario where we have these lower highs and this lower height over here. We also have these higher lows right where I do have this channel in the blue that we’ll go through just in one second. If most of the people are looking at this kind of descending symmetrical triangle where we are going to break out potentially in the next 24 hours. Now a lot of the people might think if we break the resistance here from these lower highs. Then it’s extremely bullish, but I think it’s not. I’m looking for this major weekly level and the value area high. It’s going to get heavy rejection if we do pump that to that level. I think that we are going to get heavily rejected at this 31.7-31.8 range with potentially a little bit of volatility plus-minus 100 few dollars. Now, if we do break support, of course, then you might think that this is going to go to extremely low levels. Then we are going to retest the 25k level that we did create on the 12th of May. I think that we are going to get a potential balance between 27 and 28 000. What does usually happen with these kind of patterns which everybody is looking at where you do have this symmetrical triangle and of course they are waiting for that big breakout of the resistance or the support and this could very likely be a big massive fake help especially when everybody is looking at it where you can break resistance and have a big massive fake out and turn over or break support and then have a big massive pump all right and i’m going to explain this right now so let’s not talk about this symmetrical triangle that most of the people are talking about now we have this ascending channel.
Let’s go with the bearish case scenario right where it’s going to be slightly bullish because I think for me this is not a long or a short area just yet. We got the 31.77 k level which is a major weekly level that I did explain it’s a weekly level from the back of the summer of 2021. Let me just quickly remind myself that I like to explain it. I just don’t want to go through you know every single day about it. We can see July of 2021 major weekly close and open this is why I’ve got this weekly going back to the full hourly. What else is this range? Is it the value area high from the volume traded the last 10 days? As you can see here on the chart, value area high right over here value area low. This is why we’re actually getting supported from this low range. We are getting resistance from this high range. If we do have that leg up we are hitting resistance from this small ascending channel. We’ve got the weekly, we’ve got the Valuari high too much confluence to actually think that we are breaking the resistance of these lower highs of this symmetrical triangle.
We are going to absolutely Moon from this level where I do think that is a heavy rejection. It’s going to get a lot of trapped lungs and we are going to have a pretty aggressive drop. This is something that I am eyeing here for the next coming hours potentially the next 24 hours. So, that would be the bearish case scenario having that bit of bullish action all right and then getting a big massive drop. What would be the bullish case scenario, what would be the bullish case scenario? Well, a bullish case scenario, of course, would be dropping right, when everybody’s fearful, everyone wants a short. We are going below 25 000. This is when I am going to be prepared for a potential long opportunity, but where is your question? Well, if we do get below this value area low, if we do break out from this ascending channel support. As you can see, breaking the value low, of course, we could have a pretty aggressive drop, of course. We could go to 28 or even 27 000 in the next coming hours. This is looking at the four hourly charts but hang on in here because what I can see is a big major resistance level and a big major support level sorry and this is the four hourly close right over here at 27.6 approximately around this level. If we were to break out the ascending channel. We know that the width of the channel is a potential target from a breakout of resistance or from support. If we were to break out, maybe in the next coming hours it might be by the end of the day. So, just say it’s going to be in between today and tomorrow at some point. You could see that major drop to roundabout this range between twenty-seven thousand twenty-eight thousand dollars, wicking below this actually four hourly level.
So, what also do we have here as confluence? I am looking into a range not the exact dollar of 26-27.6 in between 27 and 28. We also want to take a look at fib levels from the low to the high. We are looking for that 618t region and fifty percent all right where we should be getting some kind of reaction from this level from the low that we created on the 12th of May to the high of 16th of May. This level looking at Fibonacci 618 50. We’ve also got the descending trend line here from these lower highs that we actually got one bounce already. We’ve already got one balance this has been a major level you just need to take a look at the charts getting resistance and getting support.
So, looking for that potential breakdown and getting support which would be between today and tomorrow and about that 27 28 000 range give or take a bit of volatility. You can get above or dip below this major trend line. As you can see, it would be absolutely natural. But, this is the moment where I think we could be getting strong support. We got the four hourly, we got the trend line. We got Fibonacci levels from this low of total major on the 16th of May and I am looking for that potential higher low. It is true that we could actually go slightly lower and what I am looking for here all right which is going to be good. So, basically, in a nutshell, I think we’re getting rejected here. I think we’re getting a big bounce from this level. This is the kind of scenario that I’m looking for on Bitcoin in the next coming days. Let’s see if it will play out too much confluence at those levels and this is why this is no man’s land. I do not know where the price is going to go. So, if we do come back down to this range and we do manage to consolidate above the 25.3k low. Then it’s going to be looking extremely good for a potential harmonic pattern, but this is just still speculation. But this is going to be a pretty nice harmonic pattern from the high that we did create on the 4th of May to the low heel of the 12th to the 16th, which is around 382.
This article is a transcription of a video made by Andy Bitcoinsensus
Original video: https://youtu.be/K05njIOT0Hc