This router here is the bitcoin chart on the weekly and what I want to make you understand is that we are at the verge of a big massive capitulation potentially all the way down to the 12 000 range. It is the last chance for bitcoin and the next coming days couple of weeks at the most to defend this level right now before coming all the way down to twelve thousand dollars very easily and I’m gonna explain why and also we take a look at bitcoin on the one hourly having a big major collapse from this major level. This was a range where I was in doubt. I could have seen a potential bounce or a potential big drop here. This is why I did not trade this range. Let’s take a look at the potential scenarios.
But I can see here on the Bybit competition that you are absolutely crushing it. We have moved to the 19 here in this squat overall ranking absolutely crazy. We were currently around the 27-26 yesterday and we are moving up.I only just managed to do one trade today and it went in a profit to quit of course but you guys are absolutely crushing it here on the squad guys out of 461 teams. We are currently ranked 19 absolutely crazy guys coming back here to the bitcoin chart on the weekly. What I want to make you understand is that we are at the verge of a big major collapse. The reason why is because we are holding the all-time high range of the 2017.
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All-time high we are creating below these levels, but we are getting this weekly consolidation. We can see we’re having a reaction at that range as you can see here on the weekly chart and if we do lose this major level we did have a large consolidation also here back in december of 2020. We got the autumn high range and we got the consolidation of 2020. If we start losing this range we could be capitulating all the way down to the 12 000 range why the 12 000 area because we went very very fast from 12 000. All the way up here to 12 to 20 000 back in 2020 from October till end of November. This is how fast we went in less than two months trading from thousand dollars to twenty thousand dollars not leaving much volume on our way up so as if you come fast as you know this fast. All the way up to this range you can come as fast down.
We have seen this in the past. Also this is how the price action moves, if you move fast up you will go fast down also. So, what I want to show you here is that we have left a big big massive value area high on the volume traded in between 2018 till late 2020 meaning that if the price of bitcoin does manage to come all the way down to around that 12 000 range. I think it won’t go much lower than is going to be an incredible buying range because we were trading for over three years at those levels okay above and below. But this is why you say this is the value area high from 2018 till late 2020, so this is what could happen guys if we do not hold this range in the next coming days couple of weeks all right there is still a possibility if we start closing big major daily candles and weekly candles all right below 18 000. It is almost kind of guaranteed that we will be coming down to those levels. We are breaking our last level of support here as you can see and the move from 12 000 to 20 000 was relatively fast so this is what we can expect. If we do not defend this level in between this week and next week, we could be falling to 12 000 in less than one month.
Jst something that I wanted to point out there. So, this is the last range right now to hold okay super super important. Hope, we will hold it and have a relief rally first before potential more continuation zooming in here on the one-hour chart on bitcoin. What we did see, what we were talking about yesterday was two scenarios. We had the lower highs okay this potential kind of inverted head and shoulder scenario we were retesting the neckline. As you can see here and we also had the adam and eve inverted adam and eve scenario right there, so it was a very very critical zone. I didn’t feel like shortening this range. I didn’t feel like long in this area also. So, this was a very critical zone here for bitcoin. You could either have a big massive bounce or have a big massive breakout. Just like you’ve seen here on the chart, so what now could happen because we have been losing some major support levels remember also the value area low from this range also very holding very nicely. We did get a consolidation but it was a dangerous level at this range for me. It was almost a 50 50 slightly more probability and actually continuing slightly to the downside not as much was expecting a little bit of volatility. But not as aggressive, but finally, of course, zooming out we are in a very very aggressive downtrend. We are easy to understand we do have a lot of momentum, a lot of pressure to the downside now zooming in right here on the chart. What could happen with bitcoin, well, just checking out here some big major zones.
Let me just find out here with fibonacci expansion from this high to the low breakouts right from this height to this high over here. There is something very curious because we have just hit the 1.618 which is the golden ratio. It is the expansion when you do create a kind of large consolidation and you break out from a zone. The 1.618 is usually a level where you do stop and get a bounce and just about an hour ago, we just hit that level to almost perfection from this low to the high the expansion 1.618 just touched. You can expect this level to be defended in the next coming days potentially before any continuation of the downside.
Of course, if we do take a look at fibonacci retracement from these lows to the high point over here. We absolutely crushed the 618 almost re-testing the seven eight level where we could expect some kind of bounce. This is at eighteen thousand five hundred the price of bitcoin just recently hit eighteen thousand five hundred and fifty five at these lows currently. So, you could expect this range to actually hold also we also created a nice spike on the vpvr like I showed you here on the weekly there is a potential scenario here of holding this range. If we start closing by tomorrow round about the 17.5 or even touching 17 000 closing strong strong dailies at roundabout 18 000 or below 18 000. It is very very sure that we are going to go in the next coming weeks to that 12 000 level guys we do not have hardly any support below this range over here. We can hit 19 yes we can hit 18 000 give or take 500 just a little bit going sideways. But if you start continuing to the downside, it will be a big massive capitulation in a couple of weeks all the way down to 12k levels. So, this is what we need to be extremely cautious.
This article is a transcription of a video made by Andy Bitcoinsensus
Original video: https://youtu.be/sOjUED-MD40