We’re just doing a quick update here on bitcoin. It is the weekend market that is going sideways with a lot of boring action. But, we’re gonna take a look at some potential moves that could happen in the next coming days. We also take a look at the DXY because I do think that the DXY is getting exhausted. I want to explain here why the DXY is potentially getting exhausted and we could see it correct in the next coming weeks or even days. This is a full recipe on bitcoin for actually defending this 18 nineteen-thousand-dollar range. We’re also going to take a look at some all coins such as phantom and engine where I do think there is a potential setup here. It is a risky one because we are fighting the trend.
Firstly, we have to say that if you want to start crypto trading, we can suggest you to use a crypto trading bot to make safe transactions. Earning from 200% up to 2,000% APY is a great bonus of using Jet-Bot copy trading platform. I do think it’s going to be a little bit of a boring price action until Monday. Potentially, but one of the reasons why we are actually holding this range is that we have created a nice spike on the VPVR, a lot of volatility here consolidating nicely above the eighteen thousand five hundred dollars. It is also around about the six one eight six five here from this low to the high range over here. As you can see, we are holding pretty nicely at this major level as support now. One other main reason here, if I zoom out on the daily, is to remember the consolidation that we were talking about from November and December of 2020 here. We had a pretty large consolidation which was over two weeks here and we did create a pretty nice spike on the VPVR level look at the value area high major daily zone over here. The levels here around the nineteen-thousand-dollar area have a very large volume here. As you can see on the chart, this is why we are actually defending this level.
So, if we zoom back in here on the two-hourly chart here on bitcoin. This is another reason why how we can actually hold this range okay super important. We’re hitting the 61865 from this pump, we’ve had this correction when we have a big spike on the VPVR because of December, November of 2020. This is why we could actually have a recovery. But, not only this if we take a look take a look at the DXY. Remember, we’ve been talking about the DXY actually going you know in a huge uptrend all right already here for more than one year about 18 months. As you can see, having a flat double bottom range and then starting a huge uptrend with higher lows right over here. Then going a little bit parabolic. We have broken this parabolic trend. As you can see and now we’re just having these highs created, but it looks like we are getting exhausted because of the RSI. We are actually creating bearish divergence where you create higher highs on the price action and lower highs on the RSI meaning that at some point. You are going to have that pretty deep correction, you’re creating the higher highs and you have the lower highs on the RSI. So, a potential larger correction on the DXY and the next coming weeks is very possible. This is a recipe to actually save bitcoin from falling below that 18-19 000 range the lows created here in June. So, there is a possibility in the coming days that we could actually defend this level now. It is the weekend this is a little bit of man’s land. We could go sideways have a little bit of volatility.
But, overall, I think this is no trading range for me. You can either long this if this is anything, this is a long trade for me. But, there is a possibility also in actually breaking down and retesting the lows all right in the coming days. So, it’s extremely risky no trades taken here on my side on bitcoin. I do only have a risky long position that I do not want to share it is a risky long only for me. But, nothing is shared here as a potential long or shorting opportunity.If we go here into some altcoins some of them are looking very interesting because they do look like they want to have you know a big reversal to the upside. We have been going down for quite some time. A lot of them have been creating this bullish divergence creating these lower lows and also going sideways and not seeing too much of a selling pressure just like we did see here in the first and second week of May. It’s actually having sideways action little relief rallies and not managing to break here and create massive lower lows. The lower lows are very small looking for that potential reversal now looking at phantom here. Why I do think that this could actually get a pretty nice bounce is because we are right now just holding this major level at the 24 cents. We did create higher lows here in the second week and third week of June. As you can see, holding this major uptrend now. Of course, we are in a very aggressive downtrend so it’s not a good idea to actually fight the trend. I’m just talking about a possible bounce that we could have right now from this level on a phantom.
Another reason why is because we are actually hitting that six one eight six five range from the low here in June to the high that we just created a few days ago. We’re actually hitting that 618 level. Also, as you can see here on the chart, we do have a pretty interesting spike on the VPBR from the last volume traded in the last two months, the biggest spike. Of course, is at 34 cents over here. But, we’ve also created one right over here where we did have large consolidation here from the 13th to the 18th of June. So, this major range could be holding nicely as support as it was a resistance level here. As you can see, I just explained from 13th to the 16th to the 19th sorry of June. As you can see right over here, a little bit of confluence there is a full recipe for a potential bounce at least to these highs. I would think why these highs are because we do have a resistance and support level here zooming on the chart. As you can see where we could get that rejection I’m talking about that 28-29 level resistance. There has been a support and has been resistance, so we can see a potential double bottom right there. Just like we saw a double top. There is a recipe here for a potential bullish momentum in the next coming days. Of course, this is extremely risky because if you actually long in here you are fighting the major downtrend.
So, let’s go back here to another crypto and this is the engine does also look like something very similar to phantom because we are hitting the strongest point of control and engine. So, this is even better, which is at the 46 levels from the volume traded in the last two months. This is two months of trading. We are in a downtrend, but you are creating slightly lower lows. This is telling me that the bears are getting kind of exhausted. So, what we could see here on the engine all right apart from hitting the biggest point of control. We are actually hitting the 618 from this major pump all right just hitting that 61865 level and getting that consolidation very similar to phantom where you do actually create a kind of a double top scenario here double bottom here slightly lower low.
But, you are looking for that potential bounce. We do have a lot of resistance and a lot of wicks here. But, finally closing you know these two hourly one hourly candles even four-hourly candles below the 47 cents. Looking at this big major resistance zone and also we did create a low here just hitting 45 46 cent level on the 12th of May where we did have that drop well this was actually being very strong resistance. We finally broke above here and now we’re coming down to re-test this low that was re-tested on the 12th of May.
You’ve got support right there, you have resistance here with a little bit of volatility. Of course, you got the 61865 level from this pump you got the biggest point of control from the volume traded over the last two months. This is something telling me that a potential bounce on the engine is very possible because we can see this kind of exhaustion on the price action where we could see some reversal points now. Of course, this is extremely risky because you are fighting the trend. Any long positions are dangerous right now. Of course, it is all depending on bitcoin, if bitcoin doesn’t show a sign of strength. Then, of course, it’s going to be mission impossible for phantom engines and some altcoins that do look like they could have uh potential bounce.
This article is a transcription of a video made by Andy Bitcoinsensus
Original video: https://youtu.be/8se1bT1mWKk