We’re taking a look at bitcoin on the daily because we are at the last point here from this huge mountain on the VPVR looking at the volume traded from 2021 and 2022. As you can see here, holding by a thread at these 30 000 ranges, where it has been super strong support here looking at the past. As you can see for Bitcoin now, if we break the zone I’m going to talk about the major levels where we could get a bounce and where we are very likely heading to here. So, it might be a great shorting opportunity. We’re also zooming in here on Bitcoin on the 30-minute chart because we’re going to talk about the scenarios that we were talking about yesterday getting that bounce at 38 800. Why this was a good take private area and now by the looks of things. We are forming this symmetrical triangle. I am actually longing for this major support just about to take profits here from this bounce here. As you can see on a by bit longing at that range we’re going to talk about this scenario where the price could go in the next coming hours and potentially a couple of days.

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Now let’s dive in here because what I want to show you on the daily chart is that we are banging, consistently, at that 30 000 range right now the last few days. This is insane major support where we have been getting major bounces in January of 2021 and also from May till July. As you can see, getting those consistent bounces from 30 000 even dipping slightly below, but managing to just wick and continue to the upside. As you can see here on the chart now, it’s like the fifth time that we are re-testing this range right now. As you can see, so the more times you retest the more support very likely. It is going to get broken, so are we going to get potentially a balance and then retest it and break it or are we going to break it in the next couple of days? This is the question. I think it’s very likely that we are going to break it very soon. Now your question might be how low can we go well? We do have this channel target right where we were talking about this kind of descending channel with lower lows and lower highs. As you can see and the width of the channel is usually a potential target. As you can see, we did reach this target around about 51-52 000 areas from this channel. Now, the width of this channel is very similar from the breakout, this is a technical textbook target where you could reach that 25-26 000 ranger right. It might be in the next coming days. Of course, stay cautious with the potential relief rallies that we are going to go through are now on the 30-minute chart.

But what I want to show you on the VPVR is where is the next strongest level because we have a huge wall over here of money that might be distributed in the next coming weeks. How low can we go where is the next big buying point, the next big major volume point and this is right over here at 24 000. As you can see, we did have a major consolidation right over here and we do have a big spike on the VPVR. The next big major one would be around 18-19 000 where we could also get a big major balance. Well, of course, we are potentially going to get a major consolidation, a major balance from this level. It’s not going to be in one day. In my personal opinion, it might take a few days, if we were to have that collapse down to that 24 000. So, just by looking at the VPVR this 24 thousand dollars should have some kind of reaction. We do know that these spikes on VPVR do have those reactions on the price action of VTC. As you can see here on the chart, the best example right now would be that forty-eight thousand dollars where we did get that rejection from the top of this ascending channel. The major target would be potentially twenty four- twenty-five thousand dollars in the next coming days. If we still have this panic moment this selling you know massive cascade which is very worrying. But I think it’s going to be a great moment to accumulate more Bitcoin, I will be buying some Bitcoin below 30 000 that is a guarantee.

Let’s analyze the situation for Bitcoin here on the 30-minute chart. Let’s just zoom in all right maybe when I upload the video, we’ve done a little bit of more price action, but it is what it is. When you look at lower time frames now, yesterday we were talking about the scenario where the biggest point of control, of course, now has changed. We are currently having it above us at about thirty-one thousand four hundred dollars which should be major resistance. Yesterday we did have it at 30 800 where we did get a bounce here. I actually did make a scalp at 30 900 and took profits here at 31 400. I was looking for that 618 from the top here to the low and we did touch it. We were consolidating and I already took profits from this range a nice range to scalp after a severe drop where you are going to get those nice bounces from this range. Of course, now analyzing the Bitcoin price this morning. I did see these lower highs and also these higher lows expecting a potential bounce here, not breaking just yet from this symmetrical triangle. Of course, this is why I’m in a long position like I showed you here, not losing this low.  Just getting a little bit of volatility at this major support higher low range and now I’m aiming for that 50 Fibonacci retracement one eight which we are probably just hit it right now. Because we just hit the fifty percent Fibonacci retracement which is already a good take profit range from this major drop. We might just have one might leg up to the six one eight which would be around about a thirty 31 300 or potentially even go slightly higher and get rejected from this lower high structure. As you can see on the chart, so a big symmetrical triangle this is usually a continuation pattern.

If you are coming from a downtrend and we are coming from a massive downtrend, so in between today and tomorrow we could see that breakout from this zone. We do have the resistance and the support of high lows the end of the APEX would be in about 24 48 hours. think it’s going to be less than one day where we are going to find a direction here Bitcoin. We could have an explosive breakout to the downside.

If we take a look at the textbook technical analysis of the width of this symmetrical triangle and then we can see that the potential target might be around about 28 000 depending on when we break and to the upside. We could actually hit 34 000 potentially, if we’re looking at this textbook technical analysis target but as I said here looking at the chart of the major VPVR zone right over here, we are currently just about to hit 618 from this drop. As you can see, big resistance at 31 400, we might just get a major volatility zone over here and then continue down. Remember, we are really in a downtrend, we are forming this symmetrical triangle, so the probabilities of actually breaking down retesting the lows.

Potentially, breaking is very high coming from this aggressive downtrend. If we break support we could see some pretty nice relief rally alright even breaking 33 hitting 34 and 35 000. 35 000 and then a major drop. Remember, there might be a huge massive short squeeze. Most of the people are bearish right now so some kind of relief rally is also in the cards.

What I wanted to show you is that the 35 000 range is a major monthly and daily level. We could get heavily rejected at that range and it is also the 50 Fibonacci retracement. If we take a look at the one hourly chart from the start of the major drop that we did have on the 4th of May. So, we did have this large consolidation. No major drop here, the start of the drop was just right over here on the 4th of May when we did have this aggressive fall. If we were to have that big bounce to round about that 35 000 range, you’re hitting 50 Fibonacci range and this is also a major zone of resistance with a monthly and daily where it’s going to be very hard for Bitcoin to actually have that pressure to continue back up. You might have that retracement now. This is only a possibility. I do not know if we are going to go up there. What if we go up there it’s a major zone of resistance and we’re probably going to look for shorting opportunities? This is going to be it for this episode. Make sure to stay cautious. We might have that breakdown in the next coming hours of this symmetrical triangle. This is usually a continuation pattern, there’s a high probability of breaking down. But if we break resistance, we could have some bullish momentum here in the next coming days. As a relief rally, after the major aggressive drop, we might be finding some great trading opportunities. There are some great trading opportunities here inside of this symmetrical triangle. As you can see, if you know how to play your fib levels your VPVR and all of these ranges are extremely good to have some scalping positions.

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

Original video: