We’re taking a look at the Bitcoin price on the daily and I’ve got Opium for the balls but also hoping for the bears. We actually broke down this major support level looking at the VPVR in the 30-29k range successfully. As you can see now, we do have a lot of resistance above us. We’ve actually met the target from this ascending channel which is the width of the channel that we talked about just a few days ago from the breakout, reaching that 25-26k range. As you can see here on the chart, there is a scenario right now that if we do manage to close a daily level above the 28 600 range which I think is very possible by the end of the day.

This could actually be a swing failure pattern and we could have a massive recovery now. I want to show some Opium here for the balls because there is a possibility that we are forming a massive descending wedge here. We are actually getting a bounce from the support of these lower loads. As you can see on the chart, just a little bit of Opium for the balls there, but there is also hoping for the bears looking at the one hourly chart. I’m going to show you the major daily levels and some fib levels where we could get heavily rejected and continue to the downside.

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Let’s dive straight into the daily chart. Let’s go with the bearish case scenario here. I think that as we have broken down from this major VPVR level. The last point here is where the cliff is around about the 2930k levels successfully. This could be heavy resistance, so if we do get that relief rally to 29 and even 30k levels. We could get a massive rejection, we do know that we do have that important daily level at 29 792 which was the daily level from the 20th and the 21st of July. There could be very strong resistance for continuation to the downside now. If we do get rejected and continue down where we could get a bounce, where could the price stop? Well, we do have a massive big spike on the VPVR here just around the 23-24 000 range. As you can see here on this daily chart, it is also a major daily level. Why is a major daily level if we zoom out here in 2020 December of 2020. We had about a week of consolidation here looking at the dailies closing and opening exactly at those 23 842 dollars. As you can see on the chart, it’s a major range with a big spike on the VPVR where the price action of Bitcoin could get a reaction and a potential bounce. Just want to point that out over there here looking at the daily chart. 

So, major bounce there if we do get that rejection from 29 30k level continues down. We are looking for a potential balance at that range so another thing here is that would be the bearish case scenario for the next coming days okay we could not take. We could not speculate on something else because I want to speculate on the price action on the major levels of big resistance at 29.7 30k range and also big support here. But what if I told you that this breakout from this level over here where we do have this daily. We also have this major wick. The wick that we had in June of 2021 indicated a low which we have already retested almost one year later right. Now massive big liquidity grabs massive big levels where there is a lot of interest in buying cheap Bitcoin. What if this 2 28 600 this breakout over here. What if today we are potentially going to close this daily major level of this big wick that we’ve had down to 25.4 and close above 28 600. 

Well, this could be a swing failure pattern. We could have a major consolidation and a pretty large relief rally in the next coming weeks. This is very possible and a little bit of Opium here looking at the daily chart for those macro balls, those big huddlers on Bitcoin. If we take a look here at the lower highs, we do have some lower lows. If we connect this low from September of 2021 and the low of January, we can see right now that we are getting a reaction from this actual support of these lower lows. So, there is a possibility that we could actually hold this range and create a swing failure pattern from the low of the summer of 2021 getting that massive relief rally and even coming up to as high as 34 and 35 000 where we should be getting big resistance from the lower highs here. 

Big major daily level from the lows of January here in February which is at that 35 000 range. As you can see on the chart, this is a very big possibility. Also, we’re not potentially going to fall down like Luna did for Bitcoin. I think this is very unprobable, so we can see those kind of relief rallies that would be the bullish case scenario here looking at the daily. If there’s a high chance of this happening, if we do manage to close today and tomorrow we are trading above twenty eight thousand six hundred dollars for that potential swing failure pattern of this very large support level the lows that we created in 2021. So that would be here looking at the macros perspective, we have that bullish case scenario depending on where we close tonight on the daily. We could get that big relief rally and the bearish one and I want to show you the bearish one the big major resistance that we do have on the one hourly chart. Remember, for all of those experienced traders on BuyBit. You get an insane bonus. This is my favorite swing trading platform up to four thousand and fifty dollars with a bonus and zero percent.

Yesterday we made some excellent trades here. I actually longed for this level over here like I showed you at the beginning of my daily video and I shorted this major resistance, looking for that higher probability of continuation here from this pennant big volatility on this breakdown back up again. If you are using high leverage, this is why I do not break out trade. I trade the resistance and support levels. As you can see here, if you break out trade in place a massive big short here with high leverage is very likely. You’re getting liquidated when you had this big massive pump again. Finally, I did get into that short position here, finally reaching the target of this symmetrical triangle which is the width of the back here of this symmetrical triangle from the breakout. You can see here almost to perfection hitting that 28 000 and this is where I finally took my profits from the short anticipated here. From the highs at 31.4k levels which was absolutely beautiful. As you can see, playing out here is very nice now. What can we see here for Bitcoin going on, we can actually see a potential scenario where we are going to get rejected? 

We’re having a big volume right now from this green candle. Let me just get the volume here. I don’t know why we haven’t got volume. Let me just put it one second. Well, I don’t know we have a big volume right over here from this bounce. Let me just do this one second right over here. As you can see, earlier this morning once we reached that 25.4. We are having a big volume on this major candle meaning that we could have a little bit more of a relief rally. As you can see here now on the chart, what major resistance do we have above us though is your question. As you can see on the one hourly, there’s a big major drop starting from this consolidation range. We went sideways here for over two days, so there’s no major drop off here. From yesterday at five o’clock Central European time here we did have a big drop all the way down here to 25.4 k area. So, if we take a look at fib levels from these highs from this range where the drop started all the way down the 618 is exactly at 29.4. But what is also that 29.4 area well? This is a major level and let me just show you which is exactly 29.7 all right to be exact where we do have this strong daily level which is the low part daily close from July of 2021. 

This daily level where we did get a reaction. I’m not sure if you remember going back here on the four hourly, we did get a reaction from this 29.7 daily level from July. We got a beautiful bounce from that range and we actually got rejected, if we take a look here at the one hourly. Once we successfully broke down, as you can see getting that bounce that rejection from this level, so if we do come up to this range it is round about the 618 Fibonacci retracements from this consolidation high level all the way down here. We can see that 29.429.6 it is a range it is not exact math uh science okay we can see that we that level over here we got a daily we got this support this resistance, we got Fibonacci we’ve got the daily level. There is a possibility that if we do see a reaction and some major wicks, we could actually get a rejection and continue to the downside to reach this daily level right here at 26.2 now. As you can see, I have another daily level here where we actually wick down below to 25.4 and close this one hourly and open this one hourly. 

As you can see at 26.2 why because this is another daily level that I’ve marked here from back in December of 2020 right over here. Where we do have this massive big wick, this big massive rejection with the one with the daily close end open at this range and we are actually getting that bounce from this range even though. We actually dipped down below just wanted to show you that pointed out here on the chart. So, very important massive big opium for the bears to go to lower levels. We’ve got big resistance already from 25 from 29.5 k levels here. As you can see important fib level 618 we’ve got a daily level, we’ve got the big massive cluster that starts from the 29 000 levels here as you can see on the VPVR on the daily right at this range 29.7 30 000 range. Big cluster on the VPVR. This range will be very strong resistance, if we do have that relief rally coming into the site full case scenario massive descending wedge getting a potential bounce here from the support and actually going to higher levels. If we close a daily level above 28 600 we could see a swing failure pattern and a big relief rally for Bitcoin in the next coming days.

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

Original video: