The last two weeks on a Bitcoin have been absolutely insane where we were looking for those potential long positions the Bitcoin price going all the way up to the 32 000 having it stopped here at the 30 600 range and then another leg up to 32 000 range here. So, we can look for those shorting opportunities. We absolutely dropped from this range and once we had this big aggressive drop. We were also taking a look at these major levels here the thirty thousand six hundred dollars to take that shorting opportunity. Also it’s been an absolutely crazy week here for Bitcoin.
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What happened the last couple of weeks was just absolutely pure luck. I have no idea where the price can go, where the price can get rejected or supported. Let’s dive in here straight to the charts I’m gonna go straight into the point here because this is the Bitcoin chart on the four hourly. We had a super aggressive drop from this range. I was pretty surprised. We actually didn’t hold this thirty thousand seven-hundred-dollar area where we do have massive touches here as resistance. Remember, it is also the value area high from this trading range.
Apart from this volatility that we did have above. Remember, this was a very strong level. As you can see, bouncing several times as resistance didn’t hold as support one single bit. as you can see here on the chart, so now what could happen after this aggressive drop. We can clearly see that we are getting a stop. We actually got a major consolidation from this 29 300 area. As you can see, if we zoom in on the two hourly. We were getting a nice consolidation for a potential long opportunity but I would be super cautious because we could probably get exhausted and roll back down now. What are the most important levels here on Bitcoin as resistance where we could potentially get rejected were we already hitting a major level? At this point why is it a major level, you can go to the two-hourly chart the full hourly chart? It doesn’t really matter because they do open and close at similar levels look at the open here on the four hourly on the two hourly. It’s almost the same, we have pretty large spikes in volume here. So, the back of this range can actually hold a little bit of resistance because we’ve had such an aggressive drop. I do think that higher levels is very possible what other level that is extremely important here on Bitcoin, of course, would be the 50 range. The 50 range from this actual drop that we did have yesterday starting from the 31 700 area from this major drop.
We’re taking a look at Fibonacci levels the 50 level and the 618 my favorite levels, of course, where we could potentially get rejected on the price of BTC. But not only this on the 50 level the 30 473 dollars approximately. We do have major four-hourly closers look at this. We do have several four hourly closes at this level. You can see here I will tell you the days right now the 20th of May, 19th of May. We’ve got the 23rd of May. We’ve also got here the 17th of May right over here all of these four-hourly closers are exactly. On the third of June they are exactly at that range at 30 400 330 500 area. It is also the fifty percent Fibonacci retracement if we start getting some type of consolidation in the next couple of days. At this level it might be a very good level where we can see the price of Bitcoin dropping down. So, this is what I’m going to eye in the next coming days. Am I going to speculate that? This price is going to go all the way up here absolutely not because we can actually roll down from this range super cautious. Of course, the 618 is slightly higher where is the six one eight. Well, it is slightly higher than the thirty thousand five-hundred-dollar range. If I take a look at fib level. It is at thirty thousand seven-hundred-dollar areas. It’s also these major spikes where the price action on Bitcoin didn’t manage to get up. So, if we do see this in the next few days. Remember, this is a major level of potential volatility, we could have some consolidations and maybe get that rejection to the downside. This is something that we’re going to eye in the next coming days till we get to those levels. Anything can happen. We can consolidate sideways and continue back down, of course. So, this is something that we’re going to talk about in the next coming days.
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What happens if Bitcoin does actually break this zone? What happens if we do break here the lows of 29 300? Then, of course, what is the major level where I can see a potential bounce. If we do get a reaction, if we do get us consolidation. This level is exactly here at 28 600. This is the value area low from the volume traded the last 25 days, approximately, 20 to 30 days almost the entire month of May and part of June the value area low. As you can see on the volume profile this level is 28 600. So, if you do see the price of BTC actually breaking down this zone. We could have an aggressive drop. I would stay extremely cautious if we do consolidate at this level. It’s the level where I will potentially look for some longing opportunities at least to the 30 that 29 300 range whether it’s where we do have these big bounces as support. So, major levels take massive opportunities in Bitcoin.
In the next coming days this has only been the update for today’s episode. We’ve had a very aggressive drop I’m not sure if we are going to manage in the next coming hours to come here to the 30 400-30 500 where I do expect the price to consolidate for a while looking for those potential shining opportunities. Another scenario would be just going sideways, of course, after such an aggressive drop price of Bitcoin can go sideways for quite some time. But if we do start dropping in the next coming hours. I do expect this level to hold very nicely. If we do start consolidating, I would see the bears that are getting exhausted and this could give us a short-term opportunity to drive. All the way up at least to around that 29 300 range. This is going to be as soon as we start breaking these major support levels and actually coming down to that 25 000 area low over the 12th of May. Then it is more probable. Once we start losing these support levels that we are actually going to come down there as soon as we start breaking successfully twenty-eight thousand six hundred dollars, if this does happen in the next coming days, we will be looking for those opportunities at this range. But because this still hasn’t happened, we’re just looking inside of the range.
This article is a transcription of a video made by Andy Bitcoinsensus
Original video: https://youtu.be/JQ_85Ncmk-w