We’re taking a look at the Bitcoin price on the full hourly basis and I want to explain how in between today and the next few days we could have a massive pump on bitcoin. I’m going to explain why taking a look at Bitcoin and the major levels that we do have here is looking at the VPVR and this kind of price exhaustion to the downside and the potential recovery in the short term before any continuation to the downside. Of course, this is only bullish short-term. We’re going to take a look at the technique. We’re also taking a look at the DXY and the S P 500 and these also are the main reasons I think Bitcoin could have a big massive pump in the coming days.
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Let’s dive in here straight into the chart guys on the full Audi on bitcoin because what I want to explain are the major levels that we are in right now. Remember, we are coming from a very aggressive downtrend now. The price action is stopping at this level now are we gonna have a bigger relief rally.
I think it’s very possible. I’m going to explain right away the strongest levels that we do have from this Zone in between the last 20-25 days. You can see it on the VPVR. You can see it on the price action. I would say the biggest resistance Zone from this level is riding up right now around about the 21 500 range which is the value area high. As you can see on the VPVR. This is going to be critical resistance if we have the Bitcoin price hitting that level which I do think can break all right and I’m going to explain also why in the next coming minutes now Valley area low from. This major zone is right over here as you can see we do have a little Gap in between this middle. But, we do have a lot of volume at this level as you can see this has been holding very nicely as support all right the last few days at the 18 800 range now. We can also see that the biggest point of control is at the middle range over here. We did get some pretty nice support here getting the resistance right over here the last couple of days. As you can see at the biggest point in control from the last 25 days traded now. We are currently above this range.
We are creating a kind of a symmetrical triangle and this is not a real reason why I do think that this reversal is possible; we’ve got the higher lows right there and lower highs. I do think that explosive move can come but not only because of the symmetrical triangle not only because of VPVR not only because of levels one of the main reasons also is because of the DXY and the S P 500 which I do think it could have a big massive reversal okay continuation to the upside. Also the DXY is just about to have a pretty sharp corrective move in the coming days first of all. Let’s go here and dive into Bitcoin because what I want to show you also is a potential butterfly harmonic pattern where we do have the big aggressive lows. So, there’s no major levels and no harmonic pattern can be created from this aggressive drop. But what we can see once we hit on the 14th of June is around about the twenty thousand twenty one thousand dollar range.
The price action started to stop and created these highs right where you’re on the four hourly you know we’ve already got a pretty nice Peak over here now. We’re just analyzing the chart right away here this morning and there is a potential butterfly harmonic pattern where I’ll leave a picture right over here right now. So, you can see the actual Fibonacci levels so from this high to the lower this big major drop that we did have from the 15th of June all the way to the 18th of June. We had a pretty aggressive drop going below 18 000 in this big recovery. We went all the way up here to around seven eight. This is a major Fibonacci level okay from this low from this drop to the high major FIB level. This is a very important level all right for the butterfly pattern to reach now.
All the way down here again to round about the seven-eight Fibonacci retracements. As you can see in this corrective move now in a butterfly pattern. You want to arrive all the way here to the 1.6 at D Point all right. Let me just explain you right over here at the 1.27 approximately. As you can see right over here, this would be from this high okay to the drop the 1.27 Fibonacci if you look at the expansion and also the expansion from B to C to the 1.618 at least it would be around about the 1.79 if we were to hit the 1.27 from the X. Let me just explain this with Fibonacci right over here with the expansion from X to the B point to the A point. We would have to get. We would have to add the one point 1.27. Just so, you can see here in the green which would be round about this level as you can see right there 1.27. This is why these harmonics are with the Fibonacci levels 1.27 at least and this is all the way up to the 24 000 range now.
You might think you are crazy this is absolutely impossible in this aggressive downtrend. We’re getting the fed the interest rates to one percent. Potentially, there’s no way Bitcoin can pump to 24 000 and it’s very possible. I do not like this bearish exhaustion over here. I am bearish on bitcoin but I do see potential big relief rallies all right just by looking at these potential harmonic butterfly patterns there and take a look at this butterfly pattern this should happen in the next coming days and why in the next coming days. Well, let me just show you here Fibonacci time. These are using all these Fibonacci tools and getting confused from a harmonic an ideal scenario would be one-to-one, not even reaching the one point. The one-to-one point six one eight would be very much exhausting in the Fibonacci time. So, we’re looking for a one-to-one what’s a one-to-one meaning from this point all right over here. On the harmonic, you would want to see the same timing all right all the way over here. Meaning you want the 1-2-1.
Let me just get the time FIB time from this peak over here. To the peak over here. You would want to see a one-to-one. So, we’re already at the one-to-onee so this should happen in the next couple of days now. The overall one-to-one point six one eight that would be over extended, so you would have to the 13th of July that’s less than seven days, so it have to happen in the next couple of days a pretty aggressive pump. If we want to see this butterfly pattern play out because, of course, if it is on the 13th of July. We still haven’t reached that butterfly pattern which is around about the 24K levels then, of course, this would be definitely overextended if we do see the price failing to hit that level before the 1.618 which is the 13th of July.
We will be getting resistance at some big major levels. The most important one is the Valley Area High here which is at the 21 500 range. We got the next one over here. We have major daily levels around about the 22.6-22.8 levels all right big Zone where we could see volatility right over here where I do have these Green Daily levels. You can see the resistance over there, we could also get big major resistance at this Zone all right. If we are getting exhausted and have a lot of volatility. It’s very likely that we’re not even going to get above 22.8 now. Of course, as a Trader you need to be patient, you need to see the price action. You need to see the reaction to finally have good risk management and make the decision.
This article is a transcription of a video made by Andy Bitcoinsensus
Original video: https://youtu.be/DpJ4LstmEVQ