What’s up my crypto legends. We’re going to take a look at the Bitcoin price to find out where the potential bottom can be. You must have heard about the 200 weekly moving average where it has been at the bottom in the last two cycles. As you can see, we are currently hitting this range. But potentially there’s going to be some more downside I’m going to show you with Fibonacci retracement where we could potentially bottom. It can be between ten thousand and seventeen thousand. Well, I do think that will be a great area for accumulation. We’re also jumping here into the one hourly also the four hourly chart I’m going to show you these most important levels. Why we’re getting rejected from these ranges. I’m going to explain to you right away and find out what could happen for bitcoin in the next coming hours and days.
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Let’s dive in here because what I want to show you here is the weekly chart of where can the bottom of bitcoin be for the next coming months because it is likely that we are going to enter a massive accumulation zone all right for the next big bull run that might be in the next few years. It’s not going to happen any time soon it might be very boring price action now. You must have heard about these 200 weekly moving averages getting that bounce here from the low of the bear markets from the last cycles the cycle here in 2013 and 2014. As you can see the lows did actually get that bounce. This major moving average 200 weekly did get hold okay it did hold the price of bitcoin and also in the last cycle okay in 2018 2019 the bear market lows all right was also holding this range. So, does this mean that this is going to hold this range this time? Well, I think a lot of people are expecting this. So, it’s probably not going to hold and we actually going to dip slightly below this range for quite some time. So, that is just my theory.
As in you know past performance doesn’t mean you know future events, of course, and we can see that we are currently at this level right now because of the current world situation and the massive panic that there is worldwide. There possibly could be much lower levels for bitcoin now. Let me just show you here with Fibonacci retracement. How do you know on the last cycles if we do take a look at the bear market lows from each cycle? First cycle was or over here 20 in 2010 until 2011 and the bear market lows was in late 2011 right where we saw this big massive cycle to the to the upside from 2012 all the way to late 2013. So, if we do take a look at Fibonacci retracement from the low part to the highs. As you can see here and this is the logarithmic chart this is why you can see Fibonacci like this now.
You can see that we actually dipped below the seven-eight the 0.78 Fibonacci and it stays above the point 88. As you can see here on the chart, so we did actually but the 618 did hold here for quite a little bit. As you can see, this was in April of 2014. the 61865 range did hold as support. We did get actually about from that range as soon as we lost the 618. We were actually hitting the 7.8 and the 0.88. As you can see staying in between this range and finally getting that run to the upside the years after that. The bear market lows from this cycle of 2013 were here in early 2015. As you can see from early 2015 till mid-2015 is where we bottomed out so just to let you know that 0.88 and 0.78 right. We actually dipped below the 0.78, so if we take a look at the extremely low levels from the next cycle. It was right over here from 2015 all right and if we take a look at Fibonacci retracement from the ultimate lows of this bear market to the all-time high same scenario happened right over here when we peaked in 2017. We did actually hold the 618 for quite some time. As you can see 61865, this range was holding we were actually getting these bouncers and holding the range as soon as we lost the 618 level here. As you can see from the dip from December-November of 2018. We actually went to the 7-8 and dipped below. So, as you can see seven eight point eighty eight. We were trading in between these two fib levels round about the center just like the last cycle from 2013. So, we got those two cycles they actually lost the 0.78 Fibonacci retracements from the ultimate low to the high.
So, just for a quick reminder here from the ultimate low to the high. We lost the point 78 Fibonacci retracement from this low to the all-time high we also lost the 0.78 financial retracement, so if we do take a look at the ultimate low from the last cycle bear market which was right over here in December of 2018. We take a look at the fib level from the low to the all-time high. You can see it here on the weekly. This point seven this point six one eight the six one eight Fibonacci retracements. We did get a bounce here at the beginning of May. We dropped and hit that level and got a massive bounce. It was holding, it was reacting to that range. But what is happening right now is that we’ve lost the most important Fibonacci retracement the 618. We finally lost it so this is telling me if we take a look at the other cycles. It is very likely to have some more downside action.
The 0.78 Fibonacci retracement is at 17 300 range and the point 88 is at 10 800. As you can see here on the chart, so it’s very likely that we are. Potentially, if we’re going to sit take a look at the ultimate low from the bear market to the all-time high from last cycle. We were trading in between the 7 8 and the 0.88 Fibonacci retracement and that is in between ten thousand and seventeen thousand dollar range meaning that it’s very likely that we’re actually going to lose the all-time high resistance and dip below this range. So, my low’s good accumulation zone for bitcoin and I am accumulating already on bitcoin, of course. But those are going to be very interesting levels. This is going to be full-on accumulation for me if we are going to be trading in between 17 000 and 10 000 in the next coming weeks and months. It’s going to be a very good accumulation zone, in my personal opinion.
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Let’s take a look at bitcoin here on the one hourly chart because what we can see is that we are getting rejected. We have been respecting these major levels. What are these levels that are getting respected here on the one hourly chart very nicely well these are daily levels? We had a pretty aggressive drop okay before yesterday. We had a big massive trade here that was absolutely insane made huge gains on this drop and the reason why we are getting rejected from this major level is. I’m going to explain to you right away if we zoom out on the daily chart. These are two major daily levels from December of 2020 check out here at the top from this consolidation. We’ve got a daily level right over here daily closes and opens daily closing opens right down here. As you can see, these two levels are very important. So, if I fast forward in the price action of bitcoin by looking at the one hourly chart. They’re actually being very well respected. You are wicking above them and below them. But they are getting very well respected so this is the top of the daily range. We lost it got rejected from this level and continued to the downside and the reason why this level is actually holding as resistance.
This article is a transcription of a video made by Andy Bitcoinsensus
Original video: https://youtu.be/kiUWRJHI6mA