I want to show you here the weekly chart with Bitcoin showing you how the possibility of Bitcoin coming down to 12 000 range. It is very real especially if we do have a multi-year recession worldwide. Then this could push the price of assets down and also a cryptocurrency, of course, now this is not to create any food. This will actually be one of the best buying opportunities in the history of Bitcoin knowing that it’s very likely going to go up in value after the potential big correction now, of course, this is not guaranteed what I want to do is focus also on the weekly chart and zoom in here on the price action. All right for the last few years and talk about the biggest major levels here that. We do have resistance and support knowing that that thirty thousand twenty-nine thousand-dollar range has been a huge support level. We’re going to talk about the big major levels that we do have slightly beneath us and we also focus here on the two-hourly chart the one-hourly chart focusing on the big levels that we can see some major opportunities in the next coming hours and days.
Let’s dive in here straight into the weekly chart. Let’s zoom out to find out where we are here with a Bitcoin. Very important, we sometimes need to zoom out. All right we are clearly in a big uptrend, but right now for the last, you know one to two years. We are in this sideways action having this corrective move. And this could still be for another six months or 18 months all right approximately in my personal opinion now we do need to understand that the current worldwide situation is not the best. We could actually see a kind of a big recession right in the next 6 18 months even 24 months so we need to be prepared for any downside action guys we do not need to be scared because Bitcoin is in a very huge macro uptrend. If you know and this is extremely good if we do have those big corrections to the downside. I remember investing all the way back here in 2018 seeing these major corrections and people were absolutely panicking. It was the best moment to buy up some BTC. I did know that the Bitcoin price was going to go up in value, so if we did have that possibility of Bitcoin actually going down to twenty thousand or even twelve thousand dollars now. We do have the biggest spike on the VPVR at the twelve-thousand-dollar range looking at the volume traded for the last four to five years.
As you can see on the chart now. This was a big major resistance zone, as you can see on Bitcoin, this 12 000 region and there was a huge amount of volume traded at this range. So, it’s definitely, in my opinion, gonna be one of the lowest levels for Bitcoin. If we were to see Bitcoin at those levels. It’s going to be you know a big buying opportunity now, of course. It’s not certain that we are going to go down to this range, but it is true that the volume traded in between twelve thousand dollars all the way up here to sixty thousand dollars. It was a very fast move to the upside because of the amount of demand and hype that there was now. If we are going to become really bearish in the next coming months, then the possibility is there, of course, this is not guaranteed that we’re going to go down there. But if it does it’s going to be one of the best buying opportunities, in my personal opinion, now. Let’s just focus on here on the weekly chart and zoom in a little bit and let’s see the last two years to see what if we do lose this major range over here.
I’m just going to zoom in here till from late 2022, this price action here to the upside and the price action that we’ve been going sideways in between 2021 and 2022. Now what I want to make you understand is that the thirty thousand dollars have been the strongest support all right for the last two years. You can clearly see here 2021 we’ve been holding this range as support nicely. We are actually holding as support at this moment now for the last few weeks we have which down below as you can see on the weekly. But we managed to close several weekly candles at this level showing the amount of support that this range is. It’s the value area low from the huge amount of volume trader, this is important to notice that this is a major level your potential big relief rally or balance from this range is very possible. Then potentially having another attempt and then. Once you come back down to retest it again after that major balance continuing this downtrend with lower highs, of course.
We could actually break it in the next coming months all right but we need to focus on the short-term analysis now. What if we do actually break the zone in the coming weeks. What happens if we do close a weekly candle below this range well just by showing you the VPVR we have a huge massive big candle here from Bitcoin created in December of 2020 that created also this huge spike on the VPVR. We did have a major stop here looking at the daily chart and a huge amount of volume was created. So, this is a potential bounce area. We do know that we do like to bounce from major VPVR spikes. I can just show you one example right over here at the 48 000 where we were looking for that shorting opportunity here back in March, hitting that 48 47 000 range looking at that spike on the VPVR. We actually touched it and had that retracement, so there’s no doubt here all right that these spikes are very significant on the VP. We are showing you the huge amount of volume traded at that price level so the 24 000 range. If we were to come down to that level, we could expect a large consolidation and some big relief rallies where we could take advantage of the market. Don’t be extremely scared when the price action has a big drop to those levels because it’s very likely going to get a big fat bounce. This is why it is important to have these levels marked and be waiting for a reaction to jump in a potential trade now the next level below that, of course, is the 20 000 region. This is a huge amount of VPVR. As you can see here, no doubt in my mind, if this 24 000 level is broken there will be a big bounce from this range. So, it’s important also to mark that 20 000 level.
Just a little bit of a scenarios here looking at some major levels on the weekly sometimes it is good to zoom out now I want to go through the sponsored segment of this video I want to talk about bit get crypto trading platform gaining massively in popularity end in volume if you go to the coin gecko ranking here they are top four on futures trading and top seven on spot trading they have a huge amount of volume if you sign up with my link down below in the description there’s up to five thousand dollars worth of bonus to be claimed the three steps to claim the rewards you need to sign up login on bitget click deposit and claim the rewards okay here are the steps to claim up to five thousand dollars with a bonus there’s rules description down below once you sign up with the link once you sign up that you do not you do not need any kyc you can sign up in less than two minutes now something really cool about bitget is that they have innovative products that I want to go through it right now they have industry leading security don’t have to worry about security and excellent customer service now on the top here you have the reward center where you can claim your bonuses now if you go here they have futures trading and spot trading very similar very easy friendly to use but something a very very nice of bit get is the spot grid trading and future grid trading if you click on spot grid trading basically if you do not know what grid trading is you basically want to buy low and sell high and you can set automated bot for this now they have four different pairs here.
Let’s take a look here at the two-hourly chart for Bitcoin because hang on in one second. Let’s take a look at the 30-minute chart because yesterday we were talking about a potential trading opportunity. We were talking about you know there’s probably going to be a huge amount of sideways action here on Bitcoin. We were talking about this guard pattern on the 30-minute chart that if we were to have more few hours all right supposedly this could have a leg up here all the way up here to the 31.2 thousand dollars but what happens here that we were probably going to extend here in Fibonacci time and this is not going to be a valid pattern. We did have a few hours since I created the live stream and I did exit my trade that I had a long trade here looking for that potential leg up and I did exit my trade on a slight loss because it was just over extended. It would have been nice at this moment to see that price action to the upside all right to hit that 31.2 for potentially looking a shorting opportunity I’m going to talk about their major resistance levels right now. So, this trade was absolutely invalidated because of the amount of extension of sideways action on Fibonacci time looking for this garlic pattern that did not play out.
So, let’s take a look at the major levels right now and also I want to remind you. Let’s take a look at this. Let’s get this out of the way and talk about what is happening right now on Bitcoin. There’s no doubt here, if we go to the two-hourly zoom out a little bit. We need to take a look at the most important levels on the two hourly. There’s no doubt that we are in a very aggressive downtrend. We are creating aggressive lower highs and we have been respecting this trend line. As you can see on the chart, if the price of Bitcoin were to have a big massive pump. Maybe, hitting that 31.1 31.3 k levels. There is a huge amount of resistance. Why is there a huge amount of resistance? If I take a look at the volume traded for the last couple of months. You can see here on the chart, there is a big spike also on the VPVR. We got the value area high right over here at the 30 500 range. As you can see, this has been a major level where we have had resistance and support many times. We’re actually consolidating below this level if we were to break this zone a little bit and go all the way up. We know that we do have big resistance here. We do have a daily level if I zoom out on the daily. It’s been very much respected at this level. As you can see on the chart, this was marked as the daily ride over here and you can see on the four hourly that we just touched that range and had that big major correction. The daily is from here we touched the daily and came straight back down. So, this is why it’s also a major level. It’s super important to have these levels marked up to see the potential rejection or bounces now. Also, look at this big spike on the VPVR. So, there’s not much volume above the 30 500. This is why we’re actually struggling to break it, but if we do break it we can clearly see that this 31 300 range 31.1 31.3 give or take a couple of hundred dollars because of the volatility. We could see a similar reaction creating.
Also, another lower high if we start reacting at this level. If the Bitcoin price does pump to this range and gets a reaction. It might be a good shorting opportunity because we got a huge resistance on the VPVR we got the trendline from the lower highs. As you can see on the chart, so, it’s going to be a major interesting level for a potential trade now. My opinion by looking at the chart right now after this huge log large consolidation. This is no man’s land, this is undecisive price action. So, the price action could go up or down if it does come up like this with some huge momentum and starts getting rejected. I will notice that it’s very likely going to continue downtrend. So, there’s much more opportunities here if we do have that leg up for looking for shorting opportunities. I know most of the time people know when the price pumps. You’re looking like really bullish really hyped up and if the price dumps, then you’re getting like really depressed – oh my god – it’s going down how much lower. It’s going to go and that is when you have the buying opportunities okay so for the selling opportunities. I would be eyeing that consolidation at the 31.1 31.3 it’s a major level like I just showed you.
This article is a transcription of a video made by Andy Bitcoinsensus
Original video: https://youtu.be/JQ_85Ncmk-w