We’re taking a look at the Bitcoin price on the four hourly here on the left. We have December 2021 price action and are here on the right. There is a May price action of 2022. Now we have been talking about this fractal. It’s almost been mirroring this kind of situation, so if you have been trading these major levels. You’ve made huge gains now. I’m going to explain how the BTC price can potentially hit the 28 800 in the coming hours maybe go to slightly lower levels and also look at this big major rejection that we did get from this massive insane level that we’ve been talking about. Also, the thirty thousand six hundred dollar area. So, what are the most important levels where could we find training opportunities? This is what you’re going to find out.
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Let’s dive in straight into the content now. We do have the four hourly chart here in the left December 2021 and in the right here we do have May of 2022 very similar price action that we have been talking about. Since we were trading at 28 600 looking for that movement here to the upside stopping at 30 500, another leg up stopping at the 32 000 range and then potentially getting this major rejection to have that potential fall. Now there’s only one thing here that we didn’t kind of mirror in this price action was that bounce potentially to the thirty thousand five-hundred-dollar range. We just sliced straight through it, but the deal if you have been following me for quite some time.
We do need we need to see a consolidation at these certain levels to decide if we are going to enter a trade or not because this is basically a falling knife. As you can see, so, no trades I did take on this fall for looking for that balance because I was already in my long and short over here from these levels taking profits consistently from these movements all right of the market. Now your question might be and also mine are we going to continue to the downside after these major consolidations well. As you can see, this is not the very same price action that is happening right now. Why is this because we are basically re-testing this trend line all right. As you can see here on the right from these lower highs managing to get support. We did actually get support here for some while as you can see in December of 2021 when we were trading around about the 46 000 area.
But, we’re also retesting the low range where we did have major major support in the case of Bitcoin. It is at the 28 600 range. As you can see, so, I do see that potential leg down to this level to have a consolidation. This is where we did go consolidation also back in December 2021. So, there are some very close similarities. Remember, for all of those experienced traders BuyBit my favorite swing trading platform. You can get up to four thousand and fifty dollars claimed at the rewards hub also zero percent make a fee for 30 days and on Primex BT.
Let’s just focus on what is happening today. As you can see on the chart, we did get that beautiful bounce from the point of control here the biggest spike here on the VPVR from the volume traded for the last 25 days approximately. As you can see, all of this volume traded range. The biggest point of control was right over here guess where we did get that bounce exactly at that level where did we get rejected from a major level. We have been talking for ages the value area high from this volume from this range the thirty thousand five hundred dollars. So, I mean you could not make this up technical analysis does work and you can take advantage of the market to make huge gains if you know how to position yourself now.
What can I expect you for the BTC price? Well, in my personal opinion, it is just very likely after the second re-test that this is not going to be a double bottom. We are almost 70 of chance here in getting down to this major range the probabilities are getting higher and higher after this big major drop with some pretty large volume. If you do take a look at the volume all right. The volume is pretty high from this major drop getting this resistance so continuation to the downside is very likely. So, what is the major level that I am looking at here for? A potential first stop or a consolidation. If we do get that consolidation. There is a possibility that we might bounce from this range. But, as you know this might be the time where it’s actually going to break through the value area low here from the volume trader the last 25 days is the 28 600. So, if we come back down and retest this level. It is just very likely is it gonna get broken this time because the more times you retest a level in the past. You come and bang the door again. It’s just very likely. It is just going to break through now. If we do break through from this major level the 28 600 where could we stop.
Well, I have some very important levels here on the four hourly charts which I do think the price of Bitcoin could stop. If we do break through the twenty eight thousand six hundred dollars successfully. If we do break through this range I am not too sure. If we are going to retest the lows here of 25 000 very fast I think we are potentially going to create a higher low and the reason why I do think that this is going to happen is that we need to get the Fibonacci retracement from the lows to the highs. The 618 is already always an important level where you could get a potential balance. This is the twenty-seven thousand nine hundred dollar range where you could get that volatility. It’s also the four hourly close just slightly below the sixth one right here at the 65. As you can see, major Fibonacci level here where you could consolidate in the next coming hours a few days. If you do break this zone finally and then get a potential big bounce now. Another reason why I do think that this is going to be a major level where the price action is going to stop around about the 27.6 27.9 k levels is if we go to the one hourly. This was some mentioned by someone in the live stream, of course, today that if this is kind of a bear flag right. And I was talking about I mean this is very likely to have a continuation to the downside.
And we are going to get rejected from this huge level. It’s just very likely we were talking about this in the stream that we were potentially going to break down. It’s the most here’s the highest probability and what I want to show you here. If this were to be a bear flag all right looking at the one hourly. Well, the pole you could arguably discuss is that the pole is from this high or from this high over here. I would say this one right over here why because this is a big major consolidation the proper drop.
This drop over here doesn’t start till this range. It doesn’t really start here because what it does? It drops and goes sideways. So, the proper drop looking at the one-hour chart is from here. So, you could arguably discuss take a look at the pole from all the way down here. If this were to be a bear flag the measured technical move from the breakout. It’s putting the pole at the resistance level from this bear flag which will be around about this range you can see here that the 28 000 level would be the potential target. so we were talking about that 27.9 which is almost hitting the Fibonacci retracement. This is the level where you’re actually meeting the target from this major drop. You could get that consolidation and a potential reaction from this four hourly close that we also do have here round about that 27.6 k levels major level where there’s a lot of confluence. You could get that volatility in that big potential bounce. Of course, if we do get that bounce from that range. Once we hit those levels where do you think we can get major rejection. Well, it is at the twenty eight thousand five hundred twenty eight thousand six hundred dollar range where we do have those massive big bounces as the support we got the value area low from this level. So, if we start breaking this zone with big volume big strong candle closers well below twenty eight thousand six hundred dollars. So, at twenty eight thousand twenty seven point six approximately around those ranges. If we do see big solid four-hourly candle closers then, of course, on this retracement and if we do consolidate at this 28 600 range. It is highly probable.
This article is a transcription of a video made by Andy Bitcoinsensus
Original video: https://youtu.be/7BTmEXfLwlg
