Bitcoin: Final Test TODAY | Crypto Bottom LAST CHANCE!
The the key warning caution here is that i am sure we will see very high levels of emotion, but the key thing that a lot of people wont be watching is the price they get swept up on emotion, and we know that happens and will continue to Happen indefinitely in history because of how markets are made up so lets look at those price levels and what to expect in case that most emotion does get extremely high and then also look at these altcoins, which are on their last chance to bottom theyre. Getting very close to some other support levels so lets look at that after youve hit that like subscribe to the channel bell notification icon smashing all those buttons up to a new all time high. Thanks for your support, i know some of you arent enjoying the clicky titles as much, but you are enjoying the content and thats the part that matters most whats on the inside that counts. Lets look at bitcoin for our chart double bottom forming here. The move to the upside is, at the moment very, very weak. You can see this move here and weve had the correction back down. So looking at the price ranges using our trusty old tool here, thats the 100 range that the market needed to overcome on the next up move, and you can see we only did 78.6 of this move. The reason is, we need the market to over balance to the upside to show.
The momentum from the buyers is coming back in. So this is the technical stuff about form, reading on a market im measuring this range and then projecting it off the current low to let the trader. Let us know what is happening next. What is the smart money doing? We dont need to hear about the news. We dont need to hear about all that stuff, because the people who are actually buying and selling are the ones who are pushing the price up or down. We need to know what theyre doing and so thats. Why im looking at this? So far, the move to the upside has been less than what we saw previously. This is looking at a four hour chart that previous move up was bigger than what we currently saw. So it means that the buyers for now short term the buying is running out its as simple as that. Let me know in the comments if that is making sense, and you want to hear more about that sort of tape. Reading to give you a better idea of whats going on in the market before you hear it in the news similar to what we saw in the the news today, with the sec rejecting grayscale spot bitcoin etf application. This is the thing that were all waiting for. In 2021, to you know, pump bitcoin to 100k 250k, whatever ridiculous number someone was pulling out of their ass at that time. This is the sort of thing that everyone was waiting for it didnt happen, theyve rejected it again and now.
What i saw recently is grayscale will look to sue the sec so well see how that goes on how that plays out over who knows the next months it could take longer, if youre looking for another exchange, to add to your arsenal to spread that risk out Link to buy bit is in the top of the video description up to four thousand four hundred and fifty dollars of sign up bonuses when you use that exclusive link all right, so the targets, the emotional side here, support is at about nineteen thousand seven hundred now, If we break that support, my next level is at eighteen thousand. Nine hundred, of course, nineteen k is that round number, but just looking at where the market previously was back before we got to that little dip, where we got really really emotional, it was actually a shorter dip than the previous one, but the emotion was just as High thats, why im focused really really heavily on the emotion, the sentiment, those sort of things that the market picks up and the buyers actually stepped in sooner than they did to the previous downside? And then we had this small bounce. So the breakdown im, looking for towards around that eighteen thousand nine hundred about nineteen k to me that doesnt look too great because theres really not much left underneath it eighteen two and then of course, that final low at seventeen five. But for me this is probably one of the last legs that we, i would love to see the market hold up and then bounce from thats.
The bearish case scenario to the downside, the upside we hold up from here hold this level at 19.8. Of course lets see the market move up, take out some of those highs. Now i know thats pretty straightforward up down or sideways. I get it but were looking at short term timeframes. Here we need to be open to both ways of the market. So if this is the low that holds now lets look to the bullish case, what happens to the bullish side, 50 percent level – if this is the low 19, 80, 19. 800. The 50 level comes in at 20 800 because the top is 21 800, so its basically just measuring this entire range, which is basically two thousand dollars splitting in half giving us a halfway point. So some of the resistance levels that i could ascertain would be at 20, 500 being the wick lows of this zone, and then the bodies of those candles come in about twenty thousand seven hundred giving us uh and then also our fifty percent at twenty thousand. Eight hundred so obviously theres a bit of a zone here at twenty thousand five hundred to twenty thousand eight hundred. So if it was to come back up there and anyone trading thats where i would be looking at some possible resistance, so i dont see too much in it to the upside. At this point – and at least the positive to it, is that we can keep the stop nice and close, because these levels are pretty close here at 19, 700.
. So the downside emotions will probably get higher if we break through that 19 7. If we dont and we bounce towards it, ill be looking for some sort of rejection up into the mid 20. Thousands with the hope that we break above form a higher low above that level and thats the key to then take on that twenty thousand. Eight hundred again, this level here that was resistance and we looked at it over the last several days on the channel. All of this resistance at twenty thousand seven tried to break above false signal back underneath look. What happened right here got rejected at that level and thats why we know that the market is respecting this particular line at about that 20 400 with those peaks at about twenty thousand seven and twenty one, eight so theyre the levels to the upside that ill. Look for uh in terms of trading, so the critical test for bitcoin is to hold this level. This is pretty critical now that weve come all the way back down and it is really trying to hold up for crypto currencies last chance sort of stuff reason why im saying that is that the market has now reversed and were getting again closer to these lows And i think theres still a lot further downside for cryptos for all coins than there is for bitcoin. You know this is a level that ive been looking for for some time now between the 100 ish 130 40 50 billion up to about 200 ish billion.
Just to these tops here there it is 200 billion, so from the current price to the top of that support zone. Im. Looking at about a 40 for generally speaking on cryptocurrencies now, this will have to play out with stable coins, also uh losing some of their total volume. So some of their market cap as well, because this is made up of altcoins so thats down to about 200 billion theres. Still, what i see over the course of six or so months, maybe even longer more downside for the altcoins and theyre really not bouncing as hard as we are looking for to get them back to that resistance zone of 400 billion 420 30 billion and then back To this zone here at 480 billion, so theres a lot of levels in front of it that can act as resistance. Hopefully we hold up here and then start towards move towards those levels again, just looking at that in terms of support and resistance on a shorter term time frame. So, down to the four hour, we can see that this low 350 billion is basically where the market currently sits. Now i know it sounds like doom and gloom and its the last chance, and potentially this really is the last chance before it comes back to test some of these major levels. You can see it for your own eyes on the chart that this is a significant level for the market to hold.
If we come right back there, it is 330 and that previous low at about 3 24., this in a short term, were on a four hour chart. If this holds up were about an hour and a half away from the close of this four hour, the holds within this zone just looking at a short term tape reading on this chart, then i would probably like to see. Well, i think this what would happen next is it will start to see the market try and test the higher levels? Reason being is that close needs to be in this level because, as the old saying goes, the professionals master or they they are the ones that move the clothes theyre, the ones who control the clothes. The amateurs control the open, the professionals, control the clothes and this happens on all sorts of time frames, dailies, weeklies, four hourlies and right now its this is the battle. The battle is to get a close within this price range. Obviously, we dont want to see it break down from 553 billion thats when we need it to stay for it to not come to this last chance in the market. You know full out lets use solana as one of the proxies here weve been down four one. Two three four: this is our fifth day down now after solana was cleanly very, very cleanly rejected at the 50 level, which was around 42 dollars so thats, the 50 of this downrange move.
It had the bounce on the 12th of may, where the entire market bounced thats the peak that were using to that current low, where we loaded around 13 14th of june and its a very easy, clean rejection that you can see here five days down, waiting to See if this thing can hold up, of course, these levels again for solana are about. Do it 28 to about 30. so 28.5 to 30 and a half dollars which isnt too far from where it currently sits, so that the struggle for salina once we find a bottom, is where does it then come back to test? Is it going to be a higher low? This is what the market always does and then come back down. These are the patterns, or do we find that low and then come back above and start to move higher so that i cant predict? No one can predict whats on the right hand, side of the chart were basically just trying to plan out some of the scenarios so that we have our plan of attack for what we can do next in terms of trades and where this market might go for Solana as the proxy here, the low from where we currently are to the low price about 20 from uh that that low point at the moment and as for eth with all of the major mergers coming up and have happened, it really isnt. Holding up that great.
I mean slightly better than solana, but really it hasnt moved up anywhere near as much as celina from the that crash it had on the 12th, and this is the same 50 range that were using this was the bounce. This is the crash low, its really nowhere near 50. Didnt even take that out, and it pretty much only it didnt even make the previous 50 level, so it is looking quite weak on on the bounce as well for ethereum across the board. The main thing that we need to be aware of when it comes to the emotions of the market, probably over the next day to three or four days, is if the market breaks down from these little swing. Lows that are put in back around the 22nd of june, if we look to bitcoin, that was on the 23rd 22nd of june as well, which is where it currently sits. You can see. East is just slightly higher if it breaks down from these 22nd of june. Lows: well probably see some very high emotion coming back into low, because people will then fear that the market is coming back to take out that current low, because its still fresh in a lot of peoples minds how much this market did crash and theyll start to Fear that were going even further down from that 880. The fear then comes in that. Yes, this is real. The market is going to zero were going to some extremely low prices and thats usually another signal that were not going to go there, because the emotion is so extreme fingers crossed for the test on bitcoin.
Today, we need to see it hold up at 19, 700 cryptos on the last leg here well have to see what happens over the next hour or so so stay tuned for that stick around subscribe, like the content up support the channel enjoy the thumbnails and the Titles, its all for good fun, especially in the bear market. Thanks for your comments, let me know what you think of the content down below in the comment section, of course, in the video description links to buy a bit to 4 400 of sign up bonuses using the link down.