You can right now see. Bitcoin is actually seeing another pull to the upside, but on the hourly time frame as a right now, we are actually forming a bearish pattern and in this bitcoin price prediction video, i am going to show you the exact price target. If bitcoin is actually going to see a pull to the downside, we are going to be discussing why we have a super bearish indication on the daily time frame on bitcoin on different indicators. But if we go right now back on the hourly time frame, you’re actually going to see if we do connect our higher highest right here with a trend line and connect our higher lows, you can actually see that on the hourly time frame, it actually does look Like we could be, maybe even forming some kind of the rising wedge pattern, maybe even an ending diagonal, if, of course, we would be looking at the elite wave price structure and the measured price target looking at the rising wedge pattern, of course, would be the start Of the rising wedge pattern, around 42 400 us dollars on the bitcoin chart – and you can also right now see it definitely does. Look like the price target for the rising wedge pattern would be around our daily horizontal support level around forty two thousand two hundred us dollars here on the bitcoin chart, where we actually also do have our weekly fibonacci pivot point, because it definitely does look like our R1 weekly fibonacci pivot point aligning with our daily horizontal support level and also remember because this is actually the start of our rising wedge pattern.
This was actually the higher low bitcoin actually formed. So potentially maybe we could even be expecting some kind of the swing failure pattern of our previous low, touching the daily support level potential. Of course, bitcoin could continue its way to the upside. If, right now, our rising watch pattern is actually going to see a break to the downside. Also in this video i am going to be talking about where, in my opinion, you could actually be interested going with a short position if bitcoin is actually going to go to a very important and specific resistance level in the next couple of hours.
But let me go right now, actually, first on the daily time frame, because here i would actually like to show you the volume that has been made for bitcoin for the past. Let’S say couple of months or let’s just say for the entire year, what we can do right now we are going to go with the fixed range volume profile and we are literally going to measure the entire volume transacted in this specific year in 2021 and what You can right now see where bitcoin is actually at the moment. We literally do not really have any major volume resistances, because you can see that where bitcoin is at the moment, we already have a hole in this volume profile indicator right here and the first volume cluster you can see here. It’S actually going to be around the weekly resistance level. I was actually showing to you already on yesterday’s live stream, so you can actually see volume started increasing when we actually have our weekly resistance level around 45 200 us dollars and where we are at the moment.
We are literally, we do not have any major volume resistances yes right now. It is actually true that if you do apply your weekly fibonacci pivot points on the chart, you can see that our r2 weekly fibonacci pivot point is actually acting as our resistance level. Of course, but nevertheless, right now where we are at the moment, we do not really have any major volume resistances and maybe, if bitcoin is going to continue its way to the upside next. First, major resistance level is going to be 45 200 usd and this right here if this area is going to be hit, combining with a bearish indication on the daily time frame. In my opinion, there could be definitely a very nice opportunity to go with a short possession of bitcoin, but before right now we actually talk about where we have support level before we actually talk about the ascending channel.
Bitcoin is actually right now forming. If you haven’t already, please do smash the like button, because the goal for this video would actually be to reach at least 500 likes make sure the like button down below actually does turn blue. Thank you very much. So let me right now. First show you where we actually do have fibonacci channel support level for bitcoin.
If, for example, right now, we are going to see a pull to the downside, so we are going to go with the fibonacci channel using the logarithmic chart right here, and you can see that if we go on the hourly time frame, we are going to have Our diagonal support level from the fibonacci channel around the specific area, around 41 000 us dollars here on the bitcoin chart and remember yesterday’s live stream. Why this specific area for btc? It’S actually a crucial and major support level for bitcoin, because if we would right now actually go with the fibonacci retracement measuring from swinglow to swing high, you can actually right now see that our golden pocket for bitcoin is literally right. Now almost perfectly aligning with our previous lows right here and also with our previous highs, and because of that, we also have some kind of a horizontal support level around our golden pocket and also almost exactly right now around our diagram support level forming with our fibonacci Channel right here, so definitely i would say if bitcoin does see right now, a pull to the downside. First support level or first major support level, actually would be 41 400 us dollars because, of course, the first support level, as i mentioned before, would actually be our daily horizontal support level around 42 200 us dollars here on the bitcoin chart and also right now, if We do remove our support and resistances on our chart.
Let me go on the four hour time frame, because here you are definitely going to see. We have a low right here on the bitcoin chart. We also have right there a higher low and also, of course, a higher high. If you actually look like that and because right now we also have three different pivots on the bitcoin chart. We can actually also make a channel right here, so we are going to connect our low with our higher low, extending this one higher to the high right here and what you got.
What you are going to see right now is that we definitely have a beautiful, respected, ascending channel on the bitcoin chart, our middle level very nice support level, support level right here, beautiful resistance level and, of course, as of right now also the diagonal support level right Here, the middle level of the s10 channel is definitely acting as our support level. So remember what i actually said before. If we would go and apply our horizontal support levels on the chart, we have the daily level right here. We also have the ascending channel or actually the middle level of the ascending channel exactly right here and because of that, definitely, if bitcoin is right now actually going to see a pull to the downside. Our first support level i would be paying attention to would actually be around 42 200 us dollars here on the bitcoin chart and if you maybe actually want to trade, bitcoin or ethereum below the like button down below in the description, you can actually get up to 1.
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So if we would right now actually apply on our specific chart, our dags on resistance level, we were already looking on yesterday’s live stream. You can actually see bitcoin got the daily close above our diagonal right here, which, in my opinion, would actually be considered being a bullish indication for bitcoin, so potentially right now, if actually our rising watch pattern is going to see a break to the downside. Of course, our diagonal support level. This area right here could be, of course, bullishly retested and remember what i also said before exactly at the specific area, we are also going to have our horizontal support level, which is right now being, of course, formed with our uh price structure being set. Our lows, and also our highs, are being right here and also, of course, our golden pocket and also our fibonacci channel, as i showed you before support level, it’s actually also going to be right here.
So, as i said before, if right now, we are going to see a pull to the downside. Our first support level is going to be our daily, the next one. It’S actually also going to be our diagonal support level from this potential bump and run pattern forming at the moment here on the bitcoin chart and also right now, if we are going to go on the, let me actually go on the daily timeframe, because yesterday i Was already mentioning to you where we are going to have, of course, a massive resistance level for bitcoin, and our massive resistance level, of course, is going to be our weekly level, aligning with our yearly volume weighted average price, because once again, if we do apply our Yearly v web on the chart, definitely both of those levels right here are definitely aligning. So what would i actually right now say if bitcoin is actually going to see another pull to the upside? Maybe in the next couple of days, maybe in the next couple of hours, if you are then going to also go on the indicator, such as the macd indicator, if you are going to go with the rsi indicator and also if we actually go with the money Flow indicator.
What you are right now going to see that on the daily time frame, we are definitely looking bearish on all of those indicators. It is right now true that those bearish divergences for the indicators are still actually not confirmed, but nevertheless, right now, if the rsi is going to see a pull to the downside, also money flow pulled to the downside, lower highs on the indicators lower high, also potentially On the magnet indicator higher high on the price action of bitcoin, definitely this right here is going to give you bearish divergences on a daily time frame, literally on every single important indicator here on the bitcoin chart. So the thing is right now: if we do see pull to the upside to the weekly resistance level, 45 200 us dollars plus, we are also going to see those bearish divergences. In my opinion, definitely you could be more interested going with a short position here on the bitcoin price and also on top of that right now applying our athlete stochastic cg oscillator, on the four hourly time frame as of right now, we are actually also forming potential. Double top pattern right here, which of course also would be considered being a bearish indication on bitcoin.
So if you are right now, actually asking yourself, should you be looking to go with a long? Should you be looking to go with a short position on bitcoin? In my opinion, right now the best or, i would say the best opportunity to actually be looking to go with a long position, of course, would be around the support level and the first support level, as i mentioned before, would actually be our daily support level. If this daily right here is going to see a break to downside, maybe if we are actually not going to see swing failure pattern of our previous low. The next support level, of course, would be around 41 400 us dollars here on the bitcoin chart and also right now, if we are going to see a pull to the upset right here.
Definitely here around the weekly level, i would be more than interested entering another short position here on the bitcoin price. If you haven’t already right now make sure you actually do smash the like button, because the goal for this video would actually be to reach at least 500 likes right now. You can actually watch one of those two videos through popping up on your screen. Thank you for watching and, of course, peace out.