Bitcoin Rejection at Liquidity Level

In this section, the speaker discusses how Bitcoin was rejected at an important liquidity level of $27,350 USD. They also mention that the Fibonacci retracement level of 0.5 was hit with exact dollar accuracy.

Key Points:

• The most important area to pay attention to is above the previous highs where a lot of people have their stop losses.

• Open interest decreased on both buy and aggregated charts, indicating money leaving the market and potential bearish indications.

• A bearish pin bar candlestick pattern appeared, leading to a rejection towards downside.

• The swing failure pattern above the previous high happened on significant volume increase, triggering a potential short or sell position.

Potential Five Wave Structure for Bitcoin

In this section, the speaker talks about a potential five wave structure for Bitcoin and how they believe it could be starting its third impulsive elite wave towards downside.

Key Points:

• If we finished our impulsive elite wave towards upside, we can expect a potential five wave structure towards outside.

• A rejection from 0.5 Fibonacci retracement level indicates a potential start of third impulsive elite wave towards downside.

• Third impulsive elite wave's first target is 1.618 Fibonacci extension level which aligns perfectly with daily timeframe area of support at $24,300 USD.

• First price target should be liquidity level at $25,800 USD followed by another Fibonacci extension level before reaching daily price target.

Plan for Bitcoin

In this section, the speaker shares their plan for Bitcoin, which is primarily bearish.

Key Points:

• Primary plan is bearish with lower targets at liquidity level, $25,200 USD and daily price target of $24,400 USD.

• Second target is slightly above liquidity level at 0.618 Fibonacci extension level.

• Potential descending channel identified on Bitcoin price chart.

• First link in the description can be used to trade Bitcoin and Ethereum with a secure $30,000 USD free trading bonus.

Bitcoin Technical Analysis

In this section, the speaker analyzes the technical indicators of Bitcoin and provides insights on potential support and resistance levels.

Potential Support Levels

• The mid-level of the descending channel is a local support level for Bitcoin.

• The golden Fibonacci ratio area could also be a potential support level for Bitcoin.

Potential Resistance Levels

• The previous lows and highs at $27,030 USD are now a new level of resistance.

• If Bitcoin tops out at the 0.5 Fibonacci retracement level, then $28,500 USD becomes another important area of resistance.

Short Position Strategy

• A brand new short position can be taken at the confirmed one hourly order block at $27,030 USD.

• Stop loss should be placed above the previous high or even better above $28,500 USD if taking profits from short position.

• Target price for short positions is around $25,800 USD where previous lows align with bottom of descending channel.