Bitcoin comes to a lows of a February. Will bitcoin can hold these lows and start new Bull up trend?
Now in my previous video that I posted last week, I mentioned some important levels on Bitcoin to keep an eye on and if it does a zoom back a bit here so we can actually see the full picture here on bitcoin. You can actually see exactly these levels on my chart. This is what I'm looking at here is an eight-hour timeframe chart of bitcoin. Let me zoom in here and before I go through these market profiles levels on the right-hand side, let me just quickly do this here for you. Okay, so we're going to. What we're going to do is we're going to measure from this low to this high. So let me just get my Fibonacci tool here. Drag from the low to the high. Now as I mentioned in the previous video, I said that if bitcoin falls below this golden ratio level, that's what you see there to 61.8 percent retracement level.
Okay? If it falls below that and it certainly, if it closes below that, that is going to increase the probability increase. The odds that we're going to head back down to the previous lows that we formed the previous February, April, Lowe's, okay. In other words, whenever price usually falls below the 61.8 percent retracement level, it increases the probability that the price will go back and retest that's previous low to about a probability of 85 to 90 percent. Now, some FIBONACCI purists, if you want to call it that, disagree with that, they say, no, you've got the 78.6 percent level, but you know what doesn't really matter. It really makes very little difference. Now, I do just want to get rid of this FIBONACCI levels on my chart for a minute and just show you this now, apart from the fact that we've got some supports underneath here, which I'll tell you about in just a few moments, uh, just zooming back a bit more, I want to show you this, which is, you will see there is this trend line.
Okay? That's the purple line of drawn in my chart. So as you can see, I've drawn this purple line here, connecting these major lows. Okay? And if we just put a line through them, because I've done, you can see here, there is a probability that there may be some support right at this level, if in case bitcoin comes down to that level. So there's a small probability that if bit coin comes and tests that level, we might see a bounce off of those levels. Would it be enough to gather momentum and actually pushed bitcoin higher? Maybe that, I personally doubt it. Uh, I think the more likely scenario is that will come down and retest the previous lows. And in fact, this is the level I'm really interested in, which as you can see here on my chart that's shown to you by this, let me just show you here has shown to you by this blue horizontal line that you see on my chart.
And now I've talked about this horizontal line before. This is my market profile indicator, which I'm hoping to release this year. But essentially what that line here means is that there has been a tremendous amount, quite a lot of buying activity at that level. Now the thicker this line is means the more activity that has been at that level, so that level had the 6,450 to 6, 470 level. There is going to be a key level for bitcoin and bitcoin comes down to the level. Okay, let me just remove these lines. If bitcoin comes down to the level, it's quite likely we might see buyer stepping in and then potentially pushing bitcoin backup higher. Now we'll have to wait and see if indeed buyers do re-join the market at that point, but also as you probably noticed on my chart, there's also another level you want to pay attention to which is right over here and these are the thick red lines or almost thick red lines that you see on my chart at this level.
Bitcoin up trend key marks
That's at the 9,700 level. Now you want to mark your chart at that level. Okay? Because if at some point the next few months, maybe this year that bitcoin comes back up and retest that level than this particular market profile level you see on my chart and that shows us there's been a lot of selling activity that point that is going to hold resistance for bitcoin and Bitcoin is to push through that. Okay, so bottom line is keep an eye on that level market on your chart because if you come and test that level at some point in the next few months, not level is going to be very important indeed for bitcoin are guys. So that's what I got on that level. There is going to be the line in the sand for bitcoin.
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