Bitcoin bull run price to not cross
He'll be glad to know there's a very short and sweet update and outlook here on bitcoin because we've already covered so much detail in the previous video, so as you'll see here on this chart of bitcoin on a four-hour timeframe is a four-hour timeframe of bitcoin. I'm going to show you in a few moments what the significance of these Bitcoin price levels are on my chart. These two thick red lines here, what they mean, and these two thick blue lines on my charts, so I'm going to. Explain to you what they represent and what is the significance of that in just a few moments. Now, let's just go for a moment on the daily timeframe this, switch that to a daily timeframe, and now in the previous video I talked about the FIBONACCI and if you haven't seen it, go ahead and see it. Let me just go ahead and draw the FIBONACCI levels here from the left, from the lows to the high here.
Okay? Now as you can see here that I had a few questions about this and here's all I got to say. You just keep it simple guys. One of the thing I've always realized when it comes to market analysis now, any market, doesn't matter if it's bitcoin or stocks or whatever, always keep it simple. The simpler you can keep your analysis, the more likely you'll be able to make decisions and make sense of what's happening on that market. So the line in the sand, for me, the line in the sand for Bitcoin is this 61 point eight percent fib level. Okay. The FIBONACCI level and that puts it about the 7,700 level by the looks of things. If I'm not mistaken, if I just put a just put a horizontal line at the 61,8. Yeah, that puts it about 7,700 there. Okay.
Bottom line is this, so we've had this rally. Bitcoin is had a pullback here or indeed a retracement, a corrective move and by the looks of things is holy enough. Fifty percent retracement at the moment, but here's, here's the bottom line. As long as we're holding above the 61,8 percent golden ratio level, which again the 7,700 level.
Then the odds favour a potential rally move higher on Bitcoin. Okay? If we fall below the 7700 level and it was a closed below it. Now when I say close, that means if on the daily timeframe they price closes at the end of the day below that particular 61,8 percent level below 7,700, that increases the odds of a potential move down to test the federal April, Lowe's. Okay? But as long as we're above this level, and as long as we have not closed below that 61 point eight percent level, the Bitcoin still favour the bulls rather than the bears.
Okay? Simple as that. Just keep it simple and there's no need to complicate it. Now you'll see I'll mark that level for you. That 61,8 percent level, and let me go ahead and change now to the four-hour timeframe and let me just zoom back a little bit here. In fact, let me just remove this Fibonacci levels completely so we can see the chart better. Now you will see this thick blue lines here on my chart and these thick red lines here in my chart. Now that's an indicator we developed and also we're looking to release this year's cold, the market profile indicator and essentially with this indicator can see where the highest degree or highest volume of buying and selling has taken place and the thicker those lines are the more significant has been the buying or the selling so he can see for example, these blue and red lines are very thin, so that means there was very thin amount, very low amounts of buying or selling at those levels, but you will see there's a very thick.
These thick red line is here and he's at this level, at this price level, which was about the 9740, 9730 level. There's been a quite a lot of selling. So what does this mean? What does it tell us? It tells us that if bitcoin managers to come up to previous levels and your 9741, we might see some selling taking place. In other words, when my its sellers technical control at that point, because that is the level we've last seen a lot of selling, taking place, all right, so that that is a level which bitcoin might see a hurdle and we might see failure. Now also, you can see from levels here underneath, these are the blue levels, blue market profile levels, which means what it means. There's been quite a lot of buying at that place, which means that if bitcoin comes down to those levels at 6550 or 6400, that means those are the levels which most likely we're bringing in buyers into the action here and we might see a potential bounce off those levels. All right, so those are very interesting levels to keep an eye on in case we see a test of those levels in the near future. But personally, as I said before, let's just keep it simple. This red line, I've drawn here at 7700 61,8 percent retrace.
As long as we're above that bitcoin price level, the odds still favour the bitcoin bulls and we're still might. See buyers can control. All right guys, so this video is help and if it has please give it a thumbs up and also please remember to subscribe to our videos or updates.