Bitcoins Next Big Move Will it Hit the Range Lows at 21k?

23 Aug 2023 · 1 min

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In this video, The Art of Crypto examines Bitcoin’s recent price movement on the Binance spot chart, focusing on the concept of sweeping range highs and the subsequent tendency to move toward range lows. The presenter notes that while the range highs have been cleared, the price has not yet swept the range lows or the candle‑body line, indicating a potential downward move. He identifies a fair‑value gap around $21,000 as a key support level to watch, suggesting that Bitcoin may find support there before a possible long‑position setup emerges. The analysis is grounded in price‑action theory and technical chart observations, with the trader expressing cautious optimism that the $21k level could act as a pivot point.

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Bitcoin went from taking out the range highs, which was my theory why Bitcoin was going to go down, because you have already swept the range highs. What happens when you sweep the range highs is that you tend to go for the range lows. Now, on the Binance spot chart, you can see that the price has not yet swept the lows, which would be theoretically speaking over there. But if we draw a candle, if we draw a line on the candle bodies, you can see that that has not yet been swept either. You can see that price has indeed taken out the range low. And right now there remains one further target down below. For Bitcoin to reach for before we potentially start looking for a long. So basically everything is pointing to the fact that Bitcoin might potentially come back to this fair value gap over here. So that is a level that we want to be watching, which is at $21,000. I personally don't think so. In fact, personally I'm looking for this level to find support and then another setup kind of like that, but that is purely based off of the price action as a trader.