 so we are back at the extreme fear levels that we haven't seen since back in may if you look right here the difference between right now and may is the price where we're currently sitting around 42,000 and back then in may when we were at these fear levels we were sitting around 30,000 this is definitely beginning to look a lot like what happened back in may in June so if that's the case does this mean that this is the bottom here the same way it happened back in may or can we lose this level and see further downside stick around to find out in today's video hey what's up j here and welcome to bitcoin daily bringing you guys the best tips tutorials and ideas to help you guys become profitable and successful investors the goal of this channel is to empower you guys the community with the knowledge and resources to take your wealth up to that next level so if you guys are new to the channel don't forget to subscribe turn on notifications and make sure to smash the like button let's try to get this video up to 100 likes so that bitcoin can bounce up so before we get into the video guys please use stop losses people just continue to get wrecked another half a billion dollars lost to liquidations over the last 24 hours all right now that we got that out of the way let's jump into these charts so if we zoom out and look at the chart you guys can see that we are currently at a very very important support level you can see that last time we dropped down to this level we did get a bounce back up which led us on our rally all the way up to set new all-time highs we've also had this exact level here as resistance before multiple times so as you can tell it is a very very important level also you guys will see that we have this ascending support level that's basically held this entire bull run up right so if we were to lose this level it would be a very bearish sign very bearish signal because we will lose basically everything that points to a continued bull market we already lost a 50 week moving average and if we also lose this level we're probably going to see the same levels that we saw back in May and June I would think and we could even perhaps to cause max pain and fear go even lower sweep these lows here and maybe test like that 25 to 20 thousand dollar range however I'm still bullish guys as long as we hold here I am still a believer this is to me this is my breaking point 40 thousand 40 to 42 thousand dollar range I've been pointing this range out for weeks if not months and it's for a reason so if we look at these heat maps to see exactly where people's orders are currently at you'll notice that the majority of orders are at this 40 thousand dollar range so this is the order book here and if we look here for the big orders you'll notice that at 40 thousand 500 dollars we have a bunch of orders there that's a buy wall right there so there's a bunch of buy orders and if we go lower this one looked big right this this candle right here if we go lower look at this candle this candle takes up literally the entire thing right there right you see that you see this candle look at this one it takes up the entire thing this is basically the equivalent to the Great Wall of China that's sitting at 40 thousand dollars beyond that then the next big buy walls are sitting at 38 thousand 500 38 thousand flat you can see that's a big buy wall there as well 37 680 and so forth you know there's gonna be a bunch of different buy walls as you go down onto different supports but right now the important one is 40 thousand 500 and 40 thousand even right and even 40 thousand 300 is now becoming a buy wall as well so we have a lot of support in this area if you look at this 12 hour candle you can see that it's been bought and pushed back up looking at the four hour candles we're already green on the four hour candle and looking at the daily you can see that we've been pushing the prices back up here now of course just because there's a lot of buyers there it doesn't exactly mean that we won't break through it as you guys can see right here we had something similar the buy walls were not as big but you can see there we had around 200 it says 286 orders there currently at 40 thousand we have like triple the amount of orders right so because at 40 thousand alone we're sitting at 403 bitcoin orders then of course at 40 thousand 500 we have another hundred orders at 40 thousand at 39 900 we have another hundred orders so we've basically doubled the amount of orders that we had when we lost this 45 thousand dollar range here the last time that we lost that we broke through a buy wall right so if we go even further out and try to look for other times back in history when we've had these big buy walls and how the market reacted to it we'd have to go all the way back to the may june july you know mini bear market correction period right so if we look all the way back here you can see that we see a lot of these yellow lines okay so these yellow lines each yellow line represents a buy wall the thicker and the brighter the yellow line is the more buy orders that there are at that area the lighter and the harder it is to see then the less buy orders right and also the different colors is because there's also less buy orders so if we zoom in here you'll see that we had a lot of these buy walls here we had one right at the bottom of that flash crash when we had that which of course helped the prices go back up then we had one throughout this entire period here and you can see that we did dip under it but it was quickly bought up and pushed right back up again the buy wall here held up the buy wall you see that we have two different buy walls here we had one here we had one here and those held up pushed the price they ended up you know pushing the price back up which started our new rally so now if we come back to where we currently are right now it's starting to look a lot like that flash crash right we have the big wick down then we have the big bounce back to the upside we have a bunch of consolidation and then we have continuation down sweeping the previous flash crash lows so that's exactly what it's looking like right now and then now we have this big buy wall here so now the second part of this theory here is if we go back to trading view and we compare the two moves so you can see back here in the beginning of 2021 that we had this rally up and i'll pull back right so we set a new all-time high here then we pulled back to this zone right here and then we continued up to set up a new all-time high then when we got the big flash crash back in may you'll notice that this crash this low here basically went down to these lows so if we look at what's currently going on we had a run up we had a pullback and we set new all-time highs now we've had this massive correction down and the flash crash low is the same as the lows in this area of that pullback so now after setting this flash crash low the prices continued to grind down slowly and ended up sweeping the flash crash low right but it never swept the low of this initial pullback here months before so again if we look at where we are currently you'll see that we had the flash crash low you'll see that we just swept those lows right so we went below that but we have yet to sweep the lows of this previous correction here then of course here we also had this ascending support line here that also helped hold us up here and if we look at where we're at now we have this a same exact setup the same ascending support line is here meeting up with the same pullback support where we had so it all kind of ties in together and it just feels like we're doing the same thing that we literally just did so we have fear at the same point that we were back during this pullback we have the supports set up exactly the same as we had back during this pullback we have the same exact long-term support that's held us up this entire bull run and we have the same exact by walls that we saw last time that we had this type of pullback so it's just so many things are lining up pointing to the same story it's hard to just disregard it now my final theory and i'm gonna end the video with this one is are we back in a accumulation schematic after a distribution just happened right so do you guys remember back in may june when the wipe off patterned was the cool thing to do for every youtuber so we decided to revisit currently where we are in the market and compare it to the accumulation schematic so if we pull it up right now this is kind of the idea this kind of what it gives us what it looks like at the moment so first of course we have the preliminary support right once we lose it then we get the selling climax after the selling climax we of course get the automatic rally where everything bounces right back up then we get the secondary test after the secondary test which is when it grinds down a little bit we usually get a bounce back up back to the resistance zones which is exactly what we saw here where we got rejected at $52,000 which is a major resistance zone if you look at the way the schematic is we always retest that line up there which is higher than the automatic rally which is pretty much how it looks here so this brings us into where we currently are in phase b right we have after the secondary test move back up we get rejected again and it gives us our secondary test in phase b which is exactly what this looks like here so according to the wipe off accumulation schematic theory we're supposed to be bouncing here back to the 50 to $52,000 range which is the resistance lines and then at that point we should see another rejection that brings us either back down to the same levels or it gives us the spring which breaks it sweeps the lows and gives us another lower low before then finally pushing us up so so far we're getting that secondary test which is of course lower than the selling climax so it's testing the support levels again to confirm them and then we should be getting something like this where it kind of go back over here to this resistance line here before then getting rejected again and gain getting into the spring now the spring is usually lower than this secondary test so we could potentially get a break of 40,000 for a very small moment before then getting a push back up getting another test one more time and then continuing up into phase d at that point we'd see something like this where we test this one more time show some strength and then finally break out and continue to the upside so if what we're seeing right now is this current schematic this is kind of how it should play out it's not gonna play out exactly to this timetable and to these levels but it's more or less a guide on what we can expect at certain levels so if we do get this bounce like we're seeing right now and we see the price jump all the way back up to 50 it'll kind of validate what we're currently going through which is somewhat of an accumulation schematic here so at that point we should expect another rejection and another test of these lows before we can actually continue higher so those are my theories guys to recap what we spoke about right now it's currently looking very similar to back in May and June so we took a look at both and compared them saw many many similarities we also saw that we have a big buy wall at 40,000 dollars then we tried to make sense of the current price action that we're seeing by using the Wycoff accumulation schematic and it looks like it could be playing out if we see a bounce here up to 50 and we see a rejection at 50 then that would kind of confirm that we are in this accumulation schematic currently and it'll give us a better idea of what to do next so i hope you guys have enjoyed this video if you guys are new to the channel don't forget to subscribe to the channel turn on notifications if you guys been here before you already know what to do if you guys been here before you already know what to do make sure to smash that like button and if you have any questions regarding anything we've covered today drop it in the comments i'm always happy to respond that's it for us today guys i'm actually on my way out of here i'm going out of town i will be in vegas for the next few days but i will see you guys all back here on monday as always guys peace and love