Welcome to this analysis about Bitcoin, we are looking at the 2-hour timeframe perspectives, the recent events, the recent bearish encounters that showed up, and what we can expect the next time. Recently Bitcoin has formed this significant bearishness to the downside almost moving below several supports which was initially expected as I mentioned in the previous analysis, it was also good for us within the channel to secure profits within the market and protect out positions, now Bitcoin is forming interesting structures as I discovered that will be worthwhile for upcoming determinations, therefore we are looking at all the important levels and likely outcomes we should consider with Bitcoin and upcoming destinies.
When looking at my chart we can watch there Bitcoin clearly moved below this 30100 support it has previously which is initially bearish and should not be kept by side in this case however Bitcoin firstly bounced after moving below which is nor extremely bearish, furthermore, Bitcoin has established this huge descending-channel-formation marked in my chart with the black boundaries in which it established this important coherent wave-count to the downside already completing waves A to C in the schedule and now moving into the wave D that will run directly into the strong upper resistance-cluster and therefore likely to be the origin of a bearish pullback and final wave E to develop in the structure completing the wave-count.
With Bitcoin established this descending-channel-formations there are some possibilities given with a reversal when Bitcoin manages to show up with the proper price-action this is when Bitcoin manages to bounce within the lower support decisively after completing the whole wave-count, when Bitcoin shows up with such a price-action then this can lead to a great channel-breakout and therefore the finalization of the formation and pointing to upside targets, taking this into consideration it is of inevitable high importance that Bitcoin does not increase with bearish pressure further and increase the bearish edge moving below the lower supports because this will invalidate the formation, for now, it will be important and illuminating how Bitcoin moves on into the resistances.
In this manner, thank you for watching the analysis, have a good day, and of course good trading, all the best! "The high destiny of the market is to explicate, rather than to speculate."
Information provided is only educational and should not be used to take action in the markets.
Good analisys. Thanks for sharing
Can you show why that is a "Lower Support" ? I see it around 28.200 and around 24.200. Thanks if you can explain with a graph.
RichardDavisFX
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Very detailed analysis as always, Idea looks good, now we need time to see what happens! Thumbs up!
If you could check out My Idea and share your opinion, it would mean a lot for me!
shimmeringpath
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Thank you for these daily updates , everyone in my Telegram group likes you. I tell all of them to come check you out here .
neofx11
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I have 26k as a major support zone also. Should bounce there with new ATH s soon I think
VincePrince
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Post your comments, questions, and ideas about BITCOIN here.
RyodaBrainless
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@VincePrince, Thanks for sharing, Handsome... Great set up