BITCOIN, Decisive BROADENING-WEDGE Develops, Important Levels!


Welcome to this analysis about Bitcoin and the 4-hour timeframe perspectives. In recent times Bitcoin has shown up with important volatile movements in the structure and when considering the fundamental news they are equally volatile reaching from bullish developments such as the Bitcoin ETFs finally approving to bearish determinations such as regulatory issues taking place and accelerating. In this case, now I discovered the main formation Bitcoin is forming that will be a pivotal driver of the upcoming determinations, especially when it completes it will be an origin of a strong breakout and increased volatility, therefore, I discovered all the central developments, structural formations, and upcoming determinations.

As when looking at my chart now we can watch there how Bitcoin is recently testing the 20-EMA in green and the 65-EMA in red again below which Bitcoin already pulled back several times previously. Besides that we can see the major formation forming here that I have marked with the blue boundaries, which is a massive broadening-wedge-formation with the coherent wave-count in the wedge and the waves A to D almost already completed. As Bitcoin is now about to finish the wave D in the structure there is an important head-and-shoulder-formation forming with the end of this wave D. In the next times it is likely that this head-and-shoulder-formation completes and points to the origin of the wave E that finalizes the whole wave-count.

Taking all these factors into the consideration now we should be prepared for upcoming bearish encounters especially when this head-and-shoulder-formation completes in the structure and Bitcoin moves on with the bearish determinations this will lead to the testing of the lower support levels that can convert into an appropriate back-up-zone when Bitcoin manages to bounce within as the whole wave-count has been completed then. Once this happened and Bitcoin manages to continue with a bullish demand increase this can lead to the completion of this whole formation when Bitcoin closes above the upper boundary activating further bullish continuations and upside-targets. For now, we should not keep the immediate short-term bearish-determinations from the desk to be prepared on it and look on how Bitcoin approaches the main targets to move on with the suggested development further, it will be a crucial determination.

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