Hello Traders Investors And Community,
Welcome to this analysis about Bitcoin, we are looking at the hourly timeframe perspectives. As already mentioned in the previous analysis Bitcoin on the more global perspectives has developed this main descending-channel-formation in which it is likely to follow up with the testing of the upper boundary, if you did not see this analysis already I highly recommend it to watch as this one is building coherently upon it.
As when looking at my chart now we can watch there how Bitcoin has developed this initial channel-formation on the hourly timeframe perspectives. Within this channel Bitcoin has the coherent wave-count and the waves A to B already completed within this channel, the next minor wave C remains which will complete the wave-count within the channel, this development will also be part of the major wave-count therefore the minor wave-count will form the major wave B in the structure. Basically, there are two potential zones in which Bitcoin can bounce here, firstly it is the 25-EMA in red and the 100-EMA in green or Bitcoin bounces within the lower boundary. When Bitcoin then manages to breakout above the upper boundary of the channel it will complete the formation as a bull flag and activate upside targets marked in my chart in blue within the 38300 levels that will be pointed in the upcoming times after confirmation.
Taking all these factors into consideration now it will be the smartest to wait on the final validation when Bitcoin shows up with the breakout above the upper boundary, this is a better option compared to just rushing into the market as it is seen often these times. After the formation completed and Bitcoin moves into the suspected target zone it needs to be elevated how it reacts to it and if there comes a continuation of bullishness or Bitcoin firstly pulls back which is not unlikely in this case.
In this manner, thank you for watching the analysis, will be great when you support it with a like and follow or comment, great contentment for everybody supporting, all the best!
“The greatest enlightenment comes, when the market realizes its infinite nature.”
Information is only educational and should not be used to take action in the market.
Welcome to this analysis about Bitcoin, we are looking at the hourly timeframe perspectives. As already mentioned in the previous analysis Bitcoin on the more global perspectives has developed this main descending-channel-formation in which it is likely to follow up with the testing of the upper boundary, if you did not see this analysis already I highly recommend it to watch as this one is building coherently upon it.
As when looking at my chart now we can watch there how Bitcoin has developed this initial channel-formation on the hourly timeframe perspectives. Within this channel Bitcoin has the coherent wave-count and the waves A to B already completed within this channel, the next minor wave C remains which will complete the wave-count within the channel, this development will also be part of the major wave-count therefore the minor wave-count will form the major wave B in the structure. Basically, there are two potential zones in which Bitcoin can bounce here, firstly it is the 25-EMA in red and the 100-EMA in green or Bitcoin bounces within the lower boundary. When Bitcoin then manages to breakout above the upper boundary of the channel it will complete the formation as a bull flag and activate upside targets marked in my chart in blue within the 38300 levels that will be pointed in the upcoming times after confirmation.
Taking all these factors into consideration now it will be the smartest to wait on the final validation when Bitcoin shows up with the breakout above the upper boundary, this is a better option compared to just rushing into the market as it is seen often these times. After the formation completed and Bitcoin moves into the suspected target zone it needs to be elevated how it reacts to it and if there comes a continuation of bullishness or Bitcoin firstly pulls back which is not unlikely in this case.
In this manner, thank you for watching the analysis, will be great when you support it with a like and follow or comment, great contentment for everybody supporting, all the best!
“The greatest enlightenment comes, when the market realizes its infinite nature.”
Information is only educational and should not be used to take action in the market.
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