Bitcoin, Channel Formation, Possible Bear-Flag, Important Zones!

Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin, we are looking at the 2-hour timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. Since Bitcoin has shown up with heavy bearish volatilities to the downside it has somewhat managed to hold the level and initially stabilize, nevertheless it is now of high importance to elevate rather Bitcoin manages to hold this level and stabilize with an ongoing continuation or shows up with further bearish pressure moving to even lower levels, in this case, I discovered the underlying formation Bitcoin is forming now that can lead to the testing of important zones within the structure.

Structural Developments:
As when looking at my chart now we can watch there how Bitcoin is about to develop this major ascending-channel-formation marked in my chart in blue, besides that Bitcoin has a coherent wave-count within the formation already completing waves A and B within the schedule and now with the wave C ongoing, this wave C is likely to move into the upper levels where a strong resistance-cluster is lying marked in my chart in red, when Bitcoin moves into this cluster a pullback to the downside is highly likely and should be expected. After that when Bitcoin finally closes below the lower-boundary this will lie ground for the initial bearish continuation to test the lower support marked in blue from where crucial decisions will be inevitable.

Upcoming Determinations:
Taking all these factors into consideration Bitcoin is now in a situation where it will decide in which direction it will go when this potential bear-flag completes as suggested. Taking this further, when Bitcoin manages to stabilize within the blue support this can lead to potential testing of higher levels otherwise when this does not happen and Bitcoin continues to increase bearish pressure a bearish continuation will follow below the supports as marked in my chart with the bearish-continuation-zone. For now, the bearishness is still omnipresent and Bitcoin will show if it manages to back-up here sufficiently or continues to show up with bearish continuations, it will be an important and interesting development.

Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, all the best!
"The high destiny of the market is to elevate rather than to speculate."

Information provided is only educational and should not be used to take action in the market.