BITCOIN, Paramount Channel-Breakout, Key Determinations Now!

Hello,

Welcome to this analysis about Bitcoin and the main 2-days timeframe perspectives. As Bitcoin recently showed up with heavy bullish volatility in the structure due to short-liquidations that have taken place in the accumulation-phase with smart money operators accumulating even before these heavy bullish volatilities increased Bitcoin now has formed other important developments and price-action-formation that are determining factors for the upcoming assessments. In this case, now I discovered the main underlying key formational structures, underlying decisive price-levels and upcoming perspectives we need to consider with Bitcoins established structure and upcoming movements ahead of the next times.

Structural Developments:
As when looking at my chart, what is pivotal to realize here is that Bitcoin recently formed a very meaningful price-action as it emerged with the breakout above the upper-boundary of this massive descending-channel-formation it has formed over the last times marked in my chart with the black boundaries. Bitcoin rightly shooted above the upper-boundary with this increased volatility and spread and is now forming this kind of confirmational formation above the boundary from where Bitcoin has the ability to build upon. Besides that it is a good sign that Bitcoin bounced above the 9-MA marked in my chart in blue and also before the breakout formed a golden cross with the 9-MA crossing above the 15-EMA.

Upcoming Determinations:
Taking all these central factors into the consideration now Bitcoin formed this great breakout with which it now has the ability to continue with further bullishness, what will be crucial then is the testing of the main local-resistance-zone marked in my chart in red in the 45950 level. It is more likely that when Bitcoin approaches this zone there firstly comes a pullback to lower levels again which does not necessarily mean Bitcoin will continue trending downward when this happens as there is still support within the structure consisting of the 9-MA and 15-EMA structure and also the support at 42000 which was previously resistance.

Therefore Bitcoin has good potential to further stabilize above this zone and form a building-up above this zone like it is marked in my chart. Such a formation has a great likelihood to be the source of the further breakout to the upside, in this case, it is highly necessary that Bitcoin increases with bullish strength and demand to finally close above the main local-resistance in red. A final close above this level will indicate the further continuation to the upside as Bitcoin will be in the bullish-continuation zone marked in green in my chart. When these developments properly show up the major resistance at 58250 will be appointed. For now the final confirmations are significant before further conclusions suggested can be made.

In this manner, thank you for watching my update-analysis about BITCOIN and the main descending-channel-breakout with the further assessments important now, support the analysis with a like and follow or comment for more market insight!
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Information provided is only educational and should not be used to take action in the market.