BITCOIN, Develops Decisive Ascending-Wedge, Determining Zones!

Hello,

Welcome to this analysis about Bitcoin, we are looking at the 4-hour timeframe perspectives. Bitcoin in the last times managed to increase bullishness greatly in the schedule and form new higher highs in the local structure which is a good environment for upcoming further developments however there are still strong resistances in the structure that should not be underestimated and according to the current situation I discovered indicative signs that can potentially lead to an initial reversal in the structure nevertheless this does not mean Bitcoin is not bullish anymore as there are solid supports in the range on which Bitcoin has the ability to stabilize and build upon, therefore I detected the important levels and upcoming determinations.

Structural Developments:
As when looking at my chart now we can watch there how Bitcoin advanced further in the structure and now made the second meaningful consecutive higher high in the structure. Besides that Bitcoin is building this major ascending-wedge-formation now marked in my chart with the blue boundaries. In this formation, Bitcoin has the coherent wave-count with the waves A to C already completed, and as Bitcoin now approaches the upper boundary which is a significant resistance where also horizontal resistance is within this level it is likely that this will be the source of a pullback in the structure that will be the D wave to approach the lower boundary from where the wave E can emerge to complete the wave-count and formation ahead of next times.

Upcoming Determinations:
Taking all these factors into consideration Bitcoin developed a structure where a more or less bigger pullback coming up the next time has an increased possibility, this does not mean Bitcoin will be completely bearish once the main ascending-wedge-formation is completed nevertheless it is necessary to properly prepare on these volatilities. The whole wedge-formation will finally complete once Bitcoin finalized the wave-count and shows up with a supply-increase after that pulling back below the lower boundary and closing there as it is marked in my chart, such a price-action will be the completion of the whole formation and activation of continuation as well as the target marked in blue from where the dynamic need to be elevated anew.

In this manner, thank you for watching my update-analysis about BITCOIN and its major ascending-wedge-formation with the determining factors we need to consider in upcoming times, support the analysis with a like and follow or comment for more market insight!

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