BTC Time For Some Cold Water In The Face, Fibonacci Approves!

Hello,

Welcome to this analysis about Bitcoin and the 4-hour timeframe perspectives. In recent times Bitcoin decreased with volatility and volume in its structure which is a primary occasion is an indication for increasing volatility again as this is the main market-cycle-behavior. Bitcoin has built a solid base above the 30.000 USD level above which it is now building up and it is not likely that bearishness pushed below this zone again. On the fundamental side there are institutional accumulating in this current situation and besides further larger financial companies such as the Bank Of America which is the second biggest bank in America is lying eyes on Bitcoin and enables Bitcoin Futures Trading which is likely to drive increased volume into the market. Besides that El Salvador announced it wants to emerge with its own Stablecoin which would be the first country emerging with a stablecoin, as El Salvador already made Bitcoin legal tender this can boost additional demand in the market. Now from a technical perspective Bitcoin still needs the appropriate metaphorical cold water in the face for volume to increase again and in this case I discovered the underlying Fibonacci-count which can enable this firstly on the short-to-middle-term-perspective.

As when looking at my chart we can watch there how Bitcoin is moving forward in this main ascending-channel-formation marked with the dashed lines in grey. The lower boundary where Bitcoin recently traded into is the main support in this structure and it is likely that Bitcoin increases with demand in this area as the lower boundary served as strong support already before with the bounces from the 30000 USD level. This determination is underlined by the major wave-count Bitcoin is forming with the waves A and B almost already completed, in fact Bitcoin is about to complete wave B with the local waves now. What follows up after wave A and B are completed with the certain ABC-wave-counts is the wave C developing with a 12345-impulse wave-count to the upside that is now awaiting with Bitcoin and the development of this wave-count will fully emerge with Bitcoin above the descending-trend-line in my chart. Now once this impulse wave-count and wave C has been completed a crucial development will come as Bitcoin will approach the upper remaining-resistance-cluster where several supports coming together likely to show up with a pullback from there. This does not mean Bitcoin is completely bearish as after this pullback there is the possibility given that Bitcoin stabilizes in the structure and builds up on this as it was seen also previously above this level, how and when this emerges will be seen once Bitcoin completed the Fibonacci-wave-count-formation.

In this manner, thank you for watching my analysis about BITCOIN and the main Fibonacci-wave-count-structure with the upcoming developments to expect, great when you support it with a like and follow or comment, all the best!
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Information provided is only educational and should not be used to take action in the markets.