Welcome to this analysis looking at bitcoins 4-hour timeframe perspective, the recent events, the current accumulational and distributional phases forming and what can happen the next times. Bitcoin is showing some very interesting signals which I detected at the last times worthy to look at and with some possible opportunities lying ahead.
As you can watch marked in my chart bitcoin is trading in this preliminary major descending-channel where the upper and lower boundary is marked in black, these boundaries also have smaller channels within them building the accumulational and distributional zones of the channels, bitcoin already bounced two times in the accumulational channel marked in green and two times in the distributional channel marked in red, when bitcoin visits the red distributional channel again this can lead to the next important markdown as it is marked in my chart which will lead to the lower levels and the accumulational channel again, it will be a crucial step as the major channel will confirm sooner or later either to the up or downside, it happens to the downside when bears gaining in volatility and to the upside when bulls gaining in speed.
For further price action when bitcoin bounces again in the accumulational channel after the next markdown the possibility for a bullish breakout increases nevertheless it needs to gain substantial strength to move above the upper boundary and close above it otherwise a bounce-back can already set in as the distributional channel still remains.
In this manner, thank you for watching, support for more market insight, good day to you, and all the best! "There are many roads to prosperity but one must be taken.”
Information provided is only educational and should not be used to take action in the markets.