BITCOIN, Decisive DESCENDING-CHANNEL, Determining Scenarios!

Hello,

Welcome to this analysis about BITCOIN, we are looking at the 12-hour timeframe perspectives. As when looking at my chart we can watch there how Bitcoin heavily dumped into the remaining ascending-support-line marked in dashed grey where also the supports within the 42.000 USD levels are staying within which Bitcoin now bounced. Besides that we can see how Bitcoin is now forming this pivotal major descending-channel-formation in which it also has a coherent wave-count and the waves A to C already completed, now as Bitcoin bounced within the ascending-trend-line this is the origin of the wave D in the structure which will test the upper-resistance-cluster in the channel marked in red. Mainly it will be determined how Bitcoin moves into this resistance-cluster, if there comes a pullback to the downside Bitcoin is likely to setup with the wave E to the downside otherwise and break down below the supports to continue further bearishly. Otherwise, when this does not happen and Bitcoin manages to bounce above the resistance-cluster this will form the setup for a further continuation to the upside as Bitcoin managed the descending-channel-breakout, for now, we need to await either scenario 1 or 2 completing, it will be an important determination ahead.

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