Welcome to this analysis about Bitcoin, we are looking at the 6-hour timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. Since Bitcoin has shown up with serious bearishness to the downside it is in a state where it not yet has shown any final reversal confirmation with proper bullish continuations, in this case, I discovered a decisive formational structure Bitcoin is forming now that will be worthwhile in the upcoming determinations, therefore I detected all the important levels and likely destinies we should consider within Bitcoins established structure and upcoming movements ahead in the next times.
Structural Developments: As when looking at my chart now we can watch there Bitcoin is forming this major descending-channel-formation marked in blue, furthermore, Bitcoin has the coherent wave-count within the formation already completing the waves A to B in the structure with the wave B ending within the upper-boundary-resistance from where a pullback to the downside has shown up which is now about to develop the wave C in the schedule that will finalize the whole wave-count, this wave C will run directly into the lower back-up-cluster marked in blue in my chart where several supports coming together and building this coherent cluster from where a bounce to the upside is highly likely.
Upcoming Determinations: Taking all these factors into consideration Bitcoin is in a situation where it has developed this decisive channel and it will be shown the next times how Bitcoin can possibly manage to complete the wave-count within and from there on build-up bullishly to determine a proper breakout with continuations ahead, this will happen when Bitcoin finally closes above the upper-boundary as it is marked in my chart, therefore it is highly necessary that Bitcoin holds the back-up-cluster sustainably and do not falls below it again because this can also potentially invalidate the formation again, for now, it will be necessary to elevate how Bitcoin continues with these circumstances before moving into the final direction.
Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, 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 market.
My question is why you dont take the s&p 500 price in assumption when analysing btc
cryptobullethbtcxlm
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@justleon, agree... im a crypto trader and i dont know anything about stonks.. what i do know is that the stonk market now determines btc/crypto short term future... are we gonna see more downside on sp500 & nasdaq? anyone has an analysis on that?
hushedOil12675
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@cryptobullethbtcxlm, the markets have been flash crashing, bear signalling, and tanking for the past few weeks, so i don't see BTC dropping further than 35%. I'm not a pro or qualified trader, but based on the stock markets, rising 10 year bonds etc. and previous BTC corrections, a 35% drop surprises me. I believe I watched someone who said that it needs to bounce twice off the same support to confirm its correction, so from my understanding we may see another dip to the 43k area, but I would be mindblown if it dipped lower. This is also because of the unprecedented hype and fomo generated in the previous run. I would also say to focus equally as much on what the regulators are saying about this asset class as you are on stock market trends.
Ahmedgharebmido
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@hushedOil12675,
I support you in what you also say, but in the last period I met people who have experience, which helps us to overcome this period and support us with explanations and present their experiences
hushedOil12675
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note also that current volume for btc is already greater than before the selloff, which i believe with the current price action is a bullish sign. @cryptobullethbtcxlm,
VincePrince
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Post your comments, questions, and ideas about BITCOIN here.
hushedOil12675
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tHE 43K "bottom" is the level of the height of the January triangle. if you measure the height of that triangle. Instead, BTC ran the height of the pole, as if it were a bull flag. I think the momentum/hype made it out to be the one with the greater gains, and i also think the same will be true with how much this thing corrects. Will all depend on bull vs bear sentiment and overall volume. Keep up the great work VincePrince!
Ahmedgharebmido
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This is very good. I used to trade alone in currencies and lost a lot of money, but now I have a group of coaches helping me to achieve my goals.
IMP99
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I think there is a huge possibility that the last analyze of bitcoin by you can be happened