BTC, Local H-S-Formation, Initial Reversal-Continuation Likely!

Hello,

Welcome to this analysis about Bitcoin, we are looking at the 45-minute timeframe perspectives. Bitcoin in recent times has shown up with some important price-actions in the schedule that should not be underestimated. As already mentioned in my previous analysis Bitcoin on the global perspective is forming this main ascending-wedge-formation with the developments ongoing. On the more local timeframe perspective now Bitcoin established this decisive head-and-shoulder-formation marked with the neckline in blue, this head-and-shoulder-formation was recently completed with the breakout below the neckline and activated the further continuations to the downside. Besides the head-and-shoulder-formation Bitcoin is also in a crucial condition with the EMAs as it is staying just above the 100-EMA in red and the 65-EMA in green. These two EMAs holding the bullishness to the upside and are therefore important reference-points for the bullish conditions, this means when Bitcoin moves below them and closes finally below the 100-EMA this will indicate further bearish continuations as the EMAs are in this case then resistance. The overall target-zone that should be considered then is within the 42350 level marked in my chart in blue. Once Bitcoin has reached these zones it has to be elevated if Bitcoin manages to bounce and stabilize above this level or it is just setting up for further bearish continuations to the downside. For now, we should be prepared for the bearish volatilities to emerge and continue firstly after that the situation needs to be assessed again.

In this manner, thank you for watching my update-analysis about BITCOIN and the main head-and-shoulder-formation with the importance of BITCOINs bearish edge developing, 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.