Bitcoin, In Paramount Triangle, High Volatile Breakout Awaiting!

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hello Traders Investors And Community, welcome to this update-analysis about bitcoins current situation, the overall price-structure, and what we need to examine when considering the further movement therefore what needs to be fulfilled to confirm a decisive breakout. Besides the huge descending channel formation and the uptrend rising support lines I mentioned in the previous analysis which deliver a more bullish perspective I found some important signals which can affect the outcome and show the proper confirmation therefore should not be ignored. The cryptocurrency space at this time sending highly mixed signals where there are coins which just skyrocket while bitcoin is still stuck in a long sideways movement, this fact is making it clear that when bitcoin moves and the sideway movement end this will alter the whole cryptocurrency space dynamic.

When looking at my chart there are some important details and price-levels which we need to keep in mind now, firstly you can watch that bitcoin is moving in this big preliminary symmetrical triangle with lower-highs and higher-lows forming, this movement is indicating a decrease in the volatility and a breakout coming in sooner or later which will not only confirm the symmetrical triangle but also the further determination of bitcoins price. Now as this is a symmetrical triangle it can break either to the up or downside with an additional confirmation and probable trade set up to follow up. When the breakout occurs there are levels in my chart you can watch which bitcoin has to take out sustainable for a continuation of the proper price movement that is the upper boundary resistance in the bullish case at around 9600 and in the bearish case the lower boundary support at 8850.

Just when looking at the lower-high structure it is a similar structure seen in bitcoin price movements in the past where bitcoin moved several lower-highs before finally going to the downside, therefore when bitcoin does not manages to travel above the last established at 9475 and above this the 9800 there is a high possibility given for a bearish continuation to the downside because this is the crucial point in the structure when bulls do not manage to form a new high bullish weakness is increasing which is lying ground for more bearish action. Furthermore, when bitcoin breaks the blue level you can watch in my chart at 8850 this will cause bearish pressure where the probability for the bullish continuation and a new high forming on the short-term is so extremely marginal that this will be a good point to look for short-entries below that level.

For now, it is important to keep patient and do not rely on mere speculation as there is still no decisive confirmation occurred which is needed in this current structure provided by bitcoin , before the final confirmation has occurred it is just guessing and should not be taken into serious reflection. What we can note at the moment is that the breakout incoming will alter the whole dynamic also in the altcoin space where many altcoins rallying it will show if the rallies are fundamentally backed or not, in such situations it is important to measure possibilities and opportunities in the correct manner to take the appropriate action when more evidence occurring and new volatile movements come into the market surface as this is a reliable thing to look for profit occasions in the market landscape we are facing these days.

In this manner, thank you for watching, support for more market insight, have a great day, and all the best to you!
Conviction is the search for ultimate meaning.

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

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