Bitcoin, Completes Flag-Formation And Builds Potential Next One!

Hello Traders Investors And Community,

Welcome to this update-analysis about Bitcoin, we are looking at the 2-hour timeframe perspective, the recent events, the established formational structure, and what we can expect within the upcoming times. Since previous analysis Bitcoin fully completed the bear-flag-formation within the schedule and showed up with bearish declines as expected after moving below the lower-boundary, now Bitcoin tested the remaining supports mentioned however the price-action Bitcoin shows up with here is not yet strong enough to fully contemplate a full reversal and as I detected now Bitcoin is forming signs that can indicate a higher possibility for a bearish continuation to increase the next times, therefore I discovered all the important levels and likely destinies.

Structural Developments:
As when looking at my chart now we can watch there how Bitcoin marginally bounce within the remaining supports and formed this ascending-channel marked in blue, furthermore Bitcoin is about to form a similar wave-count like within the first bear-flag and it is still below the important 50-EMA in green and below the 85-EMA in red, these still serving as strong resistances and are likely to confirm as such when Bitcoin moves into them. Therefore we should expect this second channel to also complete as a bear-flag and finally move below the remaining supports to form the bearish protraction and continuation testing further levels, this is an omnipresent scenario and should not be underestimated especially when looking on the middle-term also.

Upcoming Determinations:
Taking all these factors into consideration now Bitcoin is in a situation where the bearish perspective is still not out of sight and it is necessary to keep it also in mind that there can come a much bigger reversal than that seen the last times, in such situations it is necessary to not over speculate the market into a one-sighted illogical direction as it is seen to often these times, the cryptocurrency market keeps volatile and it will be also in the future, only as traders when having properly lined-up within the market it is possible to keep consistent profits and do not get overwhelmed by the changing circumstances in this market, especially to do not lie open food for the smart money operators and market makers within this market.

Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, all the best!
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Information provided is only educational and should not be used to take action in the market.

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