Bitcoin Entered Next Markdown-Phase, These Are Important Levels!

Hello Traders Investors And Community,

Welcome to this update-analysis, we are looking at the bitcoins 4-hour timeframe perspective, the recent events, the current formational structure, what we can expect next times, and how to possibly handle the situation appropriately. As previously mentioned bitcoin had a high possibility to confirm the distributional channel it has within the major channel anew, this is what happened now and the fact that bitcoin just touched the distributional channel marginally makes the bearish reaction followed up with it an increasingly stronger one which should not be kept by side and normally it makes a continued bearishness more likely this is why as bitcoin now showed up with this meaningful move there are some other objectives and possible outcomes we should consider at the moment, therefore I detected the important levels and likely scenarios we should consider in this situation.

Looking at my chart you can watch the bear-flag which bitcoin now purposefully confirmed in the schedule to the downside, furthermore, bitcoin now has formed this descending-resistance-line marked in blue where bitcoin has strong resistance, besides that bitcoin has the 300-EMA resistance which previously support, this resistance cluster now building a coherent resistance cluster here marked in red, when bitcoin visits this area the potential for a bearish move to the downside is given high and it should be more expected for now than the bullish stabilization above it, when bitcoin shows up with the bearish case it will continue till there is support found which is likely to be the lower accumulational channel marked in green, where bitcoin can bounce properly in the schedule and stabilize, important here is that bitcoin really bounces there and does not close below it, however as there is still demand lying this can be expected.

As bitcoin now made the expected bearish move we need to keep calm and look what is the current situation, as bitcoin followed up bearishly this does not mean bitcoin is fully bearish on the bigger timeframes also, we should keep in mind that bitcoin showed high bullishness before and that this may not be over, therefore we need to look for possible stabilizations and levels where the middle and longer term can proceed, in comparison with the altcoins bitcoin is really a stronger one at the moment as many altcoins forming really bearish formations and looking for more downside this should not be kept by side here, besides that it will be interesting what the dollar is doing now when it is going up this can increase the pace to the downside within the cryptocurrency and can unload in critical bearish movements, it will be interesting to see how the market develops further here.

In this manner, thank you for watching, support for more market insight, good day to you, and all the best!
“Good luck is when opportunity meets preparation.”

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

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Initial Analysis: