BTC Bounce Of 2-Year Old Line Indicates Potential Dynamic-Shift!

Hello Traders Investors And Community,

As Bitcoin, the last times moved on within the local range between 29500 and 40500 I detected some very interesting structures Bitcoin is developing here on the 2-day timeframe perspectives. As already mentioned in the former analysis that I upload yesterday Bitcoin on the 4-hour timeframe perspectives had the higher possibility to break out of its local channel to the upside which now happened as expected and as this moved on Bitcoin has a higher possibility to continue with the bullish alignment firstly on the 4-hour timeframe when it also manages to break out above this crucial ascending-trend-line, if you did not see this analysis already I highly recommend it to watch as this analysis now is coherently following-up on it on the more global 2-day timeframe.

When looking at my chart now we can watch there how Bitcoin has developed this major ascending-channel-formation marked with the boundaries in black and drawn from the low of December 2018 to the high of the bullish developments in June 2018 till the breakout happened in December 2020 after which Bitcoin showed up with further heavy spread and volatility to the upside till the preliminary high was formed at 64800 before Bitcoin heavily pulled back and moved on to test the lower levels in the structure, and especially here comes the interesting part as Bitcoin has strong support within the upper-boundary of this giant channel it recently managed to bounce from this almost 2-year ascending upper-boundary.

Bitcoin not only has the 2-year old ascending upper-boundary trend-line where it bounced recently initially but also the decisive 200-EMA which is marked in my chart in blue, together with the trendline this zone around the 30300 level has built a solid confluence-zone and the bounce from this zone is indicating that Bitcoin has the ability to move on to test further structures at the upside. The first important resistance, in this case, is the 100-EMA which is marked in red in my chart, when Bitcoin moves into it will either result in a pullback or Bitcoin will have the ability to stabilize in this zone to set up and breakout above the 100-EMA. Such a breakout will lead to Bitcoin increasing bullishness further and the main remaining structural resistance which is marked in red will be tested.

If Bitcoin has the ability to increase the demand in such a way that the further tests in the structure as seen marked in my chart will not be an issue this does automatically mean Bitcoin is completely bullish from that point on as especially when it moves into the strong remaining resistance zone a more increased bearish pullback can still take place which should not be underestimated however Bitcoin with the upper-boundary of its massive ascending-channel has still serious support overall in this structure from where it can built up, how Bitcoin moves into these zones need to be seen then after Bitcoin has shown the proper capability to test these significant resistances.

In this manner, thank you for watching my analysis about BITCOIN and the decisive bounce from the 2 year old trendline to how this will affect the upcoming destinations, will be great when you support it with a like and follow or comment, great contentment for everybody supporting, all the best!

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