Bitcoin, These Outcomes Are Possible When Level Approaches!

Hi my friends,

Welcome to this analysis where we are looking at bitcoin 12-hour timeframe perspective, the recent events, the current formational structure and how possible outcomes can look like the next times. Bitcoin somewhat managed to hold the important support mark since its bearish breakdowns heavily moving to the downside and now slowly building upon this, what we need to note is as already mentioned that bitcoin till now did not develop any strong bullish action and the trend is still weak, this is more indicating for another leg to the downside to show up with.

Looking at my chart you can watch bitcoin moving above this blue bullish-reference-trendline which is a meaningful trendline in the structure as it is holding the meager established bullishness to the upside, first of all it is to note that when bitcoin breaks below this trendline it will be the cause of lower levels minimum to the previous support to be visited. At the moment bitcoin has some room to advance higher as it has not that much resistance in the structure however this will change when bitcoin approaches the strong layers of resistance which it has marked in red in my chart and also with the big visible range resistances, when this level approaches it will be a huge test for bitcoin and as for now there are two possible outcomes following up on this test, the first one is that bitcoin manages to gain strength in the level to move higher, the second one more likely one is when bitcoin confirms the level as resistance to move below the uptrend line and continue bearish till there is a possible stabilization found. For now the bearish scenario is much more likely as the bearish layers are just to strong and when the trend stays that weak the bearish case can be taken into consideration.

Bitcoin is in a situation where it has some room to move higher nevertheless approaching heavy resistance levels that are crucial for the next price-action, bitcoin has to show how it will react in this level, for now, it is significant that we do not over speculate the current marginal rally as there did not showed any substantial reversal signs providing bitcoin with new highs to come. At the moment we need to stay patient and looking at what bitcoin is further developing in its destinies suggested.

In this manner, thank you for watching, support for more market insight, good day to you, and all the best!

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