Bitcoin, Two Ways One Outcome!

Hello Traders Investors And Community, welcome to this analysis where we are looking at the weekly timeframe perspective, the recent events, the current formational structure, the further outlooks, and how bitcoin can follow-up within the upcoming price-actions. Since bitcoin has taken out the strong 10.000 USD resistance mark this was an important and fundamentally significant step in confirming an overall bullish edge within the structure, that is why new highs exceeding the 2019 established highs can be highly possibly expected, the exponential growth and resistance levels are taken out sustainably where just too strong, the big question now in this current structure is if bitcoin pulls-back to lower levels before stabilizing and going on to form the new highs or back-ups right away and manages to move on to form new highs which exceeding the old ones.

First of all, we should take note that bitcoin currently trades in the range in the smaller timeframes where possible decline can follow-up or a stabilization as this happens often within such ranging markets. The blue trendline you can watch marked in my chart is the support bitcoin currently has on the weekly timeframe dividing the upcoming price-action into two possible ways to play out, this trendline is the crucial factor in the range, both ways will be confirmed properly and after confirmation entry is possible, nevertheless, we should wait on proper confirmation before each of the scenarios showing up to take appropriate action, bitcoin is still in an indecisive range building up together with the weekly timeframe where it has to decide if bullish or bearish strongness increases.

Considering the ongoing outcome and route to reach it the first way is when bitcoin manages to somewhat hold the current range and move above it to form new highs, in this case, it is from high importance that the price does not falls back into the range again as it was seen in recent price-action already, second way is when bitcoin closes decisively below the blue trendline on a weekly basis which will also confirm other scenarios on the lower timeframes as well and will show up with increase bearishness and pressure to the downside, when this happens we can expect bitcoin to visit the blue cluster marked in my chart before backing up again to move on to form the upcoming highs. As bitcoin is factly above the blue trendline and therefore support the bullish scenario has a slightly more possibility, however, we should not underestimate the bearish pull-back scenario as bitcoin can still trade in a bigger correction, therefore it is worthwhile to wait on proper confirmations.

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

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