VincePrince

Bitcoin, Dedicated Breakout Ahead To Test Main 49K Resistance!

BYBIT:BTCUSD   Bitcoin / U.S. Dollar
Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin , we are looking at the 6-hour timeframe perspectives. Bitcoin recently made an important move above the 40 .000 USD mark as bullish volatility increased besides I discovered further important things that will determine Bitcoins developments in the upcoming times. With the move above the 40 .000 USD level Bitcoin also managed to break out above this local descending-channel and what is more significant also above the 100-EMA playing an underlying role as it was previously resistant and is now support, all these factors coming together and adding up to the conclusion that Bitcoin will continue with the further bullish continuation especially with a dedicated breakout above the upper boundary of the massive descending-channel-formation and when this happens the main 49.000 USD resistance will be pointed.

Taking these factors into the consideration and when Bitcoin shows up with the bullish breakout the next times it is likely then that Bitcoin firstly pulls back in the resistance as there is still a lot of supply lying. When this happens Bitcoin will move on to test the lower levels of support in the structure determined by the ascending-trend-line and the dynamic-support remaining there in blue, what is necessary then is that Bitcoin really holds this level and when it does it can convert into a further back-up and continuation movements otherwise when this does not happen Bitcoin can also increase bearishness below again. From a trading perspective, it is necessary to keep the patience and elevate how Bitcoin moves forward before rushing into trades otherwise it is also possible to take up more range trading as we already managed in the channel taking some solid profits.

In this manner, thank you everybody for watching, support the idea with a like and follow or comment, have a good day, and all the best to you!
"Genius is eternal patience."

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

Do you think it will go below 30k before the end of summer?
+2 Reply
@allpher, Depends on Bitcoins volatility.
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yes Vince, the volume looks good as well. $49k would be another crucial milestone. let's see. The bears would likely fight back now
+1 Reply
@Mudrex, Thank you, will be an important development.
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I’m wondering what is going to happen with all these shorts out. They’re probably waiting for that 49k breakout no? Once they start getting liquidated that’s an awful lot of volume 😳🤔
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VincePrince excitedRice78604
@excitedRice78604, Yes, there are also a lot of shorts accumulated above in the structure, mainly it should accelerate the process however testing the resistance will be crucial.
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iaretheanimal excitedRice78604
@excitedRice78604, The rektoning?
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