Bitcoin, These Are Significant Level On Weekly Basis Now!

Hello Traders Investors And Community, welcome to this update-analysis where we are looking at bitcoins weekly timeframe perspective, the recent-events, what are important levels now and what we can expect from bitcoin the next times. Different to for example ethereum as I pointed out is in a confirmed state the major bitcoin is still unconfirmed looking on two possible scenarios likely to play out over the course of next weeks. Bitcoin has still this massive resistance at the 10.000 USD level but when it takes this out sustainable with a protracted move similar to this one seen in ethereum or cardano it can likely confirm above the heavy falling resistance which exists since the 2017 tops have been confirmed. In this case, I detected some important signals not only on the smaller timeframes, daily and 4-hour but also on the higher weekly timeframe building up to a coherent environment.

Marked in my chart you can watch this smaller rising parallel channel where bitcoin currently trades in and which will be a crucial factor in the further development, furthermore, you can watch this falling trendline from the top formed in june 2019 to the top formed in june 2020, when this falling trendline will be confirmed to the upside substantially it will be a first bullish sign and when it shows up bitcoin has to take out also the major falling resistance line which has its origins in 2017. These two trendlines are important and need to be taken out to the upside in the right volatile manner when considering a bullish continuation this can happen either when bitcoin stays in the parallel channel or when bitcoin firstly confirms below it to fall and back-up in the support range at the 6700 level to go ahead as you can watch in my chart, therefore the further price-action can be divided into two likely scenarios as marked in my chart.

Overall the cryptocurrency market is sending highly different signs as there are coins that just confirmed heavily to the upside like cardano or ethereum making new highs while there are others like bitcoin cash or xrp which are still in sideways ranges. Compared to the stock-market the bearish scenario should definitely not kept by side as there is still no final confirmation that the bear market has ended, for now, we see corona increasing again and still big differences between real economy and assets growing because of money pumped into the market which can lead to speculative rallies, therefore it is important to do not get overly speculative and keep also the reverse perspective in mind as a dramatic increase in corona can lead to heavy breakdowns on global financial markets almost affecting everything similar to those seen in March this year, in that sense the next months will be highly important and crucial for further developments.

In this manner, thank you for watching, support for more market insight, have a great day, and all the best to you!
Prospect is the ingredient of good fortune.

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

Comment:

Bitcoin Showing Up Some High Volatile Movements On The Smaller Timeframes.