Here Is How And Why Bitcoin Confirmed Locally To The Upside

Hello, Traders Investors And Community, there are interesting and important things going on with the bitcoin price movement recently I discuss today, we are looking at the locally 4-hour-timeframe, some days ago I made an analysis about the third attempt of bitcoin running trough the important falling resistance line. We had the resistance-confluence zone at the 135-EMA and the falling red-trendline directly above our heads as you can see in my chart which confirmed to the upside recently. I recommend that you watch the analysis to have a full-perspective of the importance of the recent bullish confirmations:

So as I already mentioned in the chart, I won't be bullish in the short-term until these levels confirmed to the up-side. Now we can expect more upside coming the next days as we broke through important resistance levels, the next moves of bitcoin will highly probably go firstly to the 7900 - 8000 range, as we have a decent resistance in this area I expect a pull-back when we touch it. Keep in head that there is the option to short bitcoin in these levels, for now, bitcoin can be traded on the long side, with either a conservative entry waiting on a pull-back or an aggressive immediate entry, the stop-loss can be placed below the 135-EMA. The 135-EMA is really worthful in this structure because we had it as a strong resistance which 2 times confirmed to the downside.

For now, bitcoin confirmed bullish in the local time-frame but it is still overall in a consolidation phase with more than one resistance above us, we are approaching higher these days but as the past shown to us it can turn fast to the downside until we did not take out these important resistance zones like the 38.2 % retracement and the bigger falling red trend-line there is still the possibility given to see more downside when the levels did not confirm. The next days bitcoin-bulls can be happy as we confirmed bullish but when need to look how bitcoin responds to the resistance above us it can be imagined that we take out these resistance levels with a confirmation, but it has to be confirmed, my friends, as I always use to say, wise traders wait for a confirmation and then place the trades according to given information like this case!

Thanks for watching. Feel free to support for more market insight.
FAREWELL

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

Comment:

ANALYSIS UPDATE: A great number of bear short positions were triggered by the events within the market as the whole dynamics within the financial markets pointed in the bearish direction because of the pandemic events.

Within this whole market volatility BITCOIN had the meaningful ability to mark a difference and moved towards a bullish turning that could take up any bear market speculations into the other direction.