Welcome to this analysis about Bitcoin , we are looking at the 6-hour timeframe perspective. Since Bitcoin has shown up with pullbacks after marking its all-time-high at 42.000 USD it is somewhat trading in a range that will show up with the final validations sooner or later, the strong declines that showed up normally after such patterns in the past did not show up this time again and Bitcoin managed to hold the structure which is indicating a more or less strength of the bulls, in this case, I discovered the current formational structures and what underlying possibilities are preserving here, therefore let us take a look on the current situation and what we can expect within the next times.
As you can watch in my chart Bitcoin is still holding above this important ascending-trend-line marked in blue which is a meaningful reference-point for the bulls to hold, besides that Bitcoin is also serving above the 65-EMA in green and the 100-EMA in red which is also a good sign here, furthermore Bitcoin is still trading within this major descending-channel-formation marked in black in my chart in which it already tested the upper boundary several times in the recent price-actions. Together with the ascending-trend-line and the upper-boundary Bitcoin is building somewhat of a triangle-formation here that will show the final breakout and increasing from there.
Bitcoin is in a situation where it will show up with the final breakout either to the up or downside moving into either one of the confirmation-zones marked in my chart, taking all the given factors into consideration the scenario has a greater possibility of 65% for now as there are strong supports lying and Bitcoin already tested the upper boundary several times which is indicating a higher bullishness nevertheless it is inevitably important to keep patient and wait for the final confirmation before moving into the right direction either than overspeculating the market and just rushing into trades that do not satisfy at the end as it is seen too often these times giving feed for smart money, therefore it will be important to elevate the final validation.
In this manner, thank you for watching the analysis and for everybody supporting it is a great contentment, all the best!
"Trading effectively is about assessing possibilities, not certainties."
Information provided is only educational and should not be used to take action in the markets.
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