Bitcoin, Bears Pushed Below Support, Here Is What To Consider!

Hi my friends,

Welcome to this update-analysis where we are looking at bitcoins 12-hour timeframe perspective, recent price-actions, the current structural importances, and what we can expect from bitcoin the next time. The important resistance mentioned in analysis before bitcoin build is now broken to the downside confirmed with a strong bearish move, in this case, the downside targets at the CME-gap level pointed out are now likely to be reached in the schedule as bitcoin has confirmed its bearish scenario falling below the EMA and trendline support. Currently I detected some other highly important signals which are also matching to the gap-fill-scenario and should be considered in further developments and bitcoin destiny.

Looking at my chart you can watch there that bitcoin broke below the 20-EMA and higher-low trendline supports which transformed bitcoin into an overall bearish edge where the possibility for a bullish continuation increased more. Furthermore, bitcoin has formed a possible double-top-formation you can watch marked with the first and second top in my chart above the red resistance level which bitcoin confirmed bearish to the downside, such double-tops confirm with a break of the neckline to the downside which is signaling further bearish continuation in this scenario with a high possibility. Currently, bitcoin has found some support and forming a little uptrend which is not very strong and which is running into resistance levels higher in the structure, therefore, it is within the possible spectrum that bitcoin firstly confirms these to the downside and shows more bearish continuation when bounced there. When this happens bitcoin can go on to confirm the double top and break below the neckline which can activate downside targets together matching with the CME-gap.

Bitcoin is in a situation in which it has more bearish than bullish signs, therefore, we should not ignore the downside potential building up here which can play out over the next times. This does not mean that bitcoin is completely bearish but that the pull-back can increase over time till there is support found and stabilization insight, this can happen at the CME-gap level but it does not have to, bitcoin can also possibly fall more from here when there do not shows up bullish strength in this level. This shows one more time that technical analysis is a empirical science regardless of what academics is stating often and that we should not ignore the pace to not get overwhelmed by circumstances when they show up, this means to trade what one is seeing not what one is thinking in order to take appropriate action.

In this manner, thank you for watching the analysis, support for more market insight and all the best my friends.
"Prospect is the ingredient of determined prosperity."

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

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Initial Analysis: