VincePrince

Bitcoin, Potential Bear-Flag-Formation, These Are Crucial Zones!

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

Welcome to this analysis about Bitcoin , we are looking at the hourly timeframe perspective, the recent events, the established formational structure, and what to expect in the upcoming times. As Bitcoin recently has shown up with heavy bearish volatility to the downside and completed the head-and-shoulder-formation I mentioned rightly in the schedule Bitcoin has moved into a bearish pace that should definitely not be underestimated here especially after such heavy declines and volatilities it is not seldom seen that the market sets up to form a continuation, therefore I also discovered the underlying structure Bitcoin is forming that can move into the upcoming determinations, in this case, I detected all the important levels and likely destinies.

Structural Developments:
As when looking at my chart we can watch there how Bitcoin recently moved into this important ascending-support-line marked in dashed blue also matching with the 400-EMA in light-blue where Bitcoin initially found some marginal support and tested the remaining levels at 54.900 before pulling back again with bearish price-action with which Bitcoin is now testing the lower levels of support again, in this case, Bitcoin is likely to form a second bounce to the upside which will also validate the underlying wave-count, nevertheless, this bounce to the upside will run directly into the strong resistance-cluster marked in red where a pullback has a high likelihood which will be crucial form Bitcoin because this can lead to a completion of the channel as a bear-flag.

Upcoming Determinations:
Taking all these factors into consideration Bitcoin is still in a precarious situation with the bearish pace established here and it will be highly important to elevate how Bitcoin reacts within this major resistance-cluster especially as there is the resistance of the volume-profile still given this is likely to show up with the bearish pullbacks to the downside firstly testing the lower boundary of the channel and when this does not hold a final bear-flag-confirmation will happen below the boundary. The recent events show one more time how swiftly the market conditions can change especially within the cryptocurrency market and that it is of high importance to rightly line-up then as we have also done within the channel properly taking advantage of the bearish volatilities.

In this manner, thank you for watching the analysis and for everybody supporting it is great contentment, have a good day and trading!
"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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Comments

400 EMA broken, now looking for more correction, which is normal after multiple green weeks. Next possible support levels: 47.8K > 42K > 40K — 40K is critical, if we break that, we find support on 31.3K. Anything above 31.3K means we are still in a bull run. I personally think we find support on 40K level.
+6 Reply
Post your comments, questions, and ideas about BITCOIN here.
+5 Reply
Good idea
+1 Reply
VincePrince Alien_anderson
@Alien_anderson, Thank you
+1 Reply
I learnt an important lesson over the last 2 days. 1) Trust the indicators and 2) I need to get better prepared and organized in how I operate going forward. I haven't lost a lot of money, but I missed out on a great opportunity.
+1 Reply
VincePrince Clevortrevor
@Clevortrevor, Hi, that is a very good objection you mention there, it is always important to properly line-up within the market.
+1 Reply
I think C will not be shown. Good Analysis Thank you
+1 Reply
Very detailed post. Great one Vince. Thanks for sharing your chart.
+1 Reply
VincePrince RSibayan
@RSibayan, Thank you very much
+1 Reply
@VincePrince
I updated once again. What you think
Reply
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