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 to the downside and completed the head-and-shoulder-formation I mentioned rightly in the schedule Bitcoin has moved into a 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.
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 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.
Taking all these factors into consideration Bitcoin is still in a precarious situation with the 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 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 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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I updated once again. What you think