VincePrince

Bitcoin, Trading In Descending-Channel, Important Levels!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hi my friends,

Welcome to this analysis about Bitcoin , we are looking at the hourly timeframe perspective. Bitcoin amazingly reached the 40 .000 USD level with solid bullish movements to the upside which was a good place for us to secure the profits. Now we see Bitcoin approaching important resistance and besides that, I discovered a meaningful formation Bitcoin is building here that can be the determining source for further movements, therefore it is important to assess the current edge and see where the possibilities are lying and what Bitcoin needs to do to come up with the certain establishments, therefore I detected all the important levels and likely outcomes we should consider here.

As when looking at my chart we can watch there Bitcoin has built this major descending-channel-formation marked in blue within my chart in which it is forming a coherent wave-count determined within the channel and with the wave A as well as the wave B already formed with the wave B now approaching serious upper resistance with the resistance-cluster lying there this is why we can expect bearish pullbacks to take place from this level marked in my chart in red, this will also be the origin for the wave C to the downside that will complete the whole wave-count and is likely to be the source for a possible reversal when Bitcoin holds the proper supports lower in the structure.

Now when Bitcoin moves into the wave C as suggested it will continue bearishly till there is appropriate support found in which it can reverse the dynamic and stabilize again, this is given within the 38.000 USD level marked in my chart in blue where several supports are lying coming together within this support-cluster determined by the lower-boundary, the 100-EMA in red and the horizontal support lying there good for a bounce to the upside with ongoing breakout possibility of the channel however when this does not happen and Bitcoin increases further with bearish pressure within this level Bitcoin will continue and protract the wave C within the wave-C-extension-zone marked in my chart.

In this manner, thank you for watching the analysis, have a good day and of course good trading, all the best!
"There are many roads to prosperity but one must be taken."

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

Nice analysis as always mate! We see Bitcoin consolidating and getting squeezed between the ATH and the 200MAs, lets see if we have another leg up or give us a false breakout shot scalp trade. Will update this post with any trade entries:
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I don't think that correction happen.. the support range is 40k. the resistance is on 45 k.
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lovely !!! i m very regret for not entering to set up
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VincePrince mrtclgst
@mrtclgst, Thank you, the dynamic moved as expected, the next developments approaching now.
Reply
Looks like a bull flag.
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Post your comments, questions, and ideas about BITCOIN here.
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