Bitcoin, In The Substantial Triangle, Important Levels To Hold!

Hello Traders Investors And Community, welcome to this update-analysis about bitcoins current structure and what we need to establish for a possible further continuation. The last time we saw bitcoin consolidating in the overall range between 8200 and 10000 level which is a highly important level for bitcoin because it is a psychological level and the still falling upper boundary of the major triangle we have in the structure. This analysis is a logical and coherent follow-up to the past analysis I made on bitcoin on the more locally 4-hour and daily timeframe-perspective, if you did not watch these I highly recommend you to do it to have a full-depth-overview, therefore we are looking at the weekly timeframe now.

Break Of Major Second Rising Channel (Daily Timeframe):


Big And Small Triangle Formation (4-Hour Timeframe):


Alright, as you can see in my chart bitcoin is still trading in the huge and significant symmetrical triangle which is marked in blue in my chart, the upper boundary of this major triangle is marking an important resistance for bitcoin because we bounced several times to the downside from that line. Currently, we see bitcoin consolidating below that level which you see marked in my chart with the orange box. What is also important here is the 50-EMA in red which is holding the whole structure and which was a meaningful indicator for the breakdowns we had in the past months of bitcoins downward consolidation range. Every time the 50-EMA was crossed below we saw a new lower low forming in the structure.

Adding these points together it is of great notability that bitcoin holds the 50-EMA and establishes in the orange box to form a possibility for a break of the major upper boundary resistance. But at the moment was is an underlying fundamental fact is that when bitcoin crosses below the 50-EMA and closes below the orange consolidation box this scenario will lie ground for more bearish pressure to the downside after this has confirmed we can expect bitcoin to test the 200-EMA in blue and the 6500 rang remaining in that level as you can see in my chart, after that we have a high probability to continue further at least testing the lower boundary of the huge triangle.

On the reverse side of things, in the bullish spectrum, we need to break the higher boundary of the triangle with a clear and volatile break, this is an exceptional must to get bitcoin out of the difficulties showing up on the downside and confirm a bullishness. Wise traders can take advantage of these scenarios and trade each one after it confirmed rightly, for an short-perspective a clear break of the 50-EMA and a close below the orange box will be an interesting entry-point for a short-position with targets at 6500 and after that the lower boundary of the triangle. Remember to always trade in the markets according to your risk preferences and don't fall for the illogical speculative approach to trade setups which didn't show any confirmations at all.

Thanks for watching the analysis everybody, support for more market insight and all the best.
A extensive mind becomes a extensive fortune.

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