Determining Range Building For BITCOIN In The Current Circuit!

Hi my friends,

Welcome to this update-analysis about bitcoin 4-hour timeframe perspective, since bitcoin formed the breakdown below the grey trendline mentioned this was the initiation for more possible downside to come and should not be kept by side at this point, nevertheless bitcoin is forming here some interesting signs determining further outcomes, indeed Bitcoin is trading in a tricky range as it fell again into the consolidation, therefore I detected some importances we should consider now which will affect the outcomes further.

Looking at my chart you can watch there that bitcoin is now trading below the rising grey trendline and below the 40-EMA in black which was previously supported is now resistance and bitcoin is testing it currently, the next times we can expect bitcoin to move some sideways between the 11580 and 11830 level before it shows up with a decisive move in either the up or downside, it is possible that bitcoin directly moves to the downside confirming the still remaining resistance this can be the possible scenario, otherwise, as bitcoin has some support in the range also at the point of control marked with the red line in my chart where bitcoin has the most volume and which will serve as support and resistance next times where it is currently trading above bitcoin can form some uptrends to visit higher levels as it is seen in my chart, this will be crucial as there are still remaining strong resistance levels lying which bitcoin can confirm bearish when it does not manages to move above. Overall bitcoin can form a smaller when not bigger range here before deciding in which direction it will finally go, for a bullish confirmation it has to move above the 12 K resistance and for a bearish confirmation below the blue trendline marked in my chart in both cases bitcoin will show up with exponential growth as it will move into either the bullish or the bearish volatility zone.

The next time will be highly determined here and will show the outcomes but what we still should note is that bitcoin when it breaks to the upside increases with fake breakouts which will pull back into the range just as it was seen the last times. Overall we need to wait on confirmation within the short-term here before looking for a final direction to go ahead with. Bitcoin currently is still in a more moderate state where other cryptos forming more bearish formations that can be ready to move ahead.

In this manner, thank you for watching, support for more market insight, all the best!

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