These Outcomes Can Move Bitcoin Into The Next Bull-Run-Phase!

Hi my friends,

we are looking at the 12-hour timeframe bitcoin perspective, bitcoin has established heavy selling volatility to the downside which it is now consolidating, the current range is crucial for bitcoin , it will decide where the journey will lead in the end, therefore I detected the important structural elements together with the hidden Fibonacci-levels we should consider at the moment, what is important to note is that bitcoin already trades below its previously established pre-corona-highs which is not a good sign at all, however, this can change when bitcoin shows up with the necessary price-action considering further establishments.

Looking at my chart you can watch bitcoin developed this huge triangular formation where the upper boundary is marked in my chart with the lower-highs trendline and the lower boundary with the higher-lowes trendline marked in blue, these two lines will show the proper outcome and destination of bitcoin in the more long term perspective. Currently, bitcoin is trading below the important 60-EMA marked in blue in my chart where serious resistance is lying coming together with the pre-corona-highs trendline which is also resistance now marked in my chart in grey. These levels coming together and forming a logical and coherent resistance cluster marked in red in the chart where bitcoin has the high possibility given to confirm bearish to the downside to firstly set up and test lower levels. This can move bitcoin to finish its wave-count in the range, nevertheless, it is from high importance that bitcoin holds the lower boundary of the huge triangle sustainably because bearish pressure will increase below it when this does and bitcoin holds the boundary to bounce there it can indicate a solid possibility for bitcoin to confirm the triangle bullish which is more likely as more support than resistance is lying there.

Overall we need to anticipate that the pull-backs aren't necessarily over till now and bitcoin can increase with this pace again when the certain fundamentally important supports do not hold, when bitcoin closes below the lower boundary and the 500-EMA in green lower levels will be visited highly possible, in comparison to stocks we have a similar situation with bitcoin at the moment as the major SPX also tested the pre-corona conditions and fell below it the structure looks similar to bitcoin, we should not ignore these warning signs at all and look if and when these can reverse or if we get new bullish pressure to the downside, which will happen when the mechanisms do not show up as suggested.

In this manner, thank you for watching, support for more market insight, good day to you and all the best!
"If you have the conditions, you get the results."

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