BYBIT:BTCUSD   Bitcoin / U.S. Dollar

Welcome to this analysis about Bitcoin and the 2-day timeframe perspectives. In recent times there evolved significant changes in the cryptocurrency space, there is a lot going on and highly mixed developments from a fundamental viewpoint. From a technological view, Bitcoin is moving forward and making progress in different fields such as Twitter adopting the new Bitcoin Lightning Tipping Feature allowing users to tip Bitcoin in this social media platform or Robinhood the broker that is well known for the wall street bets short-squeeze launching a cryptocurrency wallet that is likely to drive new users and volume into the market. These are all great developments going on and showing that Bitcoin is not standing still and is moving forward however from the regulatory side there is increased pressure such as Binance shutting down cryptocurrency trading in the Netherlands, Germany, Italy, and also Singapore which are normally countries that do not have major restrictions against cryptocurrency, there can be a connecting to the China FUD (Fear-Uncertainty-Doubt), although Bitcoin every time recovered from these aggressive restrictions this can be a central driver of bearish supply moving in here, this does not mean Bitcoin is completely bearish however it should be watched with an attentive eye especially when volatility in the market should increase again in the next developments.

In this manner, when looking at my chart we can watch there how Bitcoin has formed this massive ascending-channel within the structure and within the major descending-channel which is also pivotal in this relation. Bitcoin in this main ascending-channel has developed a coherent wave-count with the waves A to C almost completed, now with Bitcoin moving into the lower boundary and also testing the 100-EMA in red as well as the 65-EMA in green this is a crucial development as this can actually be a wave-D in the structure or just the weakening of these lower levels. In this case it is possible that Bitcoin shows up with a initial bounce here as it is marked in my chart which will firstly move on to test the main local resistance marked in my chart in red, when Bitcoin does not have the ability to close above this resistance it will lead to the pullback and reversal in this area, otherwise when not Bitcoin will have the ability to move higher and form the second scenario to approach the main upper-resistance-barrier also marked in my chart. Both scenarios are likely to lead to pullbacks because resistances are still given and Bitcoin did not yet showed significant bullish signs. When these pullbacks develop either with scenario 1 or 2 this will lead to the completion of the channel as a flag when Bitcoin breaks out below the lower boundary, in this case the approaching of the main lower-support-zone will be likely from where Bitcoin will have the ability to stabilize again and built up, this level will be important to hold because bearish pressure will increase further below. Therefore we need to keep in mind here that these dynamics are still given and should not be underestimated, therefore it is best to properly recognize that such developments can happen and prepare on it to profit of coming opportunities resulting out of it as sophisticated traders to and as we realized it in the VIP channels.

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