Bitcoin, Completes H-S-Formation, These Are Objections!

Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin, we are looking at the 30-minute timeframe perspective, the recent events, the established formational structure and what to expect the next times. As I discovered Bitcoin has formed an interesting formation within the schedule that also already fully completed and therefore activated downside targets, besides that there are some worthwhile objections for a possible recovery given that can especially determine a stabilization when Bitcoin shows up with the proper price-action, therefore I detected all the important levels and likely outcomes we should consider with Bitcoins established structure and the upcoming movements ahead.

Structural Developments:
As when looking at my chart we can watch there how Bitcoin just completed this major head-and-shoulder-formation within the structure, the formation is marked in orange in my chart with the blue neckline, recently Bitcoin already strongly formed the breakout below the neckline and showed up with increased selling pressure after it, the next times we can expect Bitcoin to move up some higher from here to test the remaining resistance marked in my chart between the 38600 and 38900 level in red where several resistances lying consisting of the neckline-resistance, the 30-EMA-resistance in red and also horizontal resistance all together forming this strong resistance-cluster where the pullback will be highly likely determined further.

Upcoming Perspectives:
Upcoming times as Bitcoin will likely firstly continue with the bearishness till there is support found this will move into the back-up-cluster marked in blue in my chart where Bitcoin has a solid possibility to recover, back-up and test upper resistances anew, in this case, it is from high importance that Bitcoin really stabilizes above this cluster and forms some substantial bull-moves because when this does not happen and Bitcoin increases with bearish pressure further this will invalidate the bullishness when moving below the cluster and below the several supports lying there, this bearish dynamic should in any case not be underestimated here and we should be prepared also for this and possible pullbacks when Bitcoin tests higher levels again.

In this manner, thank you for watching the analysis, have a good day and of course good trading, all the best!
"The high destiny of the market is to explicate rather than to speculate."

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

Comment:

Bitcoin Pulls Back From Resistance-Cluster As Expected And Reaches Head-Shoulder-Targets.