BITCOIN, Double- Or Triple-Bottom-Formation, Important Zones!

Hello,

Welcome to this analysis about Bitcoin and the 4-hour timeframe perspectives. Bitcoin since showing up with the increased continuations to the downside has found initial support at the lower support-zone of 44200 USD and as I discovered now there is an interesting formation forming that can lead to upcoming increased volatilities within the schedule, therefore it is necessary to do not overspeculate the situation and to wait on the right confirmations before rushing into the market, therefore as I detected when Bitcoin shows up with these pivotal confirmations there are great potentials given, in this case, I am looking at the important levels, likely scenarios, and upcoming determinations.

When looking at my chart now we can watch there how Bitcoin recently bounced above the 46880 Usd level that is marked in blue and which is the neckline of this main double-bottom formation Bitcoin formed here. Technically this formation is completed and confirmed now as Bitcoin also managed to bounce above the 50-EMA in red and the 100-EMA in green and there is a good potential given that Bitcoin continues from here nevertheless there it is not seldom seen that such a breakout above the neckline of a double-bottom turns out to be a bull-trap, in this case, Bitcoin needs to show if it can hold this level here rightly or firstly pulls back below the neckline which can lead to the test of the lower levels.

When Bitcoin manages to hold this level here properly and increases with demand in the structure the dynamic target-zone marked in my chart in the descending-resistance-line has a decent ability to be approach. It will be important how Bitcoin reaches this potential target-zone because when this happens with high volatility and high volume there is the possibility given that Bitcoin builds up further bullishly to move into the bullish-continuation-zone, in any case now Bitcoin needs to show if this crucial neckline holds or a pullback firstly develops, such determinations are always always very central to watch out for because we are trading what we see and not what we think, therefore it will be a important journey ahead.

In this manner, thank you for watching my analysis about BITCOIN and its major distribution-fractal compared to the previous and central upcoming determinations to consider, support the analysis with a like and follow or comment for more market insight!
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Information provided is only educational and should not be used to take action in the market.

Comment:

Bitcoin Solid Bounce Above The Neckline: Double-Bottom Rightly Completed. ✔️