VincePrince

Bitcoin-Update, Further Developments In The Wedge-Formation!

BYBIT:BTCUSD   Bitcoin / U.S. Dollar
Hello Traders Investors And Community,

Welcome to this update-analysis about Bitcoin , we are looking at the daily timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. Since the former analysis Bitcoin moved on with the wedge-development as expected and developed the bounce from the main back-up-cluster confirming to the major wave E within the wave-count, if you did not see this analysis already I highly recommend it to watch to have a full-depth-overview as this analysis is coherently following up on it, therefore I detected all the important levels and likely destinies we should consider with Bitcoin in the established structure and upcoming movements.

Structural Developments:
As when looking at my chart now we can watch there how Bitcoin moved into the new all-time-high-regions since bouncing to the upside from the back-up-cluster which was the origin of the wave E within the underlying wave-count, now since Bitcoin slightly advanced in the new all-time-high-region and pulled back anew Bitcoin is testing previous levels of support from where a back-up is possible within the local back-up-cluster marked in my chart in blue, when this level holds sustainably and Bitcoin manages the proper bounce from this zone Bitcoin will move on with its wave-development and approach the upper zones of resistance from where the crucial developments will show up and pullbacks should not be kept by side.

Upcoming Determinations:
Taking all these factors into consideration Bitcoin is trading in a situation with which it will likely complete the wave-count within the next times running into the strong upper resistance-cluster I mentioned already in the former analysis, this will be crucial as Bitcoin has a high likelihood to show up with a bearish pullback from there and since Bitcoin is still trading within this major ascending-wedge-formation this can be the decisive turning-point for completion of the whole formation which will happen when Bitcoin finally moves below the lower-boundary as it is shown in my chart, therefore, in sight of this strong massive formation this bearish perspective should not be kept by side in any case.

Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, all the best!
"There are many roads to prosperity, but one must be taken."

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