Bitcoin-Market-Status-Update

Hello Traders Investors And Community,

Welcome to this analysis where we are looking at bitcoins 1-hour timeframe perspective, the recent events, the current formational structure, what to expect next times, and how possibly enter the market under upcoming conditions. Bitcoin slowly recovered from its preliminary support level and did not fell below it which was firstly an important step into acquiring some volatile movements, now it is trading within an ascending-channel-formation which is playing a crucial part here, for now, we should not keep the bearish scenario fully out of sight as the pull-backs established before may not be over at the moment, therefore I detected the important levels and possible outcomes we should consider in bitcoins current structure.

Looking at my chart you can watch bitcoin trading in this preliminary ascending-channel-formation marked in blue where it bounced already several times at the upper and lower boundary and now established this wave-count currently forming the major wave 4 of this wave-count with the ongoing correction, this wave is ending up in the blue demand-zone marked in my chart between the 10550 and 10630 level, where bitcoin not only has support with the lower boundary and also horizontal support established by past price-action, this factors making it highly possible for bitcoin to bounce in this zone and set up to form the major wave 5 which will be the last wave completing the whole wave-count firstly to the upside.

Considering this the wave-count is directly running into a significant supply-zone marked in red in my chart where bitcoin has still strong supply layers lying and by the way previously established resistance, this made the level a possible short-entry, going further bitcoin needs to break below the lower boundary which will increase bearish pressure to the downside and bitcoin will see lower levels within a highly possible spectrum. It is possible that bitcoin holds the lower boundary and moves on to form new highs nevertheless by the fact that bitcoin will complete its wave-count then this is not the highest possible given, it will be interesting to watch how bitcoin develops further in this range.

In this manner, thank you for watching, support for more market insight, good day to you, and all the best!
“If there’s a will, prosperity can’t be far behind.”

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