BTC, Correction Protraction, Final Fibonacci-Determination Now!

Hello,

Welcome to this analysis about Bitcoin, we are looking at the 4-hour timeframe perspectives. In my former analysis regarding this subject, I mentioned how Bitcoin developed this main Fibonacci-wave-count structure with the first major waves A and B already completed, if you did not see this analysis already I highly recommend it to watch to have a full-depth-overview. Regarding this, in recent times Bitcoin moved on with the ABC-wave-count to the downside and protracted the wave C in the schedule finally completing this local wave-count and expanding the lower boundary to the place it is now. Besides that, there are further determinations I discovered Bitcoin is forming that are important in upcoming times.

Structural Developments:
As when looking at my chart now we can watch there that Bitcoin besides the massive ascending-channel which I already mentioned previously has formed this local descending-channel that is marked in my chart in blue. Bitcoin exactly bounced now with the wave-C-protraction ending in the level where the ascending-channel and the descending-channel crossed giving a great reference-support-point in this zone. Furthermore, Bitcoin has shown up with some initially increased volatility which is a great sign and in most occasions indicates a continuation into the volatility direction which is also likely to happen here in a potential combination of an upside-channel breakout.

Upcoming Determinations:
Taking all these factors into consideration now Bitcoin is in a structure which finally defines the ending of the ABC-wave-count within the wave B and therefore the appropriate beginning of the major wave C and the impulse wave-count of which wave C consists. In this case now when Bitcoin manages to increase the bullish pace in the structure to finally breakout above the upper-boundary of the local descending-channel the impulse-wave-count will be in full development and Bitcoin will appoint the upper target-zone marked in my chart in blue, in this target-zone then also lies the main remaining-resistance-cluster marked in red from where a pullback will be highly likely. For now, we should consider the emerging wave-count firstly incoming after that it will be shown at what pace Bitcoin moves into the resistance and if then there comes an immediate strong bearish pullback or not.

In this manner, thank you for watching my analysis about BITCOIN, great when you support it 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 markets.

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