BTC, Weekly Bounce Above 20-MA First Time Since Corona-Recovery!

Hello,

Welcome to this analysis about Bitcoin and the important weekly timeframe perspectives. As mentioned already in previous analysis Bitcoin was in the main accumulation structure from where it now finally showed up with bullish strength and moved along with increased bullish dynamics testing remaining zones. Now with these whole developments, Bitcoin formed considerable confirmations in the schedule consisting of different technical factors I discovered. For now, Bitcoin has maintained great bullish signs, and to continue with this dynamic the right price-actions incoming is pivotal, therefore we are looking at all the meaningful levels, structural formations, and upcoming determinations.

Structural Developments:
As when looking at my chart we can watch there how Bitcoin is trading globally within this major ascending-channel-formation marked in my chart with the black boundaries. This is the major channel in which the wave-count develops and with the recent bullish volatility Bitcoin rightly bounced within the lower boundary of this massive channel. Simultaneously with the bounce emerging Bitcoin completed the diamond-bottom-formation marked in my chart in orange and what is more important is that Bitcoin now recently for the first time since the corona-breakdown-recovery bounced above the 20-MA marked in my chart in blue, the last time Bitcoin bounced above this level it was the origin of high bullish volatility and the bullish expansion to the upside.

Upcoming Determinations:
Taking these developed factors into the consideration there are also other technical indicators important to look at here. Firstly it is the MACD which is now on the verge to provide a bullish-golden-crossover as it is marked in my chart. Secondly, it is the candlestick-formation Bitcoin has developed after the bounce from the lower boundary of the major ascending-channel-formation, this is a formation called three white soldiers and it builds the appropriate bullish origin to build on further. For Bitcoin, this means now that it is testing the remaining resistance marked in red, and when Bitcoin manages to stabilize here and finally breakout above this resistance a bullish continuation has a great likelihood to follow-up to test the last resistance.

In this manner, thank you for watching my analysis about BITCOIN and the important weekly structure with the paramount confirmations settled and the upcoming determinations expected, support the analysis with a like and follow or comment for more market insight!
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