VincePrince

Bitcoin, Approaching Serious Resistance, This Outcomes Possible!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hi my friends, Welcome to this analysis where we are looking at bitcoins 4-hour timeframe perspective, since bitcoin has shown this heavy upside volatility the last times it is approaching serious resistance layers above which just can't be kept by side here, therefore it is better to look at what the market is doing rather than to rush into trades which are not satisfying at the end of the day. Bitcoin currently is in a situation where a correction when not a bigger pullback is more likely which increases when bitcoin does not hold certain levels. In this case I detected the important levels and possible outcomes we should consider within bitcoins currently established structure.

Looking at my chart you can bitcoin now moving in this preliminary important ascending-channel-formation where it already touched the upper and lower boundary several times and where it still has some serious resistance above within the ascending-resistance-channel marked in red in my chart, besides that bitcoin has the horizontal resistance lying there marked with the red box in my chart, together these levels are building a strong resistance where bitcoin not only will have a hard time to even go above but also which increasing the possibility for a pullback firstly to lower levels much more. This will show up when bitcoin gets rejected in the structure again and increases the bearish pressure accordingly then.

When bitcoin shows up with the more likely scenario to form a pullback in this structure this will lead to the next important support to be considered which will be in this case the 55-EMA marked in my chart in red where bitcoin also has the middle-line of the channel as support. This level is inevitably crucial to hold for bitcoin because when falling below this level it will increase the bearish pressure till the lower boundary is reached firstly after this it has to be elevated further, however, when bitcoin holds this level it can recover from here and maybe gain the strength to move above resistance also nevertheless this needs to be shown with the proper price-action also.

In this manner, thank you for watching, good day my friends, and support 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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