Welcome to this fundamentally important analysis about Bitcoin where we are looking at Bitcoins 4-Day Timeframe Perspective and what are the meaningful measurements I detected here the last times. Bitcoin over a longer time traded within its huge ascending-channel-formation with the origins of the channel back in December 2018 where Bitcoin showed up with this strong rally defining the upper boundary of the channel, in this time Bitcoin survived the heavy corona-breakdowns almost exaggerating with in nearly all significant global asset-classes, Bitcoin has managed to come above these drastic obstacles and show some solid expositions, now Bitcoin has moved above a very principal level, therefore I detected what this now means and how the journey is likely to continue over the next days, weeks and months, especially what price-objections are possible for Bitcoin when it shows up with the proper price-actions accordingly in the schedule.
As when looking at my chart now we can watch there Bitcoin now clearly closed above this major upper-boundary of the massive ascending-channel-formation, you can see in my chart how big and therefore preliminary key this channel is, the fact that Bitcoin moved above this level where it just tested it the last time and rejected bearishly makes this now a historical move. Now as this signal has developed here Bitcoin can show up with continued movements when demand boosts further despite the overbought condition this can also happen as we have seen it in the past already where the market was overbought but Bitcoin managed to form new highs anyways. This move above the resistance firstly activated upside targets seen in my chart at the 36000 USD level there are however some important measurements and price-actions which should not show up here, in this case, Bitcoin needs to hold urgently above the upper-boundary and also above the 20- as well as 35-EMA because when Bitcoin closes below this levels this will increase the pressure within the ground and continue to visit lower levels in the structure which will end up in a possible bull-trap nevertheless when Bitcoin manages to hold above this level and show up with further bullishness the targets are good.
The upcoming times will show how strongly Bitcoin manages to hold above the upper-boundary, the only thing which is central for the consideration here is that Bitcoin holds above this boundary and do not close below it again as suggested. Also with all likely bullishness Bitcoin established here, we should not underestimate the high still existing within the cryptocurrency market as this has proven in the past, the cryptocurrency market is still highly speculative and highly volatile and as sophisticated traders, we should not over speculate the market too much as this is seen too often these days, it was also critical within the 2017 bull-run where many retailers rushed into the market just buying in the top before the heavy reversals and pullbacks set in, in this case, I am in the market to consider it anew and determine when possible changes in the direction show up to take action appropriately and not over speculative and illogical, as this is also the philosophy within the private channel.
In this manner friends, thank you, everybody, for watching, supports for more market insight will be great, have a good day and good weekend as well!
"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 markets.