Welcome to this analysis about Bitcoin , looking at the local 2-hour timeframe perspective. As Bitcoin on the more global perspectives moved on to test important remaining resistances from where it firstly pulled back and is now somewhat setting up for further price-action I discovered a decisive formation Bitcoin is now developing that will be worthwhile in the upcoming determinations especially when it completes it can show up with some valuable breakouts that can possibly lead to new highs, therefore it is necessary that Bitcoin establishes further with the right alignments and does not indicate price-actions that can invalidate the whole structure and formation again.
When looking at my chart we can watch there how Bitcoin has now developed this main descending-wedge-formation marked with the boundaries in blue, in this formation Bitcoin has a coherent wave-count in which it already completed the waves A to C in the schedule and is now setting up to form the wave D that will move on and directly run into this remaining resistance-cluster Bitcoin primarily has in the upper-boundary of the formation, when Bitcoin pulls back in this cluster bearishly to the downside it will be the origin of the wave E to the downside which will finalize the whole wave-count and will approach the lower levels of support from where the whole formation can complete as the wave-count finalizes in supports.
With Bitcoin trading in such a constellation, it is important to keep patient and wait for the conclusive price-actions that will finally complete this formation, therefore it is necessary that Bitcoin sufficiently bounces within the lower back-up-cluster and when this happens with Bitcoin bouncing above the upper boundary of the formation the whole formation will be completed with activation of further continuations and Bitcoin will move on to test the remaining upper resistances again. Taking all these factors into the consideration it is necessary that Bitcoin does not show up with increased pressure again because such a price-action can invalidate the whole formation with Bitcoin moving below the lower levels of support.
In this manner, thank you for watching the analysis and great contentment for everybody supporting, all the best!
"Trading effectively is about assessing possibilities, not certainties."
Information provided is only educational and should not be used to take action in the market.
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