Here Is How Bitcoin Can Develop Its Way Up!

VincePrince Updated   
Hello, Traders Investors And Community, we are approaching a historical date the next time, not more than 10 days left before the third bitcoin halving will launch, in this purpose, there are some important signs which I detected in the daily bitcoin chart and which will affect the bitcoin price action the next time. In the last halving-cycles, we had a first initial small dip after the halving and initiating the whole market-cycle before going up and providing a heavy bull-market. In this current moment, we can see a similar mechanism as the supply which is causing after the halving pushing the price a little bit down and after that higher. According to this subject, I made an analysis which I recommend you to watch.

When looking at my chart, you can see that we are approaching the upper resistance a third time in a row now, the last days we tested the resistance line a third time and had a generic pull-back which is normally after testing such a rising trend-line, currently, we see bitcoin testing the level on a short-term basis a second time and as we can see the price begins to struggle in this area, this is why it is within the possible spectrum that bitcoin will setup for a stronger pull-back, this initial pull-back is highly matching with the halving cycles and the resulting fractals already mentioned. When bitcoin falls below the 8320 zones I see a high possibility for a continuation to the next meaningful support-zone which is at the 7330 levels, not only do we have there the 38.2 % Fibonacci-support but also the support formed in the previous up-trend with its highs formed in the up-trend. If we do approach this level it will highly likely confirm as support and therefore get us back up! When this does not happen the next support is at 6030 which is the 61.8 % Fibonacci-Support.

The fact that we are trading in a 312-day old consolidation phase, which is not little for bitcoin makes it clearer that bitcoin will have a heavy breakout in the middle-to-long-term-perspective. Also what we can see here and is important in this structure is the big broadening wedge which is forming here and could confirm when we are approaching higher from the 38.2 % Fibonacci-support. What is amazing is that it is also matching with the halving-cycles. It is one more factor in the schedule to decide bitcoins outcome. Friends we should always look at the highest possible outcome and for now, it is in the potential for bitcoin to move higher above the falling huge resistance-line. After we get above this resistance-line the overall broadening wedge is confirmed and the logical target, therefore, will be the range between 12600 and 13800 which you can see marked in my chart with the box. Before that happens we have a fundamental support/resistance level that has to be taken out.

Bitcoin is in a historical situation where it has to decide the next step and if it is going to break like expected. The broadening wedge scenario has to be confirmed rightly! Before that, we can not wether bitcoin begins to struggle again or the main target at 12600 and 13800 will be in play! Therefore we need to keep patient and look at the chart with a clear head not fall for the illogical approach in the markets many people falling into. Trading is always about elevating the highest possible outcomes and therefore trading these accordingly, at the moment there are some good signs which playing into the scenario of a breakout to the upside but there is still a potential possibility for downside remaining as the middle-term trend is still weak which shouldn't be ignored!

In this manner, thank you for watching the analysis, will be great when you support for more market insight!
“Price is what you pay. Value is what you get.”

Information provided is only educational and should not be used to take action in the markets.

ANALYSIS UPDATE: The most decisive part of this whole massive triangle formation BITCOIN has been the volume increase that formed the potential for a final breakout above the boundary.

Since BITCOIN completed the triangle formation a major bull market started that bounced over the resistance zones and formed historical all time highs.

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