Hello, Traders Investors And Community, welcome to this update-analysis about bitcoins current situation. As I already pointed out in recent analysis about the locally price-picture of bitcoin is that it is trading in an overall triangle with the outstanding third touch of the higher boundary and third touch of the lower boundary awaiting, this scenario has confirmed now properly as forecasted in the analysis, I recommend that you watch it to have a full-depth-overview about the current situation, what is new now is that there added some more signs which will determine bitcoins further outcome especially when taking it into comparison to the rest of the cryptocurrency-market like ethereum or cardano which showing some good bullish signs and already made higher highs, therefore we are looking at the locally 4-hour timeframe.
As we can see now bitcoin confirmed the second touch of the lower boundary and the third touch of the higher boundary as expected, therefore we are approaching the still important resistance in the structure at the 9550 upper boundary level this can indicate a pull-back lower to confirm the lower boundary of the triangle a third time. At the moment this does not necessarily happen as it is also possible that we will move above the triangle and confirm it but the pull-back scenario increases as we are facing important resistance in the structure. When this pull-back confirms properly we can expect bitcoin to find support at the strong confluence cluster at the lower boundary and the 200-EMA which you see marked in my chart in orange, when this happens we will get stabilization in price here.
Overall we can anticipate that the triangle gets narrower and narrower now and that we will see a breakout sooner or later, considering all the new factors which added into the whole picture now a bullish breakout is more likely as we have some good support sings and other major cryptocurrencies like ethereum already broke to the upside, that does not necessarily mean that bitcoin will follow but it is an indication for a follow-up in price-action. Remember that this has to be confirmed with a clear break of the higher boundary including good volatility otherwise when we confirm below the lower boundary it will show in bearish price-action, when this plays out the 8130 level needs to be held when considering the bullish continuation further.
The triangle can be traded after confirmation when crossing the boundary with the necessary volatile action, an aggressive approach will be directly after this confirmation happened, the more conservative approach will be after the boundary confirmed when we saw the breakout, this will be the more precise and wiser process after such a mechanism. This breakout can be traded in either direction after the proper scenario confirmed rightly it will show a good opportunity with an exceptional risk-reward. There are many people calling for the complete moon but this is merely speculative at the moment, we need to stick to the logical observation, therefore we can be prepared when markets move in the most possible direction like in this case with bitcoin.
In this manner, thank you, everybody, for watching, support for more market insight, and a good weekend! Even though destiny seems obscure in the present, it is actually beginning right now.
Information provided is only educational and should not be used to take action in the markets.
Comment
⋅
ANALYSIS UPDATE: BITCOIN bounced within the range completing the main triangle formation till the final upper boundary breakout emerged.
Since BITCOIN formed the main breakout it continued in the bullish trend direction emerging with a determined uptrend.
You're actually really close. It could pull up from here (a little earlier than you predicted, but still went up), or it could pull back down again to support and then up from there. We'll see...