VincePrince

BITCOIN, Develops Decisive DIAMOND-BOTTOM-FORMATION!

BYBIT:BTCUSD   Bitcoin / U.S. Dollar
Hello,

Welcome to this analysis about Bitcoin , we are looking at the 4-hour timeframe perspectives. Since Bitcoin recently heavily increased with bearish price-action to the downside after marking the all-time-high at the 69.000 USD level and pulling back into the range it continued further to the downside till it now recently approached the remaining 55.500 USD level where it initially bounced and is now forming an interesting formation in this whole structure which I spotted and which will be decisive in the upcoming times, therefore, I discovered all the important levels, structural developments and upcoming determinations we need to consider with Bitcoin in this established structure and the upcoming movements ahead of the next times.

As when looking at my chart now we can watch there how Bitcoin is forming this main diamond-bottom-formation marked in the orange box. Besides that we can see there that Bitcoin already bounced within the 500-EMA in red and also confirmed this ascending-trend-line marked in dashed grey as appropriate support. As Bitcoin continued now with the bouncing in this zone and setting up of the diamond-bottom-formation it is forming a wave-count within this formation in which it already completed the waves A to C in the structure with the waves D and E remaining now, therefore, when Bitcoin finally completes this whole pattern it will be the origin of a great bounce to the upside which will be confirmed with a breakout above the upper-boundaries.

Taking all these factors into the consideration it will be now important on how Bitcoin moves on further and how it potentially completes this whole structure, therefore it is necessary that Bitcoin rightly shows up with the bounce above the upper-boundary of this whole constellation, when this happens the upper target-zone at the 64500 USD marked in blue will be activated, once this target-zone has been reached it has to be elevated how Bitcoin continues from there and if there comes a bullish continuation or Bitcoin firstly reverses to test lower levels and form the next formation in this case, therefore, for now, we will see how these developments move on further and if Bitcoin manages to complete this whole formation rightly in the schedule, it will be an interesting development.

In this manner, thank you for watching the analysis, it will be great when you support it with a like, follow and comment for more upcoming market analysis, all the best!
"Great fortune is when opportunity meets preparation."

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

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