Welcome to this analysis about Bitcoin , we are looking at the 6-hour timeframe perspectives. Recently Bitcoin has shown up with to the upside from the 29500 support as expected and now began to form the 12345 impulse-wave as expected, if you did not see the analysis already where I mentioned this elliot-wave-developments and the importance of it for Bitcoins current situation I highly recommend it to watch to have a full-depth-overview because this analysis is building a coherent addition-part to it. In the last times, we saw many institutions accumulating such as Alameda Research buying many more Bitcoins below the 30.000 USD, also bigger banks and tech giants showed interest in Cryptocurrency and Bitcoin such as Amazon recruiting Blockchain experts to research in cryptocurrency or JP Morgan becoming the first US bank offering Bitcoin and Crypto Funds to retail clients. These fundamental developments can be a source of the incoming volatilities nevertheless from the technical side there are some important determinations we should consider with Bitcoin in its structure and upcoming movements.
As when looking at my chart now we can watch there how Bitcoin firstly formed this major massive descending-triangle-formation marked with the boundaries in black and in this formation Bitcoin has the coherent wave-count with the waves A to E almost already completed. Now as Bitcoin finalized the wave E and solidly bounced within the lower boundary of the formation there came a second meaningful formation in the structure which is a potential double-bottom with the first bottom and the second bottom marked in my chart in the blue box. Right after the second bottom has formed Bitcoin increased its volatile movement and formed the breakout above the upper-boundary of the descending-triangle-formation from where it also further bounced in the boundary to the upside increasing volatilities. Taking these factors into the consideration technically the descending-triangle-formation has finally been completed in Bitcoins structure however there are still resistances higher in the structure which Bitcoin will firstly test and has a high likelihood to initial pullback once these levels are reached.
Once Bitcoin tested the upper remaining-resistance-range marked in my chart in red this will be the highly likely pullback, after that the actual crucial developments will come with Bitcoin moving into the lower support zones and approaching the 50% to 61.8% Fibonacci-support. When Bitcoin manages to bounce and stabilize in the Fibonacci-supports this can lead to a further continuation and when this shows up strongly enough Bitcoin can finally move above the upper remaining-resistance-range to continue further. In recent times Bitcoin moved through a protracted accumulation, this is what the fundamentals say as bigger smart money operators accumulated within these zones which is also marked by the recent increased which comes time-shifted after the accumulations have taken place, it is necessary to recognize such operations by the bigger players to properly prepare on what possible scenarios are coming up then. For now, we should not ignore that there are still resistances lying within the structure however Bitcoin has the ability to move above these resistances by showing the right price-actions in the structure as mentioned, therefore we should keep patience and look for how the situation develops further, it will be an important and interesting journey ahead.
In this manner, thank you for watching my analysis about BITCOIN and the main important structures and developments forming, great when you support it with a like and follow or comment for more market insight!
Information provided is only educational and should not be used to take action in the market.