BITCOIN, Crucial Channel, Upcoming Conclusions!

Hello,

Welcome to this analysis about Bitcoin and its 4-hour timeframe perspectives. Bitcoin in recent times as expected managed to complete this local ascending-triangle and bounce above the first local support I mentioned in the former analysis. Nevertheless, we see increasing regulatory pressure on Bitcoin in recent days as Crypto exchanges close in countries like South Korea or other countries looking to tighten measurements and restrictions on Bitcoin as well as Cryptocurrency Mining and Trading, such developments in a market phase we currently are in should never be underestimated and amidst the local breakouts, Bitcoin formed here I detected other signs that are significant for Bitcoins upcoming determinations.

Looking at my chart now we can watch there how Bitcoin managed this initial breakout and has now the dynamic neckline marked in blue within the structure in this broader global ascending-channel-formation in which it also formed this wave-count with the waves A to C already completed Besides that Bitcoin has the accumulational-zone marked in green within the lower boundary and the distributional-zone marked in red within the upper-boundary. This means as Bitcoin approaches the upper distributional-zone there is a high likelihood that a pullback establishes which then will be the origin of the wave D to the downside to continue with the wave-count Bitcoin established here.

When Bitcoin continues with the wave-count it has great supports lying within the lower boundary and the confirmation-bounce-cluster marked in blue within there where several supports coming together consisting of the accumulational-channel, the 300-EMA and the dynamic neckline, this is why there is a great likelihood given that Bitcoin bounces in this zone and continues with the wave-count and the wave-E-developments which will be crucial as it will mark the finalization of the whole wave-count and Bitcoin will approach the upper distributional-channel anew where also this all-time-high-projection-descending-resistance-line enters the surface with a pullback awaiting when Bitcoin approaches this structure.

Main it will be important to elevate how Bitcoin continues then within this massive channel, either Bitcoin will have the ability to stay in this whole channel and build up bullishly within or the bearish pressure is that high that Bitcoin will breakout below the lower boundary of the massive ascending-channel which will complete it as an inevitable bear-flag with further bearish continuation to establish. These dynamics need to be shown then and it is pivotal to keep patient and await these dynamics before rushing into trades, as a potential long would be when Bitcoin manages to stabilize in this channel sustainably and a potential short when the breakout below the boundary happens, this needs to be shown then before coming to conclusions.

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