Welcome to this analysis, we are looking at Bitcoin , the 2-hour timeframe perspective, the recent events, the current formational structure and what can be expected the next times. As bitcoin approached higher within its structure and is now somewhat consolidating since some time it is forming an important formation here which will determine the further outcomes in the structure, this formation will play a crucial part in the next outcomes and a big question is if this formation confirms to the up or downside as for now there are more possibilities given for an upside breakout, therefore I detected all the important levels and necessaries to confirm this breakout to the upside and also the reverse perspective when the formation shows a reversal to the downside visiting lower levels in the structure which should not be kept by side in this development.
Looking at my chart you can watch bitcoin now building this head and shoulder top formation where it has formed the neckline marked in blue right above the 45-EMA marked in green which is an important reference point here holding the price-action above it. Furthermore, we can see the left shoulder and the head already formed and bitcoin is now setting up to form the right shoulder as the neckline bounce has initiated this, besides this, we have the descending-trend-line marked in grey higher in the structure where a good chance is given that bitcoin pulls back there to complete the whole right shoulder in the structure as it is marked in my chart when the bounce-back occurs within the trendline this will complete the right shoulder and therefore set up to the up or downside which needs then to be elevated properly.
Basically, there are two possible outcomes to consider here, the first is that bitcoin manages to move above the descending-trend-line marked in grey to set up on this and form further movements which will confirm a confirmation and the second possible outcome is when bitcoin breaks below the neckline and closes there to continue with pressure to the downside. As bitcoin has still established a pace and some solid supports in the structure which can move the price higher the outcome has currently a higher possibility than the one nevertheless it is highly important to wait on the proper confirmation before going into the right direction which is also the difference to merger speculation seen too often these days, therefore it will be important how and when bitcoin confirms the next developments in the right direction to then take appropriate action.
In this manner, thank you for watching, good day my friends, and support for more market insight.
"Prospect is the ingredient of good fortune."
Information provided is only educational and should not be used to take action in the markets.
I see a little differently)