Bitcoins Bullish Journey May Not Be Fully Lost Till Now!

Hi, Welcome to the update-analysis about the bitcoin 12-hour timeframe perspective. Bitcoin confirmed the bearish zone properly to the downside and now tested the remaining support anew as it was expected, now as bitcoin found support within the support marked in blue in my chart it is possible for bitcoin to show some up moves from this origin as it is marked in the chart, in this case, it is possible for bitcoin to test the remaining resistance levels which bitcoin has at the 100-EMA in black not to mention the strong upper boundary of the channel still existing as serious resistance. When bitcoin approaches these levels a pullback and ongoing consolidation firstly are more within the likely spectrum than an immediate move above the resistance layers.

It all depends on the relative strength bitcoin can build up here, when this is not strong enough and weakens again a push below the support and below the 300-EMA in red can set bitcoin to test remaining supports at the blue ascending-support-line firstly. Otherwise when bitcoin manages to hold the range and gain strength solidly in the level bitcoin can set up the next bull run, in this scenario it is from high importance that bitcoin moves above the 100-EMA sustainably and don't confirm it as resistance anew. When bitcoin shows up with this it can increase the pace again above the upper boundary and show new volatile movements to the upside which can lead to the next wave-count, then it is crucial to bitcoin showing up with the mentioned mechanisms.

Currently, all hope is not fully lost yet and there are possibilities for bitcoin to gain strength again till then it is important to keep patient and see how the situation develops, in this case, it is critical to not rush into trades which have no satisfying outcome as it is happening many starters coming out in the wrong position where smart money operators just waiting on the other end and profit from inexperienced traders and the stop-loss-hunts resulting out of it, for a healthy recovery it is really important for bitcoin to not show up into the pullback-extension-zone marked in red where bearish pace increases and bitcoin needs more fuel to recover fully, nevertheless it is currently not the highest possible outcome as bitcoin still trading above support layers.

In this manner, thank you for watching, support for more market insight, good day to you, and all the best!
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Information provided is only educational and should not be used to take action in the markets.

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