VincePrince

Bitcoin, Bearish-Wedge-Divergence, Crucial Shiftings Ahead!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin , we are looking at the 2-day timeframe perspective, the recent events, the established formational structure, and what to expect in the upcoming times. The main ascending-wedge-formation Bitcoin is forming that I already mentioned in previous analysis has shown up with some very important indicators that should not be underestimated in any case especially as Bitcoin pulled back severely in recent times I discovered a decisive underlying divergence that can confirm the upcoming protracted bearish pullback when Bitcoin continues the development in the formation, therefore I detected all the important levels and likely destinies we should consider here.

Structural Developments:
As when looking at my chart now we can watch there the main ascending-wedge-formation Bitcoin is forming marked in blue in my chart, furthermore, Bitcoin has the coherent wave-count within the formation already completing the waves A to C fully in the structure and now with the finalization of wave D that is moving into the lower boundary from where the wave E will likely have its origins this can complete the whole wave-count and therefore also the whole formation, especially when taking this wave E into the combination with the bearish RSI divergence forming it is confirming that a major pullback has a high likelihood to follow up when Bitcoin completes the wave-count and the third main wave in the RSI from where the final pullback below the trendline likely follows up.

Upcoming Determinations:
Taking all these factors into the consideration now Bitcoin is trading in a situation where it is not only developing this massive ascending-wedge-formation but also showing these bearish RSI divergences underlining the fact that there will come a bigger pullback sooner or later especially when these circumstances complete, therefore it is necessary that we do not over speculate the market into a one-sighted direction as it is seen to often these days rather it is necessary to elevate the market as it is, in this case, we should be prepared on this main potential bearish pullback to the downside to not get overwhelmed by circumstances when it finally happens and especially to do not lie open food for the market makers and smart money operators within the market.

Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, all the best!
"There are many roads to prosperity, but one must be taken."

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

So am I reading this correctly, your chart suggest you are thinking it could hit somewhere near 63k before the major pullback?
+6 Reply
FindTheSun Gambling
@Gambling yeah , 68k next week let’s see 😃
Reply
have you considered there being a large head and shoulders being played out, you already have the left and head just looking at your graph
+3 Reply
Thanks for sharing.
Check my idea too, tell me what do you think

+2 Reply
VincePrince shahingh
@shahingh, Thank you and thanks for sharing, interesting approach.
+1 Reply
Post your comments, questions, and ideas about BITCOIN here.
+2 Reply
Very detailed analysis.
It certainly looks like we are in for another pull-back.
It would be good news if the pullback is a minor one, and the wedge becomes a regular ascending channel after the correction...
Thank you.
+1 Reply
great as always!!!! I've been believing another pullback was not far off before the next run, appreciate the analysis.
+1 Reply
VincePrince LeightonX
@LeightonX, Thank you very much! Will be definitely an interesting determination ahead.
+1 Reply
thank you for sharing!!!!
+1 Reply
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