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 pullback when Bitcoin continues the development in the formation, therefore I detected all the important levels and likely destinies we should consider here.
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 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 from where the final pullback below the trendline likely follows up.
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 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 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!
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Information provided is only educational and should not be used to take action in the market.
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