BITCOIN UPDATE, Break Below Support, Reversal Or More To Come?!

Hi my friends,

Welcome to this update-analysis where we are looking at BTCUSD which is sending some quite interesting signals at the moment as it fell below the two major rising-supports marked in blue as expect it is now somewhat in a shorter recovery since it bounced from its lower support level as suggested. The big question in this whole structure is now if bitcoin bears keeping their established pace to move below important support and show continued bearish pressure or if there is a stabilization in the current range where bitcoin manages to move above the mentioned EMA-support-resistance, in both cases, it is important to wait on the confirmation as this is so often a crucial factor in trading where traders ignore or just getting into high speculative approaches which are leading nowhere. In this case, I detected some possible outcomes and what bitcoin has to show in order to provide the proper scenario that we can take appropriate action, by the way, it is really good to watch our elite channel also profiting in such volatile times with smart short-side entries.

Looking at my chart you can examine there that bitcoin just broke below the second major rising-support which is marked in blue and now bounced at the lower support-line in grey where it is consolidating between the EMA-structure, which is the 20- and 50-EMA marked in orange and black and between the lower grey resistance line, in this levels bitcoin currently forms a range where it can either break to the up or downside with continued volatility in the proper direction ahead. When considering the bearish scenario the formation bitcoin is building here can just be a bigger head and shoulder formation which when confirmed will show great selling pressure to the downside where an immediate bullish reversal will do not pop up so soon. In anticipation of the bullish scenario, bitcoin has to move above the EMAs and close there sustainable before considering higher levels to be reached but it is important to take note that there are still strong resistance levels where bitcoin will have a hard time to go above, in this case, the bearish scenario has a slightly higher possibility.

In this manner, thank you for watching the analysis, and for your support, have a good day and weekend! ;)

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

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Initial Analysis According The Subject (2-Hour Timeframe):