Welcome to this update-analysis about Bitcoin and the perspectives. Since the origin analysis I uploaded on the 6Th of June the overall picture has changed exorbitantly and Bitcoin has developed some worthwhile price-actions that altered the interface and will be a decisive source for the upcoming movements. If you did not see the origin analysis already I highly recommend it to watch to have a full-depth-overview. In this case, now I detected the further possibilities, upcoming determinations, and what we should consider with Bitcoin in its determined structure and nearing price-actions. I altered certain lines and colors or added them to exemplify which zones and scenarios are meaningful now.
Third Consecutive Close Above 31500:
As mentioned in the Origin-Analysis the 31500 was a highly important level for Bitcoin to hold sustainably because without that when Bitcoin would have moved below this level with price-action it would have been the source for a substantial increase of selling pressure into the bearish-continuation-zone marked in red however as Bitcoin now managed to bounce and close really a third time above this important support marked in blue in my chart this is marking a substantial sign for a solid stabilization above this level from where Bitcoin has the ability to build upon which it already did with recent increases in the local structures as well.
EMA-Structure And Tests Of Remaining Resistance:
It is also a good fact that Bitcoin managed to remain above the 65-EMA marked in red as well as the 45-EMA in blue, besides that Bitcoin managed to bounce of the 65-EMA in red two times simultaneously as Bitcoin bounced from the main . Now all these factors indicating a continuation for Bitcoin firstly to test the remaining resistance which Bitcoin has within the 46810 levels marked in my chart in red. When Bitcoin approaches this zone it is likely that there firstly comes a pullback that moves on to test lower levels in the structure as support which will be crucial because in this case, Bitcoin needs to hold them maintaining further stabilization above, currently, it has an increased likelihood however it is necessary to await these confirmations.
What we have seen here the last weeks with Bitcoin bot defending the EMA-structure as well as the support was also an ongoing accumulation phase in which smart money operators accumulated further while weak hands got shaken out, about which I already informed in recent publications. Now as the first sign of strengths emerged public gets also more attention again and the possibility for further declines decreases. For now it will be important how Bitcoin develops with the suggested conditions as mentioned and if this happened sufficiently it will be the completion of the major wave D in the Fibonacci-count and then the setup for the wave E as it is marked in my chart in blue, it will be
an interesting journey ahead.
In this manner, thank you for watching my update-analysis about BITCOIN weekly structure and the main developments and upcoming perspectives since the Origin-Analysis, great when you support it with a like and follow or comment for more market insight!
Information provided is only educational and should not be used to take action in the market.