Welcome to this analysis about Bitcoin, we are looking at the global 4-day timeframe perspectives. In recent years Bitcoin established an ongoing bull-market with continuations of higher highs in the structure, Bitcoin even managed to recover from the heavy corona-crash-breakdowns we have seen by March 2021 in a profound and unforeseeable manner. Nevertheless, we should not underestimate the continuous threats that Bitcoin needs to defend against, from the regulatory insanity that many governments want to push through to the constant disinformation campaigns against Bitcoin, therefore although Bitcoin managed to continue with higher highs in the past we should not keep a bearish perspective out of sight especially as indications are showing it as I recently developed, therefore, in this analysis I look realistically on this situation and what we should expect in the upcoming times with the crucial developments.
As when looking at my chart we can see there how Bitcoin is since it moved on with higher highs and the bull-market that had its origins in the 2018 bear-market-bottom is now forming this massive ascending-wedge-formation with the coherent wave-count in the formation and the waves A to D almost completed. Now as Bitcoin bounced in the lower-boundary matching with the 15-EMA in green and the 65-EMA in red again this is the origin of the wave E to the upside which will finalize the whole wave-count and complete this paramount formation when Bitcoin moves into the upper confirmed cup-and-handle-target-zone this is likely to result in a pull-back also because of this overbought condition which will be omnipresent then. Besides that, a crucial development is also seen with the MACD which is actually forming a bearish-divergence as the price-action formed higher highs and the MACD lower highs. Taking all these factors into account here we should in any case do not keep the bearish perspective out of sight and be prepared on potential upcoming volatilities which will lead to Bitcoin reaching out to the target-zone from where the situation needs to be elevated anew.
In this manner, thank you for watching the analysis, it will be great when you support it with a like, follow and comment for more upcoming market analysis, all the best! "The high destiny of the market is to explicate, rather than to speculate."
Information provided is only educational and should not be used to take action in the markets.
I must say this is among the WEAKEST explanations of TA to support your case. The so called MACD Bearish Divergence has not even occured. In fact the MACD is pointing UP and about to break your downtrend line on your MACD chart that tries to show the Bearish Divergence. So that would actually be a BUY signal. I get the impression you have not studied charts much. Have you even looked at the S&P 500 lately? It has the largest rising wedge forming since 2018 and has rising wedges within rising wedges. Rising wedges do not mean a "Decade Reversal" is coming. It just means things are slowing. In fact a MACD Bearish Divergence also means things are slowing but NONE of that means the trend is over. If you understood MACD well you would know that MACD needs to break below the ZERO line to giev any indication of a trend reversal. A Divergence will be seen when the market consolidates sideways too. So, sorry to disagree. I hope you dont put any money shorting BTC because you will lose badly in the next few months.
zzerg85
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@eganon69 I agree . Bearish divergence is a weak argument here
christian_pilz
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This boy repeatedly blows up modest nonsense as a daily analysis. To be honest, I don't know when any of this actually happened. Pure hopium speculation!
PAH4221
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@christian_pilz, huh? I've been followng this guy for the past 3 months, and he's been pretty accurate...
cd1603
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What a nonsense. There is not even divergence visible. Besides how do we know it is a rising wedge? We need time to confirm it, but this has no use case sorry.
sibethassan
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The price should check support and resistance levels in an ascending wedge about 5 times, before the trend reversal. A present, I think BTC can fall up to 54000 and then bounce back to ATH.
FermiParadox
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@sibethassan, you are perfectly right in your assessment :-)