Welcome to this analysis about Bitcoin , we are looking at the 4-hour timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. As Bitcoin has shown up with strong protracted to the downside it has found some support in the structure which it still holds nevertheless this support is extremely crucial here because when Bitcoin closes below this results in further increased pressure, besides that, I discovered a worthwhile formation that will be the determining source within the next times, therefore I detected all the important levels and likely outcomes we should consider with Bitcoins established structure and the upcoming movements.
When looking at my chart we can watch there how Bitcoin is about to form this massive head-and-shoulder-formation with the left shoulder and the head already developed in the range with the neckline marked in blue in my chart. The last time's Bitcoin has found support within the neckline and also within the 100-EMA marked in blue in my chart this is why we can expect the right shoulder to establish further from here, in this case, Bitcoin has major resistance-levels lying higher in the structure marked in my chart between the 38400 and 38500 levels in red where several resistances coming together consisting of the descending-resistance-line, the horizontal resistance and also Fibonacci-resistance.
Upcoming Perspectives And Likely Possibilities:
Taking all these factors into consideration it will be determining how this right shoulder further establishes within the structure, with Bitcoin moving into the strong resistance-cluster we can expect a pullback to show up from there finalizing the right shoulder and completing the whole formation, in this case, the crucial point will come with Bitcoin moving into the neckline from where the final decision will show up, therefore the case has a higher likelihood as Bitcoin is still in a edge and as such formations have the higher tendency to complete bearishly to the downside, also the is matching in this case, therefore it will be decisive how Bitcoin finally completes with this more likely expectations.
In this manner, thank you for watching the analysis, have a good day and of course good trading, all the best!
"Prospect is the ingredient of good fortune."
Information provided is only educational and should not be used to take action in the markets.
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