Bitcoin, Potential Breakout With Objections When This Happens!

Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin, we are looking at the 12-hour timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. Bitcoin since marking its top at the 61.800 USD showed up with bearish pressure and movements to the downside, however, this established bearishness is not fully strong as Bitcoin several times tried to reverse and show up with bullish counter-bounces which did not yet fully convert into a sufficient reversal, in this case, I discovered how this can happen and with what price-action Bitcoin needs to show determining a complete reversal, therefore I detected all the important levels and likely destinies we should consider.

Structural Developments:
As when looking at my chart we can watch there how Bitcoin is trading within this major ascending-channel-formation on the global perspectives, within this major channel Bitcoin already established the main wave-count to the upside and already completed the waves A to C within this. Now Bitcoin is about to develop the main wave D within the structure that will run directly into the lower levels of support and the 140-EMA in red as well as the 120-EMA also matching with the lower-trend-line of this formation, when Bitcoin approaches these zones there is a high possibility given for a bounce to the upside and when this bounce is strong enough it can lie ground for a breakout and further continuations.

Upcoming Determinations:
Taking all these factors into consideration Bitcoin is trading in a situation in which it has the ability to reverse especially also when looking at the MACD structure that can indicate a potential crossover. Nevertheless, Bitcoin needs to show up with the right price-actions and do not show up with further bearishness and increase of bearish pressure because then the dynamics can change also and Bitcoin can continue with bearish dynamics when it closes below the lower boundary of the huge ascending-channel-formation. Therefore, we need to keep patient and elevate on how Bitcoin approaches these levels of support and how it reacts within to come up with further conclusions, it will be an interesting journey ahead.

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.