Bitcoin, In Channel, How Dynamics Can Alter, Important Zones!

Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin, we are looking at the 4-hour timeframe perspective. Since Bitcoin has shown up with initial bearish declines the last times after completing the main head-and-shoulder-formation I mentioned previously it moved into the target-zones and into remaining supports, it was great for us within the channel to secure profits on the short-side. Now as Bitcoin reached these zones I discovered an interesting formational structure Bitcoin is actually forming that can indicate an alteration of the dynamics and potential reversals when Bitcoin shows up with the right price-actions, 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 now about to develop this major descending-channel-formation marked with the blue boundaries, within this channel Bitcoin has a coherent wave-count in which it already completed almost fully the waves A to C with the wave C moving directly into the lower boundary which is likely to be the origin of the wave D to the upside, this wave D will run into the descending-trend-line from where the wave E will follow-through. The upcoming wave E will finalize the whole wave-count and will approach directly into the main back-up-cluster which is also an important cluster to hold and back-up because below bearish pressure is likely to increase and continue.

Upcoming Determinations:
Taking all these factors into consideration Bitcoin is in a situation in which it has shown up with main bearish encounters which in any case should not be taken by side, however with the current structure, there is the possibility given that Bitcoin firstly reverses when only at first place to test the remaining resistances which are still there. In this case, basically, it will be meaningful on how Bitcoin manages the bounce from the back-up and how it forms a breakout above the descending-resistance-line, when this is strong enough it can indicate further bullish continuations and testing of the resistance. For now, it will be important how Bitcoin approaches the proper zones and how it continues from there.

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.