Bitcoin, Approaches Preliminary Level, Here Is What To Expect!

Hello Traders Investors And Community, welcome To This analysis where we are looking at bitcoins 4-hour timeframe perspective, the recent important events, the current structural formation, what we can expect from it, and which levels need to be rightfully confirmed ahead. As bitcoin moved above historical resistance and formed an exponential growth with good volatility now it is important to note if this established strength can hold sustainable or bitcoin forms a reversal in the current range and visits some lower levels. In this case, I detected some highly important scenarios and levels which need to be confirmed to have a coherent follow-up trading setup, by the way, it was really good to watch that the elite channel making good profits over the course of last days and weeks.

As you can watch in my chart bitcoin is still trading below this strong rising resistance which is marked in red where bitcoin already bounced several times to the downside in past price-action, furthermore, bitcoin is forming this rising trendline marked in blue which is currently holding the trend to the upside and together with the resistance forming somewhat of a triangular shape here where the blue support is from high importance to hold when considering a bullish continuation to the upside which will happen when bitcoin crosses the resistance to the upside as you can watch it marked in my chart. This break above the resistance will cause the bullish rising and some more potential when there do not come bearish signals which invalidate this potential again.

Importance Of The Rising Resistance (4-Hour Timeframe):

Overall this environment is more bullish than bearish at the moment but it has to be noted that bitcoin is trading in overbought conditions currently which fact only can lead to a reversal, the RSI has moved into the overbought region, therefore, it should not be ignored, when bitcoin manages to climb up above resistance and move on the potential for a smaller when not bigger pull-back increases but currently firstly the bullish continuation is more possible. When bitcoin does show up with this continuation we need to watch and elevate how bitcoin is moving on so far and especially how it reacts to the highly overbought situation as we should always keep the reverse in mind and take note that everything that rises fast can also fall fast.

In this manner, thank you for watching, support for more market insight, have a great day, and all the best to you!
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Information provided is only educational and should not be used to take action in the markets.