VincePrince

Bitcoin, Develops Two Main Formations Determining Destinations!

BYBIT:BTCUSD   Bitcoin / U.S. Dollar
Hi,

Welcome to this analysis about Bitcoin , looking at the more globally 12-hour timeframe perspective. Bitcoin for a long time now is more or less trading in an indecisive zone in which it managed to form new highs however did not yet fully managed to come up with a final confirmation lying ground for solid and sufficient continuation movements, this does not mean these confirmations can show up especially as it is not seldom seen after such circumstances that the market moves on swiftly into the developed direction and as I discovered now Bitcoin is forming not less than 2 main formations that will be the decisive factor in the next times, therefore I detected all the important levels and likely destinies we should consider.

Structural Developments:
As when looking at my chart now we can watch there how Bitcoin primary is about to form this major head-and-shoulder-formation marked with the neckline in blue. Bitcoin already completed the left shoulder and the head within this formation and besides that Bitcoin also forms this symmetrical-triangle-formation with the second part of the head and the right shoulder now. The fact that Bitcoin remains above important support-zones and also above the meaningful EMAs in the structure makes the structure certainly more bullish as Bitcoin already moved on to test the important remaining resistances. This is also the main direction more likely and which should be expected once Bitcoin completed these two major formations.

Upcoming Determinations:
With Bitcoin in such a constellation with the two decisive formations forming it is necessary to wait for the completion of these formations although the bullish-breakout-scenario has a greater possibility of 75% the final validations need to fully show up before finally moving into this direction because possibilities can also change nevertheless it will be important how Bitcoin approaches the orange decision-zone, when Bitcoin manages a sufficient bounce from this zone it will be the origin for the final breakout to the upside which will fully confirm with Bitcoin moving above this descending-resistance-line marked in black which is also the upper boundary of the triangle. Such a movement will lie ground for further viable developments and volatilities.

In this manner, thank you for watching the analysis and great contentment for everybody supporting, all the best!
"There are many roads to prosperity, but one must be taken."

Information provided is only educational and should not be used to take action in the market.
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Comments

this is not a head and shoulders, a head and shoulders would be more clearly defined. This is a bullish pattern called the three rising valleys.
+3 Reply
Thanks for this nice update, good work!
+1 Reply
VincePrince watchtrend
@watchtrend, Many thanks! All the best.
Reply
Very nice chart. As much as I wanted to see the price break out earlier this week, the completion of this pattern makes it stronger, I think. Good work
+1 Reply
VincePrince spaceboots
@spaceboots, Thank you, that is right, your suggestion is not untrue, the longer the market validates a pattern the stronger it gets and the better the preceding breakout functions.
Reply
on point, already made solid earnings
+1 Reply
VincePrince swanselb
@swanselb, Thank you, that is great to hear.
Reply
Thanks.
+1 Reply
VincePrince dragansimic171111
@dragansimic171111, Thank you
Reply
Great view. Thanks a lot. Really useful
+1 Reply
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