BITCOIN After The Dump, H-S-Formation Develops!

Hello,

Welcome to this analysis about Bitcoin and the 4-hour timeframe perspectives. In recent times Bitcoin managed to heavily built-up bullish price-action and shoot into the new all-time-high after the first Bitcoin ETF got its approval, this development is likely to bring on further volume and demand into the market. Nevertheless after this new all-time-high has developed Bitcoin showed up with a pullback and moved back into its range increasing heavily with bearish price-action, this was a good dynamic for us in the VIP channel to profit on the short-side. As Bitcoin now showed up with these establishments there is a pivotal formation forming that I am explicating now.

When looking at my chart we can watch there how Bitcoin increased bearish price-action and moved into the 60200 USD level to initially bounce to the upside from there on, this level is also simultaneously supported by the ascending-trend-line marked in darker grey in my chart. Besides, Bitcoin has support by the 65-EMA at this level. In this case now we can expect Bitcoin to firstly bounce in this area and what happens after it will be important as Bitcoin is about to finalize this huge decisive head-shoulder-formation with the left shoulder and the head already completed, now the right shoulder remains which will complete the whole formation and show the way into either direction.

Taking all these factors into the consideration now, as Bitcoin has these major supports within the structure, currently, there is a slightly higher possibility for Bitcoin to complete this head-shoulder-formation bullishly to the upside, this possibility is slightly higher with a 55% possibility compared to the 45% possibility bearish scenario, nevertheless, it will be important on how Bitcoin moves on further with this now and it is necessary to await the final confirmation here before finally moving into the direction and rush into trades that do not satisfy. When considering the bullish case fundamentally it will be important on how the ETF developments move on and if new ETFs got approval which can bring fuel to the completion of the H-S-Formation.

In this manner, thank you for watching the analysis, it will be great when you support it with a like, follow and comment for more upcoming market analysis, all the best!
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Information provided is only educational and should not be used to take action in the markets.