BITCOIN, MASSIVE Breakout, Formation Sets Dynamics!

Hello Everyone,

Welcome to this analysis about Bitcoins on the 2-day timeframe perspective of mine. Recently Bitcoin and the whole cryptocurrency market has shown up with a major breakout and huge volatility spikes that preceded previously established resistance levels and pushed the market into new preliminary highs from where the market now has the opportunity to continue with these paramount dynamics. Now in this case I detected how Bitcoin completed this central formation which is the cornerstone of Bitcoins current developments and upcoming dynamics especially when Bitcoin builds up on this dynamic it will be a factor for a potential positive formational structure and further expansions to follow up with.

When looking at my chart we can watch here that with the recent massive bullish volatile spike, Bitcoin managed to breakout above the upper boundary of this gigantic descending triangle formation which has now formed a legit reversal formation, and Bitcoin finally showing up with the completed reversal for further continuations to emerge. Especially as Bitcoin managed to breakout above the 50-EMA marked in green in my chart this is an additional confirmation that is marking a profound turning point in the whole range as this 50-EMA was previously resistance it is now support and Bitcoin has a solid base from where further volatility movements are likely to show up, especially when bouncing on the 50-EMA again.

Taking all these factors into the consideration now Bitcoin is in a state where the confirmational flag formation as seen in my chart is likely to setup further movements like previously seen once it has been completed. The first target zone, in this case, will be the level around the $28,000 mark as shown in my chart and once Bitcoin has reached out to this level it will be interesting how Bitcoin continues after this because if Bitcoin manages to hold in this range form a handle of a bigger cup and handle as seen in my chart this will be the formation from where Bitcoin is likely to show up with a much bigger breakout which will be the main confirmation to a global trend to start and push Bitcoin to new spheres.

In this manner, thank you everybody for watching. Let's move forward together.

The information provided is only educational and should not be used to take action in the markets.