BITCOIN: On The Local, Formation Points To Breakout-Dynamics!

Hello Community,

Welcome to this analysis of Bitcoin from the local 2-hour timeframe perspective. In the recent posts I uploaded about Bitcoin I already pointed out the important factors from a daily and weekly perspective and what we need to consider with these timeframes. As especially on the shorter timeframe there are given potentials to bounce Bitcoin is now also forming an interesting constellation on the 4-hour timeframe. When looking at my chart we can watch there how Bitcoin developed this solid primary ascending trend line marked in grey on which Bitcoin already bounced several times. This whole structure is adding up to a potential inverse head-and-shoulder formation with the left shoulder and the head already completed, now as Bitcoin penetrates the 50-EMA this is a decisive development because once Bitcoin breaks out above the neckline as shown in my chart this will be the final setup from where Bitcoin is likely to continue with further volatility finally reaching out the final target-zones as seen in my chart. Although such a formation can invalidate also when the right shoulder does not form and Bitcoin breaks down currently there is a higher likelihood given for the formation to complete nonetheless it will be a crucial factor on how Bitcoin moves into the final target zones when considering further dynamics to emerge especially on the higher timeframes.

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.