BITCOIN, MASSIVE Head-Shoulder-Formation, Upcoming Possibilities

Hello,

Welcome to this analysis about Bitcoin and the 2-day timeframe perspectives. With Bitcoin showing up with the heavy dumping to the downside a new and interesting structure established on the 2-day timeframe perspective in which I discovered important determinations that will be worthwhile to consider in the upcoming times. In recent times we see a lot of mixed news going on about Bitcoin with technological developments such as Bitcoin ETFs moving forward while there are other less positive news such as the regulatory pressure regarding Bitcoin increasing with many legislators and regulators shooting against Bitcoin. In this case, it is necessary to take a closer look at the situation and do not overspeculate the whole market into one direction, while inflation is increasing and jobless rates are at a near 50-years low with the lowest jobless rates in the US since 1969 this is almost a more bullish indication for financial assets that are inflation hedges such as Bitcoin however we should not underestimate the volatility going on with Bitcoin and look on where the journey is heading.

Therefore as when looking at my chart now we can watch there what gigantic formation Bitcoin is now forming, this formation is actually a head-and-shoulder-formation with the left shoulder and the head already completed, and now as Bitcoin bounced back into the 140-EMA marked in red in my chart matching together with the neckline of this whole formation this is a likely origin for the major right shoulder to emerge from this point and continue to finalize the whole formation. The right shoulder bounce is likely to test the main remaining-resistance-cluster marked in my chart in red in the 60900 USD level from where a bounce to the downside has a high possibility to emerge which will complete the full formation. Essentially once the right shoulder has been formed and Bitcoin approaches the neckline in blue again it will be decisive on how Bitcoin approaches this level, when there comes a bounce the whole formation is likely to complete bullishly to the upside otherwise when Bitcoin increases bearish pressure and pullbacks below the neckline this will be a bearish completion of the formation and Bitcoin will project the targets to the downside, the same is made with a bullish confirmation, the bullish scenario has a possibility of 65% and the bearish one a possibility of 35%. For now, it will be paramount to keep patient and to await these suggested establishments before just rushing into the market, we will see how this evolves, it will be an important journey ahead.

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