BITCOIN: Local Update, Next Formation to Point to Final Setup!
Hello Community,
Welcome to this Update-Analysis of Bitcoin on the local timeframe perspective of mine. Since my recent analysis of the local timeframe perspective of Bitcoin, the major inverse head-and-shoulder formation I mentioned has finally been completed and Bitcoin moved on to reach out to all projected target zones appropriately. To have a better view on the technical developments going on here I changed the timeframe from the 2-hour to the 4-hour timeframe perspective as the formation Bitcoin is forming here has extended.
As when looking at my chart now we can watch there how Bitcoin since moving into the final inverse head-and-shoulder target zones has firstly pulled back below the ascending trendline again and is now forming an interesting decisive formation from where further determinations need to be awaited. Especially important in this case is the $16740 support marked in my chart in orange which is also the price equilibrium of the channel Bitcoin is forming in this area. The Price-Equilibrium-Channel marked in orange in my chart is the region from where Bitcoin will show up with the final breakout either in the upper or lower direction.
Now it is essential to notice here that Bitcoin has still strong support confirmed by the 60-MA and as long as Bitcoin is holding above this support it is a base from where Bitcoin has a higher likelihood possibility to build upon and form a final bullish breakout as seen in my chart rather than breaking to the downside and confirming the MA as resistance. Therefore as long as Bitcoin remains above the support zone the possibility for a final breakout is 65% and if this scenario emerges Bitcoin will run into the $17600 resistance again, if Bitcoin manages to breakout above this resistance there are even more potentials activated. For now the final confirmation will point to the final scenario and once this happened further conclusions are going to arise.
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.
Welcome to this Update-Analysis of Bitcoin on the local timeframe perspective of mine. Since my recent analysis of the local timeframe perspective of Bitcoin, the major inverse head-and-shoulder formation I mentioned has finally been completed and Bitcoin moved on to reach out to all projected target zones appropriately. To have a better view on the technical developments going on here I changed the timeframe from the 2-hour to the 4-hour timeframe perspective as the formation Bitcoin is forming here has extended.
As when looking at my chart now we can watch there how Bitcoin since moving into the final inverse head-and-shoulder target zones has firstly pulled back below the ascending trendline again and is now forming an interesting decisive formation from where further determinations need to be awaited. Especially important in this case is the $16740 support marked in my chart in orange which is also the price equilibrium of the channel Bitcoin is forming in this area. The Price-Equilibrium-Channel marked in orange in my chart is the region from where Bitcoin will show up with the final breakout either in the upper or lower direction.
Now it is essential to notice here that Bitcoin has still strong support confirmed by the 60-MA and as long as Bitcoin is holding above this support it is a base from where Bitcoin has a higher likelihood possibility to build upon and form a final bullish breakout as seen in my chart rather than breaking to the downside and confirming the MA as resistance. Therefore as long as Bitcoin remains above the support zone the possibility for a final breakout is 65% and if this scenario emerges Bitcoin will run into the $17600 resistance again, if Bitcoin manages to breakout above this resistance there are even more potentials activated. For now the final confirmation will point to the final scenario and once this happened further conclusions are going to arise.
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.
Comment:
Initial analysis, final head-and-shoulder targets reached:
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