Welcome to this analysis of Bitcoin from a weekly timeframe perspective. As mentioned in the last analysis ideas about Bitcoin I uploaded within recent times Bitcoin is forming several decisive constellations as Bitcoin completed the local inverse head-and-shoulder-formation I pointed out on the 2-hour timeframe perspective this has been an initial move into a changing direction for Bitcoin. Nonetheless, Bitcoin on the daily is still trading within this descending channel formation in which a strong resistance is given through the distribution channel analyzed. Now on the weekly timeframe perspective, I detected further signs that are worthwhile to look at to have a sense on where Bitcoin is heading over the course of the next days and weeks.
Looking at my chart we can watch there Bitcoin is building two major formations here, the first formation is a local descending-triangle-formation and the second formation is a global descending-triangle-formation. The global formation will only confirm when the local formation completes, therefore it is necessary that Bitcoin finalizes the wave-count within the local descending-triangle-formation and from there on shows up with a strong breakout that has the ability to finally continue with an upthrust above the upper boundary of the global ascending-triangle-formation. In this case, it is highly necessary that Bitcoin holds the 13,800 support as shown in my chart because if Bitcoin should breakdown this support both formations will be invalidated. Once Bitcoin finally settles above the boundary of the global formation this will be the final setup for Bitcoin to show up with this main expansion wave to test remaining supports.
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.
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