Bitcoin, Bullish Paradigm-Shift Approaching Remaining Supply!
what an astonishing volatile move to the upside we have seen yesterday bitcoin has shown almost exaggerating above the 12.000 USD in a short amount of time to the current high of 13.200 USD, this was a mechanism not seen in a very long period, many shorts have been triggered which was a great trade on the long-side when took advantage of as we have done it. Now I detected the important levels we should consider at the moment together with upcoming price-actions as bitcoin has emerged to this meaningful paradigm-shift.
When looking at my chart you can watch there bitcoin has established its wave-count to the upside which is ending and running into the remaining supply area marked in red, in this area bitcoin has remaining supply and resistance which is remarked also on the higher timeframes, the possibility for a pullback is given as bitcoin is also oversold by the strong price action. Besides, that Bitcoin has the support-lines marked in blue in my chart which are lines of local support, each one suggesting a line where bitcoin can back-up, the first line will be matching with the 10-EMA in green below which bitcoin can show the continued pullback further till it has a stabilization effecting likely emerging within the back-up-cluster marked in my chart in blue where Bitcoin has the Fibonacci-support and also the third major support line lying in which stabilization and ongoing continuation is given.
These heavy moves have one time more shown how volatile the cryptocurrency market can be and where the good opportunities in trading lying when approaching it right of nevertheless it can also be risky in this case it is a big factor to be on the right side of the market to do not trade against the market and remaining successful over a consistent time period as the market is changing this needs to be adapted without a speculative edge seen too, in this manner, it will be interesting to see how bitcoin develops in the established structural developments.
In this manner, thank you for watching the analysis, have a good day as well as good trading and all the best!
Information provided is only educational and should not be used to take action in the market.