BTCUSD Tests Upper Levels BEFORE Major PRICE SHIFT!Hello There,
welcome to my new analysis about BTCUSD on the 4-hour timeframe perspective. As I already mentioned in my previous ideas, BTCUSD is on the way to testing the remaining upper levels in the structure. This has already generated several bullish signals, resulting in strong surplus profits on the long side. BTCUSD still continues this dynamic before a major price shift could show up. If you follow my ideas, you can see that BTCUSD already reached the first targets I talked about.
As when looking at my chart, we can watch there how BTCUSD is trading within this ascending channel dynamic. In this case BTCUSD has the ascending support within the lower boundary of the ascending channel. It already bounced several times within this lower boundary. It has been the origin of the bullish continuation wedge formation already. Now it bounced once again within the 50-EMA marked in blue. This is the origin of the next bullish continuation wedge formation.
With BTCUSD aiming higher from this point on, it is likely to confirm the continuation wedge formation with the breakout above the upper boundary of the formation. This will be a point from where the upper target zones will be tested as marked in my chart. This is a crucial dynamic because the target zones are also simultaneously resistance zones. A pullback from this area is likely to heavily shift the dynamic.
In this case it is also important to consider any large whale movements and movements of large BTCUSD supply. If heavy dumping from whales increases and more and more holdings are dumped into the market, this is likely to accelerate the supply bearish dynamic. A breakdown below the lower boundary of this ascending channel is going to unfold further bearish pressure.
In this manner, thank you a lot for watching!
The support is highly appreciated.
VP
