Bitcoin, Head-Shoulder-Breakout Pointing To New All-Time-High!
Updated
Hello Traders Investors And Community,
Welcome to this update-analysis about Bitcoin, we are looking at the 2-hour timeframe perspective, the events that occurred, the established structural developments, what we can expect now the upcoming times, and how to possibly handle the situation in the right manner. As mentioned in the previous analysis Bitcoin formed this major head-and-shoulder-formation with the more possible and awaited bullish breakout with 65% possibility to the upside, this more likely breakout now finally emerged and Bitcoin showed up with these strong bullish signs, therefore I detected the important levels and upcoming outcomes to consider at the moment.
When looking at my chart we can watch there how strong this bullish breakout finally showed up which was a solid bullish sign within the structure confirming continued bullishness ahead, now, it is not seldom seen that Bitcoin shows up with a pullback to the breakout origin after such confirmations established, in this case, it will be the confirmational-bounce-zone marked in blue in my chart where Bitcoin has severely support levels lying there consisting of the 45-EMA in grey, the 65-EMA in red and overall very important the support which was previously resistance before the breakout showed up, when Bitcoin moves into this zone it has some good potentials to move forward and as Bitcoin manged to form this great breakout Bitcoin activated upside targets lying at the structure at 20200, when these targets reach which has a good likelihood this will also be the new all-time-high for Bitcoin exceeding the old one. After Bitcoin reaches these targets it has to be elevated if there can come a bullish continuation right away or Bitcoin firstly shows up with bearish signs which should not be underestimated here as Bitcoin is trading within these overbought conditions which can be the fuel for a bearish pullback after the targets reached, besides such movements arent seldom seen after a bounce above all-time-high.
The more likely bullish head-and-shoulder breakout now fully emerged and it shows one more time how technical analysis can function when applied right regardless of what academics is stating so often that it is all just a random walk, if you did not see this analysis referring to I highly recommend it to watch to have a full-depth-overview. The next times will be historical as the way the new all-time-high established can be a determining source for the further establishments and what should not be kept by side here is when Bitcoin shows up with a swift bearish move because this can indicate a bull-trap, it will be an interesting journey.
In this manner, thank you for watching the analysis, have a good day and also good trading, all the best!
"Trading effectively is about assessing possibilities, not certainties"
Information provided is only educational and should not be used to take action in th
Welcome to this update-analysis about Bitcoin, we are looking at the 2-hour timeframe perspective, the events that occurred, the established structural developments, what we can expect now the upcoming times, and how to possibly handle the situation in the right manner. As mentioned in the previous analysis Bitcoin formed this major head-and-shoulder-formation with the more possible and awaited bullish breakout with 65% possibility to the upside, this more likely breakout now finally emerged and Bitcoin showed up with these strong bullish signs, therefore I detected the important levels and upcoming outcomes to consider at the moment.
When looking at my chart we can watch there how strong this bullish breakout finally showed up which was a solid bullish sign within the structure confirming continued bullishness ahead, now, it is not seldom seen that Bitcoin shows up with a pullback to the breakout origin after such confirmations established, in this case, it will be the confirmational-bounce-zone marked in blue in my chart where Bitcoin has severely support levels lying there consisting of the 45-EMA in grey, the 65-EMA in red and overall very important the support which was previously resistance before the breakout showed up, when Bitcoin moves into this zone it has some good potentials to move forward and as Bitcoin manged to form this great breakout Bitcoin activated upside targets lying at the structure at 20200, when these targets reach which has a good likelihood this will also be the new all-time-high for Bitcoin exceeding the old one. After Bitcoin reaches these targets it has to be elevated if there can come a bullish continuation right away or Bitcoin firstly shows up with bearish signs which should not be underestimated here as Bitcoin is trading within these overbought conditions which can be the fuel for a bearish pullback after the targets reached, besides such movements arent seldom seen after a bounce above all-time-high.
The more likely bullish head-and-shoulder breakout now fully emerged and it shows one more time how technical analysis can function when applied right regardless of what academics is stating so often that it is all just a random walk, if you did not see this analysis referring to I highly recommend it to watch to have a full-depth-overview. The next times will be historical as the way the new all-time-high established can be a determining source for the further establishments and what should not be kept by side here is when Bitcoin shows up with a swift bearish move because this can indicate a bull-trap, it will be an interesting journey.
In this manner, thank you for watching the analysis, have a good day and also good trading, all the best!
"Trading effectively is about assessing possibilities, not certainties"
Information provided is only educational and should not be used to take action in th
Note
Bitcoin bounced within the Confirmational-Bounce-Zone as expected and lying ground for a continuation in the structure.
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