Bitcoin, Decisive Pattern Showing Final Conclusions Upcoming!
Hello Traders Investors And Community,
Welcome to this analysis about Bitcoin in which we are looking at the 4-hour timeframe perspectives, the recent events, the established formational structure, and what are likely scenarios we can expect in the upcoming times. Bitcoin as moving below the 33.000 USD level with this strong bearish volatility and then bouncing to the upside again from the 29.000 USD level recently is in a decisive situation which will show the conclusions within the incoming destinations, in this case, I detected a very worthwhile formation and underlying structure that will a huge determining factor with Bitcoin, therefore I detected all the important levels and likely possibilities we should consider here.
Structural Developments:
As when looking at my chart we can watch there in what circumstances Bitcoin is trading in as it recently tested two times this important ascending-resistance-line marked in black in my chart with the wave A and the wave C in the schedule, this is a meaningful ascending-resistance-line as it was supporting previously several times, furthermore, Bitcoin is also testing the other descending-resistance-line in red already confirmed several times bearishly as such. Overall Bitcoin is now forming this ascending-wedge-formation in the structure marked in my chart in orange which is normally a bearish formation however there is the possibility given that the formation breaks out to the upside when Bitcoin manages to gain enough bullish strength.
Upcoming Perspectives:
Taking all these factors into consideration there are two possible scenarios Bitcoin will show up the next times either the ascending-wedge-confirmation scenario with a breakout and completion of the formation to the downside or the ascending-wedge-invalidation scenario with Bitcoin gaining bullish strength and breaking out to the upside. At the moment the bearish scenario has a higher possibility as the strong resistances are just to omnipresent for now and should not be underestimated, nevertheless it is necessary to wait for the proper validation in any case here before moving into the final direction showing up bearishly with a breakout below the lower boundary of the formation and bullishly with a breakout and stabilization to the upside, it will be an interesting development.
In this manner, thank you for watching the analysis, have a good day, great contentment for everybody supporting, all the best!
"There are many roads to prosperity but one must be taken."
Information provided is only educational and should not be used to take action in the markets.
Welcome to this analysis about Bitcoin in which we are looking at the 4-hour timeframe perspectives, the recent events, the established formational structure, and what are likely scenarios we can expect in the upcoming times. Bitcoin as moving below the 33.000 USD level with this strong bearish volatility and then bouncing to the upside again from the 29.000 USD level recently is in a decisive situation which will show the conclusions within the incoming destinations, in this case, I detected a very worthwhile formation and underlying structure that will a huge determining factor with Bitcoin, therefore I detected all the important levels and likely possibilities we should consider here.
Structural Developments:
As when looking at my chart we can watch there in what circumstances Bitcoin is trading in as it recently tested two times this important ascending-resistance-line marked in black in my chart with the wave A and the wave C in the schedule, this is a meaningful ascending-resistance-line as it was supporting previously several times, furthermore, Bitcoin is also testing the other descending-resistance-line in red already confirmed several times bearishly as such. Overall Bitcoin is now forming this ascending-wedge-formation in the structure marked in my chart in orange which is normally a bearish formation however there is the possibility given that the formation breaks out to the upside when Bitcoin manages to gain enough bullish strength.
Upcoming Perspectives:
Taking all these factors into consideration there are two possible scenarios Bitcoin will show up the next times either the ascending-wedge-confirmation scenario with a breakout and completion of the formation to the downside or the ascending-wedge-invalidation scenario with Bitcoin gaining bullish strength and breaking out to the upside. At the moment the bearish scenario has a higher possibility as the strong resistances are just to omnipresent for now and should not be underestimated, nevertheless it is necessary to wait for the proper validation in any case here before moving into the final direction showing up bearishly with a breakout below the lower boundary of the formation and bullishly with a breakout and stabilization to the upside, it will be an interesting development.
In this manner, thank you for watching the analysis, have a good day, great contentment for everybody supporting, all the best!
"There are many roads to prosperity but one must be taken."
Information provided is only educational and should not be used to take action in the markets.
►✅JOIN THE BEST+ TOP TELEGRAM TRADING CHANNEL: t.me/VincePrinceForexGoldStocks
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.