Bitcoin, Bearish Volatility, How A Stabilization Can Establish!
Hi my friends,
Welcome to this analysis about Bitcoin, we are looking at the hourly timeframe perspective, the recent events, the current formational structure, and what we can expect in the upcoming times. What a strong downside volatility Bitcoin has shown up the last times! This was a great trade for us within the channel to enter the short before these highly volatile movements pushed into our target-zone and secure our profits. Now as the market has shown up with these initial downside volatility it is an important question if a bearish continuation follows ahead or the price-action manages to recover, currently, we should not keep this bearish perspective out of sight here, therefore I discovered all the important levels and likely outcomes ahead.
As when looking at my chart we can watch there how Bitcoin actually showed up with this heavy bearishness after moving below this ascending-trend-line which was support several times before and is now resistance, we have seen Bitcoin almost exaggerating with bearishness as it moved below this trend-line. Currently, Bitcoin has found some marginal supports within the structure however the up moves resulting from it moving directly into the strong remaining resistance layers determined by the resistance-cluster marked in my chart in red where several resistances coming together consisting of the descending-resistance-line in red, the 20-EMA in green as well as the 45-EMA in red and also mainly the strong 38.2% Fibonacci-resistance within this level.
Taking all these factors into consideration it will be highly likely that when Bitcoin visits this mentioned resistance-cluster it will result in a new bearish leg to the downside protracting the bearishness till there is support found in which Bitcoin can stabilize and reverse the dynamic again, this holds true within the point-of-control marked in my chart in red where Bitcoin has good potentials to back-up and continue to the upside testing the remaining resistances, this support is also extremely important to hold because when Bitcoin moves below it this will lead to an increase in further bearish pressure and visiting of even lower levels. Next time will show how Bitcoin develops further here and for now we should be prepared for new bearish testing of the lower ranges.
In this manner, thank you for watching the analysis, have a good start into the New Year 2021, many thanks for all people supporting, all the best!
"Prospect is the ingredient of good fortune."
Information provided is only educational and should not be used to take action in the markets.
Welcome to this analysis about Bitcoin, we are looking at the hourly timeframe perspective, the recent events, the current formational structure, and what we can expect in the upcoming times. What a strong downside volatility Bitcoin has shown up the last times! This was a great trade for us within the channel to enter the short before these highly volatile movements pushed into our target-zone and secure our profits. Now as the market has shown up with these initial downside volatility it is an important question if a bearish continuation follows ahead or the price-action manages to recover, currently, we should not keep this bearish perspective out of sight here, therefore I discovered all the important levels and likely outcomes ahead.
As when looking at my chart we can watch there how Bitcoin actually showed up with this heavy bearishness after moving below this ascending-trend-line which was support several times before and is now resistance, we have seen Bitcoin almost exaggerating with bearishness as it moved below this trend-line. Currently, Bitcoin has found some marginal supports within the structure however the up moves resulting from it moving directly into the strong remaining resistance layers determined by the resistance-cluster marked in my chart in red where several resistances coming together consisting of the descending-resistance-line in red, the 20-EMA in green as well as the 45-EMA in red and also mainly the strong 38.2% Fibonacci-resistance within this level.
Taking all these factors into consideration it will be highly likely that when Bitcoin visits this mentioned resistance-cluster it will result in a new bearish leg to the downside protracting the bearishness till there is support found in which Bitcoin can stabilize and reverse the dynamic again, this holds true within the point-of-control marked in my chart in red where Bitcoin has good potentials to back-up and continue to the upside testing the remaining resistances, this support is also extremely important to hold because when Bitcoin moves below it this will lead to an increase in further bearish pressure and visiting of even lower levels. Next time will show how Bitcoin develops further here and for now we should be prepared for new bearish testing of the lower ranges.
In this manner, thank you for watching the analysis, have a good start into the New Year 2021, many thanks for all people supporting, all the best!
"Prospect is the ingredient of good fortune."
Information provided is only educational and should not be used to take action in the markets.
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