Bitcoin, Develops Main H-S-Formation, One More Likely Scenario!
Hello Traders Investors And Community,
Welcome to this analysis about Bitcoin, we are looking at the hourly timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. Bitcoin managed to recover from its heavy bearish declines to the downside and moved on to test remaining resistances important in the structure, in this case, I discovered a decisive formation Bitcoin is now forming that will lie ground for the upcoming determinations, at the moment the bearish scenario is still given and should not be underestimated, therefore I detected all the important levels and likely destinies we should consider with Bitcoins established structure and the upcoming movements ahead.
Structural Developments:
As when looking at my chart we can watch there Bitcoin is now developing this main head-and-shoulder-formation in the structure marked with the neckline in blue. The left shoulder, as well as the head of the head-and-shoulder-formation, already developed and now Bitcoin is setting up to form the right shoulder in the structure after which the crucial determinations come as marked in my chart. As Bitcoin moved into the overbought-condition again a confirmation of the head-and-shoulder-formation has a great possibility by 65% by the bullish scenario with a possibility of 35% therefore we should expect this scenario to form in the upcoming times.
Upcoming Determinations:
Taking all these factors into consideration Bitcoin will show up with the final determinations after the right shoulder has formed and therefore completed the whole head-and-shoulder-formation, when Bitcoin completes the more likely bearish scenario the targets will be given at the lower-support marked in my chart in blue at the 52450 level, when Bitcoin moves into these zones it has to be elevated if it manages to recover or just sets up to form further bearish pressure, currently, it will be important how the right shoulder and therefore the formation completes and how the outcomes look like after that to show up with the further alignments, it will be an interesting development.
Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, 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 market.
Welcome to this analysis about Bitcoin, we are looking at the hourly timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. Bitcoin managed to recover from its heavy bearish declines to the downside and moved on to test remaining resistances important in the structure, in this case, I discovered a decisive formation Bitcoin is now forming that will lie ground for the upcoming determinations, at the moment the bearish scenario is still given and should not be underestimated, therefore I detected all the important levels and likely destinies we should consider with Bitcoins established structure and the upcoming movements ahead.
Structural Developments:
As when looking at my chart we can watch there Bitcoin is now developing this main head-and-shoulder-formation in the structure marked with the neckline in blue. The left shoulder, as well as the head of the head-and-shoulder-formation, already developed and now Bitcoin is setting up to form the right shoulder in the structure after which the crucial determinations come as marked in my chart. As Bitcoin moved into the overbought-condition again a confirmation of the head-and-shoulder-formation has a great possibility by 65% by the bullish scenario with a possibility of 35% therefore we should expect this scenario to form in the upcoming times.
Upcoming Determinations:
Taking all these factors into consideration Bitcoin will show up with the final determinations after the right shoulder has formed and therefore completed the whole head-and-shoulder-formation, when Bitcoin completes the more likely bearish scenario the targets will be given at the lower-support marked in my chart in blue at the 52450 level, when Bitcoin moves into these zones it has to be elevated if it manages to recover or just sets up to form further bearish pressure, currently, it will be important how the right shoulder and therefore the formation completes and how the outcomes look like after that to show up with the further alignments, it will be an interesting development.
Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, 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 market.
►✅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.