Bitcoin, Formed Double-Top, Likely Perspectives Now!
Hello Traders Investors And Community,
Welcome to this update-analysis about Bitcoins situation, now we are looking at a more local timeframe perspective which is the 2-hour timeframe and from a different angle. As the head-and-shoulder-formation Bitcoin formed on the 6-hour timeframe perspective lastly formed a breakout to the downside which Bitcoin now consolidates I mentioned the double-top also, if you did not see the analysis already I highly recommend it to watch having a full-depth-overview. This analysis is coherently building upon it and as I discovered the main double-top Bitcoin formed there are some very important levels that need to be considered, for now, it is necessary to do not keep the bearish possibilities by side.
As when looking at my chart we can watch there how Bitcoin recently formed this main double-top marked in my chart after which it pulled bearishly below the neckline, besides that Bitcoin has this coherent descending-channel-formation in which it tested the lower boundary and then bounced to confirm the breakout and the neckline now. Such a double-top can also have a dynamic-neckline like it is the case here, as Bitcoin moves into the higher resistances determined by the neckline a pullback is likely to show up within the next times. When the pullback moves below 56900 the double-top is fully completed and Bitcoin will approach the lower targets which are lying within the 53400 - 53650 level marked in my chart from where the situation needs to be elevated anew. For now, it is important to do underestimate the bearish perspective and be prepared on it for not getting overwhelmed by circumstances and pushed out of position by the smart money operators and market makers.
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 update-analysis about Bitcoins situation, now we are looking at a more local timeframe perspective which is the 2-hour timeframe and from a different angle. As the head-and-shoulder-formation Bitcoin formed on the 6-hour timeframe perspective lastly formed a breakout to the downside which Bitcoin now consolidates I mentioned the double-top also, if you did not see the analysis already I highly recommend it to watch having a full-depth-overview. This analysis is coherently building upon it and as I discovered the main double-top Bitcoin formed there are some very important levels that need to be considered, for now, it is necessary to do not keep the bearish possibilities by side.
As when looking at my chart we can watch there how Bitcoin recently formed this main double-top marked in my chart after which it pulled bearishly below the neckline, besides that Bitcoin has this coherent descending-channel-formation in which it tested the lower boundary and then bounced to confirm the breakout and the neckline now. Such a double-top can also have a dynamic-neckline like it is the case here, as Bitcoin moves into the higher resistances determined by the neckline a pullback is likely to show up within the next times. When the pullback moves below 56900 the double-top is fully completed and Bitcoin will approach the lower targets which are lying within the 53400 - 53650 level marked in my chart from where the situation needs to be elevated anew. For now, it is important to do underestimate the bearish perspective and be prepared on it for not getting overwhelmed by circumstances and pushed out of position by the smart money operators and market makers.
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.
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