Bitcoin, Channel Breakout Emerges When This Scenario Validates!
Hello Traders Investors And Community,
Welcome to this analysis about Bitcoin, we are looking at the 4-hour timeframe perspectives. As already mentioned in previous analysis Bitcoin has a higher potential possibility given to move on testing important remaining resistance-zones that rely in the structure. In this case now on the more local timeframe perspective I discovered an interesting structure forming here from which Bitcoin has the ability to build up and validate this scenario as the bearish scenario possibility is still there however it is definitely smaller than the bullish scenario possibility. Therefore I detected the important levels and what we should consider with Bitcoin within the upcoming times.
Structural Developments:
As when looking at my chart we can watch there how Bitcoin has formed this massive descending-channel-formation marked in my chart with the blue boundaries. Within this channel Bitcoin recently bounced in the lower boundary and is now forming this neutral decision-zone between the upper and the lower boundary from where it will form a breakout sooner or later. Basically, there are two possible scenarios for a breakout, the first is that Bitcoin increases with demand in the structure and manages a breakout to the upside leading into the bullish-development-zone and the second is Bitcoin continuation with bearish pressure moving into the bearish-continuation-zone, as the market is oversold now the bullish case has a higher possibility by 60%.
Upcoming Perspectives:
Now as a bullish breakout has somewhat of a higher possibility this does not mean that as a trader we should just rush into the market and expect the wishful scenario to happen, in these cases, it is always important to keep patient and wait for the right confirmation before moving into the market. Bearing this in mind it is necessary to elevate either the bullish breakout with a final close above the upper boundary or the bearish breakout with the close below the local ascending-trend line which is within the descending channel. After these assumptions have been made the further determinations can be objected and planning in this direction can happen appropriately. It will be an important development ahead.
In this manner, thank you for watching my analysis about BITCOIN and its current channel structure with the likely scenarios to expect in the upcoming times, will be great when you support it with a like and follow or comment, great contentment for everybody supporting, all the best!
Information 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 4-hour timeframe perspectives. As already mentioned in previous analysis Bitcoin has a higher potential possibility given to move on testing important remaining resistance-zones that rely in the structure. In this case now on the more local timeframe perspective I discovered an interesting structure forming here from which Bitcoin has the ability to build up and validate this scenario as the bearish scenario possibility is still there however it is definitely smaller than the bullish scenario possibility. Therefore I detected the important levels and what we should consider with Bitcoin within the upcoming times.
Structural Developments:
As when looking at my chart we can watch there how Bitcoin has formed this massive descending-channel-formation marked in my chart with the blue boundaries. Within this channel Bitcoin recently bounced in the lower boundary and is now forming this neutral decision-zone between the upper and the lower boundary from where it will form a breakout sooner or later. Basically, there are two possible scenarios for a breakout, the first is that Bitcoin increases with demand in the structure and manages a breakout to the upside leading into the bullish-development-zone and the second is Bitcoin continuation with bearish pressure moving into the bearish-continuation-zone, as the market is oversold now the bullish case has a higher possibility by 60%.
Upcoming Perspectives:
Now as a bullish breakout has somewhat of a higher possibility this does not mean that as a trader we should just rush into the market and expect the wishful scenario to happen, in these cases, it is always important to keep patient and wait for the right confirmation before moving into the market. Bearing this in mind it is necessary to elevate either the bullish breakout with a final close above the upper boundary or the bearish breakout with the close below the local ascending-trend line which is within the descending channel. After these assumptions have been made the further determinations can be objected and planning in this direction can happen appropriately. It will be an important development ahead.
In this manner, thank you for watching my analysis about BITCOIN and its current channel structure with the likely scenarios to expect in the upcoming times, will be great when you support it with a like and follow or comment, great contentment for everybody supporting, all the best!
Information is only educational and should not be used to take action in the market.
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