Bitcoin, Setting Up For A More Protracted Bearish Move!
Updated
Hi Traders,
Welcome to this analysis about Bitcoin, we are looking at the 45-minute timeframe perspective and the analysis is also building coherently upon the hourly perspective and the channel-situation I mentioned recently, if you did not see this analysis already I highly recommend it to watch to have a full-depth-overview. Now as Bitcoin has pulled back from the upper resistance-cluster and the upper boundary of the channel as expected I discovered some worthwhile other signs on the 45-minute chart also that can add to the picture and be the determining source within the next times, therefore we are looking at the important levels and likely outcomes we should consider here.
As when looking at my chart now we can watch Bitcoin there trading in this channel-formation marked in black and Bitcoin already completed this wave-count within the formation to recently showing up with some strong bearish moves testing into the lower boundary of the channel, now Bitcoin has also this local resistance-cluster marked in red in my chart within the channel where a pullback to the downside is likely when Bitcoin moves into it anew. The crucial part will come when Bitcoin moves below the lower boundary as this will confirm the formation as a bear-flag and point to the lower levels to be reached, firstly into the 36700 levels from where stabilization can be possible.
Bitcoin is in a situation where the dynamic altered into a more local bearish perspective, this is why we should not underestimate this possibility here and especially when Bitcoin completes this channel as a bear-flag it has to be elevated how Bitcoin reacts within the lower zones, when Bitcoin moves into the blue support a stabilization can follow otherwise when this does not happen and bullish strength decreases more Bitcoin will continue within the bearish-continuation-range. This shows one more time how things change within the cryptocurrency market and why it is important to assess these to take the appropriate action.
In this manner, thank you for watching the analysis, have a good day and of course good trading, 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 45-minute timeframe perspective and the analysis is also building coherently upon the hourly perspective and the channel-situation I mentioned recently, if you did not see this analysis already I highly recommend it to watch to have a full-depth-overview. Now as Bitcoin has pulled back from the upper resistance-cluster and the upper boundary of the channel as expected I discovered some worthwhile other signs on the 45-minute chart also that can add to the picture and be the determining source within the next times, therefore we are looking at the important levels and likely outcomes we should consider here.
As when looking at my chart now we can watch Bitcoin there trading in this channel-formation marked in black and Bitcoin already completed this wave-count within the formation to recently showing up with some strong bearish moves testing into the lower boundary of the channel, now Bitcoin has also this local resistance-cluster marked in red in my chart within the channel where a pullback to the downside is likely when Bitcoin moves into it anew. The crucial part will come when Bitcoin moves below the lower boundary as this will confirm the formation as a bear-flag and point to the lower levels to be reached, firstly into the 36700 levels from where stabilization can be possible.
Bitcoin is in a situation where the dynamic altered into a more local bearish perspective, this is why we should not underestimate this possibility here and especially when Bitcoin completes this channel as a bear-flag it has to be elevated how Bitcoin reacts within the lower zones, when Bitcoin moves into the blue support a stabilization can follow otherwise when this does not happen and bullish strength decreases more Bitcoin will continue within the bearish-continuation-range. This shows one more time how things change within the cryptocurrency market and why it is important to assess these to take the appropriate action.
In this manner, thank you for watching the analysis, have a good day and of course good trading, 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.
Note
Bitcoins Channel On The Hourly Timeframe Perspective: 
Note
Bitcoin Moved Below The Lower Boundary As Expected And Showed Up With Further Bearish Volatility.
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