Bitcoin, Bull-Trap In Structure, These Are Crucial Scenarios!
Hello Traders Investors And Community,
Welcome to this analysis about Bitcoin, we are looking at the 4-hour timeframe perspective, the recent events, the established formational structure, and what to expect in the upcoming times. Bitcoin since managing to hold the support in the structure has shown up with some initial bull-moves to the upside testing remaining resistances, these movements however were not really strong yet and it is still not a sufficient reversal, this is why the bearish perspective should not be underestimated here especially as Bitcoin has formed price-action that can lead to more increased bearish pressure, therefore I detected all the important levels and likely outcomes we should consider here and upcoming times.
Structural Developments:
As when looking at my chart now we can watch there how Bitcoin has just moved above this 38.000 USD level to immediately pullback after moving above and therefore has formed an initial bull-trap in the structure which will lead to the testing of the ascending-trend-line marked in grey in my chart, when this trendline does not hold and Bitcoin does not manage to bounce within the trendline to the upside to close below the trendline this will cause increased bearish pressure and continuations further to test lower levels also this will confirm to the initial double-top-pattern Bitcoin has formed here that can lead to a bigger bearish protraction when the lower supports do not hold and Bitcoin confirms the double-top below the neckline.
Upcoming Determinations:
Taking all these factors into consideration Bitcoin is still in a precarious situation where it does not yet has confirmed the final bullishness and especially when these supports do not hold can complete this bearish formation with the targets within the blue level where also a stabilization can show up. The only thing that can serve Bitcoin out of the bearish protraction is when it manages to stabilize above the grey trendline and finally moves above the 38.000 USD level to stabilize there as it is marked in my chart. For now, it will be highly necessary and important to elevate how Bitcoin reacts to the ascending-trend-line in grey and how the further conclusions will be determined under the given circumstances.
In this manner, thank you for watching the analysis and for everybody supporting it is great contentment, have a good day and trading!
"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 markets.
Welcome to this analysis about Bitcoin, we are looking at the 4-hour timeframe perspective, the recent events, the established formational structure, and what to expect in the upcoming times. Bitcoin since managing to hold the support in the structure has shown up with some initial bull-moves to the upside testing remaining resistances, these movements however were not really strong yet and it is still not a sufficient reversal, this is why the bearish perspective should not be underestimated here especially as Bitcoin has formed price-action that can lead to more increased bearish pressure, therefore I detected all the important levels and likely outcomes we should consider here and upcoming times.
Structural Developments:
As when looking at my chart now we can watch there how Bitcoin has just moved above this 38.000 USD level to immediately pullback after moving above and therefore has formed an initial bull-trap in the structure which will lead to the testing of the ascending-trend-line marked in grey in my chart, when this trendline does not hold and Bitcoin does not manage to bounce within the trendline to the upside to close below the trendline this will cause increased bearish pressure and continuations further to test lower levels also this will confirm to the initial double-top-pattern Bitcoin has formed here that can lead to a bigger bearish protraction when the lower supports do not hold and Bitcoin confirms the double-top below the neckline.
Upcoming Determinations:
Taking all these factors into consideration Bitcoin is still in a precarious situation where it does not yet has confirmed the final bullishness and especially when these supports do not hold can complete this bearish formation with the targets within the blue level where also a stabilization can show up. The only thing that can serve Bitcoin out of the bearish protraction is when it manages to stabilize above the grey trendline and finally moves above the 38.000 USD level to stabilize there as it is marked in my chart. For now, it will be highly necessary and important to elevate how Bitcoin reacts to the ascending-trend-line in grey and how the further conclusions will be determined under the given circumstances.
In this manner, thank you for watching the analysis and for everybody supporting it is great contentment, have a good day and trading!
"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 markets.
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