Bitcoin, Completes H-S-Formation, Further Alignements!
Updated
Hello Traders Investors And Community,
Welcome to this update-analysis about Bitcoin, we are looking at the 6-hour timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. The main head-and-shoulder-formation mentioned in the former analysis fully completed in the schedule and Bitcoin showed up with initial heavy bearish conclusions that should not be kept by side. If you did not watch this analysis already I highly recommend it to watch to have a full-depth-overview. Now as Bitcoin has moved on with these confirmations I discovered further signs and structures that will be important in determining Bitcoin's upcoming destinies and further movements.
Structural Developments:
As when looking at my chart now we can watch there how Bitcoin fully completed this main head-and-shoulder-formation with the bearish pullbacks below the neckline moving below the previously established support at 53230 and for now somewhat bounced a little and mingling in the structure, these movements Bitcoin showed up with are building this ascending-channel-formation marked in blue in my chart where Bitcoin has still strong resistance determined by this descending-resistance-line in black and also by the upper-boundary of the ascending-channel as well as the 20-EMA in red, this is why a pullback here is more likely than an immediate move above, nevertheless, it is necessary to elevate the proper validation of this pullback.
Upcoming Determinations:
Taking all these factors into consideration Bitcoin is in a situation in which the pullbacks may not yet end fully, therefore when Bitcoin shows up with initial pullbacks from the current resistance and after that moves below the lower boundary it will likely lie ground for the continuation and testing of the lower supports. Now, this does not mean Bitcoin is completely bearish as it will be important on how Bitcoin approaches the lower supports and how it manages a potential bounce from there, when this bounce can sustain strong enough it can lead to further stabilization and also a potential reversal. For now, these scenarios need to be developed, it will be an interesting journey ahead.
Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, all the best!
"The high destiny of the market is to explicate rather than to speculate."
Information provided is only educational and should not be used to take action in the market.
Welcome to this update-analysis about Bitcoin, we are looking at the 6-hour timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. The main head-and-shoulder-formation mentioned in the former analysis fully completed in the schedule and Bitcoin showed up with initial heavy bearish conclusions that should not be kept by side. If you did not watch this analysis already I highly recommend it to watch to have a full-depth-overview. Now as Bitcoin has moved on with these confirmations I discovered further signs and structures that will be important in determining Bitcoin's upcoming destinies and further movements.
Structural Developments:
As when looking at my chart now we can watch there how Bitcoin fully completed this main head-and-shoulder-formation with the bearish pullbacks below the neckline moving below the previously established support at 53230 and for now somewhat bounced a little and mingling in the structure, these movements Bitcoin showed up with are building this ascending-channel-formation marked in blue in my chart where Bitcoin has still strong resistance determined by this descending-resistance-line in black and also by the upper-boundary of the ascending-channel as well as the 20-EMA in red, this is why a pullback here is more likely than an immediate move above, nevertheless, it is necessary to elevate the proper validation of this pullback.
Upcoming Determinations:
Taking all these factors into consideration Bitcoin is in a situation in which the pullbacks may not yet end fully, therefore when Bitcoin shows up with initial pullbacks from the current resistance and after that moves below the lower boundary it will likely lie ground for the continuation and testing of the lower supports. Now, this does not mean Bitcoin is completely bearish as it will be important on how Bitcoin approaches the lower supports and how it manages a potential bounce from there, when this bounce can sustain strong enough it can lead to further stabilization and also a potential reversal. For now, these scenarios need to be developed, it will be an interesting journey ahead.
Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, all the best!
"The high destiny of the market is to explicate rather than to speculate."
Information provided is only educational and should not be used to take action in the market.
Comment
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