Bitcoin, In Massive Channel, Determining Scenarios Upcoming!
Hi,
Welcome to this analysis about Bitcoin, we are looking at the global 4-days timeframe perspective. Since Bitcoin on the more local timeframe perspectives has shown up with bearish declines testing now established supports there is the possibility given that it sets up for a wave to the upside however when this happens Bitcoin will run directly into the upper wave-distribution-range marked in my chart in red from where a pullback is highly likely especially as Bitcoin will move into a much higher overbought condition now this does not mean Bitcoin is completely bearish forever however when Bitcoin pulls back in this range it can indicate a much bigger bearish aligned pullback testing the lower zones of support as marked in my chart.
It is important to do not overspeculate the market in such phases as especially the cryptocurrency market keeps being volatile to the up as well as to the downside therefore it is necessary to do not rely upon a certain direction as changes can happen more swiftly and fastly like the previous local pullbacks have shown one more time. It is not seldom seen that after such initial declines happened the market manages to back up a little bit before a bigger pullback shows up which can be the case when Bitcoin reaches the upper distribution levels. Now after this it has to be measured how Bitcoin reacts to the remaining supports then as they can be the origin of more upside potentials in the upcoming times, as traders we should be prepared on both scenarios.
In this manner, thank you for watching the analysis and great contentment for everybody supporting, 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 analysis about Bitcoin, we are looking at the global 4-days timeframe perspective. Since Bitcoin on the more local timeframe perspectives has shown up with bearish declines testing now established supports there is the possibility given that it sets up for a wave to the upside however when this happens Bitcoin will run directly into the upper wave-distribution-range marked in my chart in red from where a pullback is highly likely especially as Bitcoin will move into a much higher overbought condition now this does not mean Bitcoin is completely bearish forever however when Bitcoin pulls back in this range it can indicate a much bigger bearish aligned pullback testing the lower zones of support as marked in my chart.
It is important to do not overspeculate the market in such phases as especially the cryptocurrency market keeps being volatile to the up as well as to the downside therefore it is necessary to do not rely upon a certain direction as changes can happen more swiftly and fastly like the previous local pullbacks have shown one more time. It is not seldom seen that after such initial declines happened the market manages to back up a little bit before a bigger pullback shows up which can be the case when Bitcoin reaches the upper distribution levels. Now after this it has to be measured how Bitcoin reacts to the remaining supports then as they can be the origin of more upside potentials in the upcoming times, as traders we should be prepared on both scenarios.
In this manner, thank you for watching the analysis and great contentment for everybody supporting, 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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