Bitcoin, Builds Important Triangle, Upside Breakout More likely!
Hello, Traders Investors And Community, welcome to this update-analysis about bitcoins current situation in the locally 4-hour timeframe and what we can expect the next hours and days. At the moment bitcoin is still in a consolidation phase and after such consolidation, we see almost always a high volatile breakout either to the up or downside, in such cases we need to consider and elevate which breakout is more likely as I already mentioned in recent analysis bitcoin has the potential to move above the 10.000 USD level which needs to confirm because it is an important psychological level which we confirmed several times as bearish resistance in the past, in the last time there added some significant signals which I discovered and which will determine bitcoins further outcome, therefore, we are looking at the locally time-frame.
As you can see in my chart bitcoin is building an overall range between the 9100 and 9950 levels here which can be determined as a triangle, the upper boundary and lower boundary of the triangle are marked in blue in my chart. You can see the price increasingly falling in volatility and volume which means a heavy breakout will develop, the big question now is in which direction we will breakout. At the moment both directions are possible but we have a higher chance to break out to the upside when we take out the important psychological 10.000 USD mark, remember that this mark has to be taken out sustainable with a clear break and high volatility above the upper boundary of the triangle when this does not provide we can see a sell-off in the direction down after price failed to hold the 10.000.
The importance at this triangle right now is that it can both break to the up or downside because we have more technical factors which makes it important, at the bearish side it is the extreme significant psychological mark and at the bullish side it is the rising lower boundary with higher lows which makes the breakout possible but as this is normally a bullish breakout formation the tendency for a breakout to the upside increases because we tested the 10.000 several times now and didn't fell to the downside when thinking in possibilities I give the upside breakout 70 % and the downside breakout 30 %. The bullish breakout will be confirmed when we cross above the 10080 levels into the upper range resistance you see in my chart and after that confirm the upper boundary with a pull-back.
A great deal in such formations is that both breakout scenarios can be traded properly when the breakout confirmed, many traders are aggressive in the markets and want to have fast results according to extreme bullish or bearish expectations and setups which fulfill 100% for sure but the patient approach is most often the best opinion for wise traders who want to profit on a long-time-scale, therefore, the recommended entry in such scenario like the current one is to wait after the right breakout has confirmed and then take the trade in the breakout direction, of course, it is possible to take an immediate aggressive entry but this is a mere speculative illogical approach in the market because we didn't see any serious confirmation right now and the price can still turn in the other direction.
In this manner, thanks for watching the analysis, support for more market insight, and a good day everyone! ;)
Trading effectively is about accessing possibilities, not certainties.
Information provided is only educational and should not be used to take action in the markets.
As you can see in my chart bitcoin is building an overall range between the 9100 and 9950 levels here which can be determined as a triangle, the upper boundary and lower boundary of the triangle are marked in blue in my chart. You can see the price increasingly falling in volatility and volume which means a heavy breakout will develop, the big question now is in which direction we will breakout. At the moment both directions are possible but we have a higher chance to break out to the upside when we take out the important psychological 10.000 USD mark, remember that this mark has to be taken out sustainable with a clear break and high volatility above the upper boundary of the triangle when this does not provide we can see a sell-off in the direction down after price failed to hold the 10.000.
The importance at this triangle right now is that it can both break to the up or downside because we have more technical factors which makes it important, at the bearish side it is the extreme significant psychological mark and at the bullish side it is the rising lower boundary with higher lows which makes the breakout possible but as this is normally a bullish breakout formation the tendency for a breakout to the upside increases because we tested the 10.000 several times now and didn't fell to the downside when thinking in possibilities I give the upside breakout 70 % and the downside breakout 30 %. The bullish breakout will be confirmed when we cross above the 10080 levels into the upper range resistance you see in my chart and after that confirm the upper boundary with a pull-back.
A great deal in such formations is that both breakout scenarios can be traded properly when the breakout confirmed, many traders are aggressive in the markets and want to have fast results according to extreme bullish or bearish expectations and setups which fulfill 100% for sure but the patient approach is most often the best opinion for wise traders who want to profit on a long-time-scale, therefore, the recommended entry in such scenario like the current one is to wait after the right breakout has confirmed and then take the trade in the breakout direction, of course, it is possible to take an immediate aggressive entry but this is a mere speculative illogical approach in the market because we didn't see any serious confirmation right now and the price can still turn in the other direction.
In this manner, thanks for watching the analysis, support for more market insight, and a good day everyone! ;)
Trading effectively is about accessing possibilities, not certainties.
Information provided is only educational and should not be used to take action in the markets.
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