Bitcoin, Next Bull-Trap Developed, Important Considerations Now!
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 we can expect in the upcoming times. Bitcoin is in a situation where it is searching for a trend more or less the last days, this is important to notice because in such phases the potential for traps increases which already happened with Bitcoin big bull-trap above the 59.000 USD level pulling back bearishly into the structure, it shows one more time how volatile and swiftly the cryptocurrency market is and that it is inevitable to properly line-up and be prepared in these cases, therefore I detected all the important levels and likely destinies we should consider.
Structural Developments:
As when looking at my chart now we can watch there how Bitcoin has this main bull-trap-resistance marked in red in my chart, after Bitcoin moved above this line which is also the previous all-time-high-resistance Bitcoin showed up with the main first bull-trap pulling back into the range anew, now recently Bitcoin somewhat managed to recover a little bit, however, moved anew into this main bull-trap-resistance where it pulled back to the downside, this determination is also matching to the wave B within the major descending-channel-formation and as Bitcoin approaches this serious resistance anew it is likely to be the origin of the wave C to the downside which should be expected here.
Upcoming Determinations:
Taking all these factors into the consideration it is inevitably to not underestimate the underlying bearish alignments here especially the next times it is necessary to elevate how this bearishness and the upcoming pullback will establish, therefore, when this pullback manages to bounce within the lower back-up-cluster marked in blue where several supports coming together this can be a great source of a channel-breakout otherwise when this does not happen and Bitcoin increases with bearishness further to close below the ascending-trend-line within the bearish-continuation-zone this will indicate further bearish pressure to show up and lower levels to be reached, it will be an important development.
Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, 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 4-hour timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. Bitcoin is in a situation where it is searching for a trend more or less the last days, this is important to notice because in such phases the potential for traps increases which already happened with Bitcoin big bull-trap above the 59.000 USD level pulling back bearishly into the structure, it shows one more time how volatile and swiftly the cryptocurrency market is and that it is inevitable to properly line-up and be prepared in these cases, therefore I detected all the important levels and likely destinies we should consider.
Structural Developments:
As when looking at my chart now we can watch there how Bitcoin has this main bull-trap-resistance marked in red in my chart, after Bitcoin moved above this line which is also the previous all-time-high-resistance Bitcoin showed up with the main first bull-trap pulling back into the range anew, now recently Bitcoin somewhat managed to recover a little bit, however, moved anew into this main bull-trap-resistance where it pulled back to the downside, this determination is also matching to the wave B within the major descending-channel-formation and as Bitcoin approaches this serious resistance anew it is likely to be the origin of the wave C to the downside which should be expected here.
Upcoming Determinations:
Taking all these factors into the consideration it is inevitably to not underestimate the underlying bearish alignments here especially the next times it is necessary to elevate how this bearishness and the upcoming pullback will establish, therefore, when this pullback manages to bounce within the lower back-up-cluster marked in blue where several supports coming together this can be a great source of a channel-breakout otherwise when this does not happen and Bitcoin increases with bearishness further to close below the ascending-trend-line within the bearish-continuation-zone this will indicate further bearish pressure to show up and lower levels to be reached, it will be an important development.
Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, 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.
►✅JOIN THE BEST+ TOP TELEGRAM TRADING CHANNEL: t.me/VincePrinceForexGoldStocks
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.