Bitcoin, This Formation Will Be The Decisive Factor Next Times!
Hi my friends,
Welcome to this analysis about Bitcoin , we are looking at the hourly timeframe perspective. Bitcoin these times as emerging within the new year 2021 is forming a decisive formation in the established structure that will be the determining source when completed, therefore I detected all the important levels and likely outcomes we should consider here.
As when looking at my chart we can watch there this major formation Bitcoin is building here determined as an ascending-triangle-formation that is normally in most occasions a formation indicating a bearish reversal to the downside, this formation is marked in blue in my chart and besides that Bitcoin is developing this coherent wave-count within the formation with the waves A to D already completed and the wave E remaining the next times, this wave E will run directly into the strong upper-resistance marked in my chart in red were not only the psychological 30.000 USD resistance is lying but also other resistances such as the upper-boundary and the horizontal resistance within this level making it a highly likely zone to show up with a pullback, when this pullback moves below the lower boundary as it is marked in my chart such price-action will complete the whole ascending-triangle-formation and activate further bearish continuation till support is found in which Bitcoin can reverse which is given within the support zone marked in my chart in blue.
Bitcoin is in a situation where it has developed decisive structures that should not be underestimated here, therefore we need to assess next times how Bitcoin establishes further and how this formation finally completes within the structure, when this formation develops under the suggested circumstances we can expect the next conclusions to follow.
In this manner, thank you for watching the analysis, have a good start into the New Year 2021, many thanks for all people 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 markets.
Welcome to this analysis about Bitcoin , we are looking at the hourly timeframe perspective. Bitcoin these times as emerging within the new year 2021 is forming a decisive formation in the established structure that will be the determining source when completed, therefore I detected all the important levels and likely outcomes we should consider here.
As when looking at my chart we can watch there this major formation Bitcoin is building here determined as an ascending-triangle-formation that is normally in most occasions a formation indicating a bearish reversal to the downside, this formation is marked in blue in my chart and besides that Bitcoin is developing this coherent wave-count within the formation with the waves A to D already completed and the wave E remaining the next times, this wave E will run directly into the strong upper-resistance marked in my chart in red were not only the psychological 30.000 USD resistance is lying but also other resistances such as the upper-boundary and the horizontal resistance within this level making it a highly likely zone to show up with a pullback, when this pullback moves below the lower boundary as it is marked in my chart such price-action will complete the whole ascending-triangle-formation and activate further bearish continuation till support is found in which Bitcoin can reverse which is given within the support zone marked in my chart in blue.
Bitcoin is in a situation where it has developed decisive structures that should not be underestimated here, therefore we need to assess next times how Bitcoin establishes further and how this formation finally completes within the structure, when this formation develops under the suggested circumstances we can expect the next conclusions to follow.
In this manner, thank you for watching the analysis, have a good start into the New Year 2021, many thanks for all people 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 markets.
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