Bitcoin, Mingling In Range, Bear Protraction When This Happens!

14 nov. 2020

Hello Traders Investors And Community,

Welcome to this analysis where we are looking at Bitcoins 1-hour timeframe perspective, the recent events, the current formational structure, what we can expect the upcoming times and how to possibly handle the situation appropriately. Bitcoin since it has shown up with the strong bearish pullbacks established after it touched the 16450 area is now showing up some very important signs in the structure I detected here, these signs I discovered will determine the outcomes in a profound way, therefore we are looking at the significant levels, zones and likely outcomes to consider at the moment and with the upcoming destinations.

When looking at my chart you can watch there Bitcoin bounced already once within the 55-EMA marked in black before it bounced marginally to finally move below this ascending-trend-line in grey where it now confirmed the 55-EMA a second times as support, the upcoming times we can expect Bitcoin to increase more from here as Bitcoin is also trading within this ascending-channel-formation and has found the support in the 55-EMA and the lower boundary, besides that Bitcoin has formed this coherent wave-count with the waves A and B already established and now setting up to form this final wave C however this wave and ending of it will run directly into the strong resistance-cluster lying there above marked in my chart with the red zone, when Bitcoin pulls back here successively this can be just the origin for the channel-formation to confirm as a bear-flag and point to lower levels in the structure which will happen when Bitcoin moves below the lower-boundary of the channel as it is seen in my chart, after that Bitcoin will move on with a protracted bullish move till there is support found that can reverse this dynamic again which is possible within the 18520 support as it is marked in blue, after this it has to be elevated if Bitcoin falls more from this point or manages a reversal in the structure.

Taking all these factors into consideration we should not underestimate the bearish perspective here and do not overspeculate the market into one direction as this is happening to often in such market structures, there are still strong resistance layers lying and it is more likely for Bitcoin to firstly show a bearish pullback before a stabilization can take place which has the ability to move above these resistance layers and form further bullishness, the upcoming times will show how Bitcoin further here in the structure and how it will pullback within the resistance that leads to the events as suggested, it will be an interesting development.

In this manner, thank you, everybody, for watching, have a good day as well as 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.