Bitcoin, Outside Suggested Level Now, What To Expect Next!

26 août 2020

Hello Traders Investors And Community,

Welcome to this update-analysis where we are looking at bitcoin 4-hour timeframe perspective, the recent events, the current formational structure, what we can expect next times, and how to handle upcoming situations appropriately. Since last time bitcoin confirmed below the important rising blue trendline which was a meaningful level to hold considering further bullishness, which bitcoin did not and either confirmed into the bearish-zone where continued bearishness was expected which bitcoin showed up with. Now I found some significant signals in the current structure we should consider now to anticipate the next movements ahead correctly.

Looking at my chart you can watch there that bitcoin is now clearly trading below the 100-EMA in black and below the rising blue trendline which was previously support is now strong resistance, furthermore, the fact that bitcoin is trading below the point of control marked in red within the structure making this level a second resistance-cluster. When bitcoin approaches these levels next times which is possible as bitcoin is forming some marginal uptrends to test these levels there is a high possibility given that they confirm bearish to the downside as it is seen in my chart, such a bearish confirmation can happen firstly at the 100-EMA or secondly at the point of control level together with the trendlines as it is marked in my chart.

Overall bitcoin has established strong layers of resistance which should not be ignored in this range when bitcoin confirms these resistance levels as expected which is currently the more likely scenario it will move on to test remaining support which bitcoin has at the 200-EMA marked in green, when bitcoin reaches these levels there are basically two ways, one is a recovery and visit of higher levels or a continuation in the range and the second is a bearish break below the 200-EMA which will cause increased bearish pressure to the downside with a high possibility, overall bitcoin has more potential to gain more bearish momentum as this confirms also with the higher timeframe perspectives and the strong bearish signs established here.

In this manner, thank you for watching, support for more market insight, all the best!
"Astonishment is the basis of reverence."

Information provided is only educational and should not be used to take action in the markets.