Bitcoin Weekly Structural Allocations!

22 sept. 2020

Hello Traders Investors And Community, Welcome to this update-analysis where we are looking at bitcoin weekly timeframe perspective, the recent events, the current formational structure, what we can expect next times and how possible outcomes can look like. Bitcoin now bounced on the weekly chart in the important back-up-cluster I mentioned previously and is testing the level anew, this will be crucial as it is important to anticipate if this level can hold sustainably or bitcoin will firstly visit lower levels in the back-up-cluster before stabilization can fully take place here. In this case, I detected the important levels and possible outcomes we should consider for bitcoin at the moment, and firstly there are some meaningful mechanisms to show up for bitcoin forming the proper stabilization otherwise the bearishness is a result following up.

Looking at my chart you can watch bitcoin now bounced at the psychological 10.000 USD and in the back-up-cluster, now as the price is testing this range again and the prcie-action looks rather bearish on the smaller timeframes and also now on the higher timeframes this will be critical because when bears increasing pressure to the downside further bitcoin can revisit the back-up-cluster again, basically there are two possible outcomes in this structure now, the first is that bitcoin manages to hold the current range and stabilize within it to form decent upmoves which going to test the remaining upper resistance levels and the second will be that bitcoin moves below the support and visits the remaining support in the blue zone marked in my chart. When bitcoin does not manage to hold this support consiting of the EMA and the rising support the bearish pressure will increase when bitcoin closes into the bearish ground zone in red where several supports will be broken and the bears will increase with their pace.

The next times will show if bitcoin has the stength to hold the established support further and form upmoves from here or it sets up to test remaining supports as mentioned, both scenarios can lead to a testing of the resistance. In comparison to the rest market bitcoin currently is one of the strongers as it is trading above support on the weekyl chart where others are clearly below it, however bitcoin needs to show up with the proper price action that the bullish case can increse further. For now we need to keep patient and see how the bitcoin develops further here, nevertheless bearish case should not be underestimated as the pull backs arent over for now it is important to recongize this to do not get overwhelmed by circumstances as it is happening too often these days resulting in bad trades which should be avoided for a sophisticated trader at the end of the day.

In this manner, thank you for watching, support for more market insight, good day to you, and all the best!
“Good luck is when opportunity meets preparation.”

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