Bitcoin, Historical Tests Incoming, These Levels Are Important!

28 בנוב׳ 2020Hi my friends,

Welcome to this analysis about Bitcoin, we are looking at the 4-day timeframe perspective, the recent events, the current formational structure, what we can expect the next times and how to possibly handle upcoming situations in an appropriate manner. As expected Bitcoin the last times managed to form the bullish breakout above the massive ascending-channel-formation marked in blue where it managed to advance higher till near all-time-high before the strong bearish moves came in and Bitcoin firstly shown up with a pullback, now Bitcoin is mingling in the structure and there will come significant tests which will be the determining source for the next outcomes to show up, it will be a big question if the breakout is sustainably and will move higher or if it was a bull-trap and Bitcoin moves into the big channel again which should not be kept by side currently, therefore I detected all the meaningful levels and forthcoming perspectives we should consider in the structure developed here.

When looking at my chart we can watch there how close Bitcoin was to the established all-time-high-condition before the pullbacks shown up in the structure and firstly moved down, besides that you can watch this massive ascending-channel-formation Bitcoin has established where it has support within the upper-boundary and furthermore several other supports lying there consisting of the 15-EMA marked in green, the 20-EMA marked in red and also the ascending-trend-line marked in grey in my chart, taking these factors into consideration here Bitcoin will test these levels the next times as it is marked in my chart, it will be inevitably for a bullish consideration that Bitcoin bounces within this blue cluster and do not falls below it into the channel again because this will increase the bearishness again within the bearish-continuation-zone marked in red in my chart nevertheless when Bitcoin manages to bounce in this cluster there can develop some further solid potentials.

The next times will show how Bitcoin reacts into the cluster and how it furthers from there, when Bitcoin manages to stabilize in the cluster as it is marked in my chart this can be a good origin for a new attempt to move above the all-time-high-condition and develop a new one, when such price-action shows up Bitcoin will activate firstly higher levels at around the 26.000 USD, here it is important that Bitcoin does not pullback again and form a double-top because this can be the source of lower levels to be visited again, for now, we should be prepared for more downside to come till this has been stabilized and Bitcoin can recover, the market is not complete bearish at the moment however when things change and this bearishness increases we should consider it from the right angle and do not overspeculate the market as this is happening to often these times, the next times will show how Bitcoin develops under the suggested circumstances and it will be an interesting journey.

In this manner, thank you for watching the analysis, have a good day and also good trading, all the best!
"The high destiny of the market is to explicate, rather than to speculate."

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