Bitcoin, Bearish Pressure Entered Surface, What To Consider Now!

2 באוג׳ 2020Hello Traders Investors And Community, welcome to this update-analysis about bitcoins 12-hour timeframe perspective, the recent bearish events occurred, what to look at now, and what to expect from bitcoin the next times in order to prepare on upcoming possibilities. As bitcoin broke out above the huge resistance and the upper boundary of its channel formation it confirmed it with a bounce but the huge question now is if this was just a big bull-trap or bitcoin manages to stabilize above the upper boundary in order to continue. Such heavy volatile bearish breakdowns out of the nothing occurred already several times in the past and you can be sure that there is always smart-money involved as these are unnatural movements. In this case, I detected some important signals currently which need to be anticipated in order for bitcoins further outcomes and destiny.

When looking at the chart you can watch that bitcoin just confirmed above the upper boundary and realized the 12.000 USD resistance with the bearish move which pointed a second time to test the upper boundary of the huge channel formation marked in black, in this range lied also the EMA structure where the price bounced and held above, which is together with the upper boundary important support definitely important to hold for considering a bullish stabilization in this range. Currently, bitcoin has stabilized above it but such a heavy volatile bearish move should in neither case be ignored and as bitcoin has still strong resistance above in the Fibonacci-resistance you can watch marked in red in my chart there is a high possibility given that the resistance will be realized as such which will cause an increase of bearish pressures to the downside where bitcoin will test the remaining supports another time.

Taking all these facts into consideration bitcoin established a bearish environment on the short-term, now it is from high importance if bitcoin-only showed this bearishness in the short-term and stabilizes again or if it also springs over into the middle and long-term. In this case it is highly meaningful for bitcoin to hold the mentioned support at the upper boundary and the EMA structure otherwise with a close below bitcoin will visit the inner world of its channel formation again which will cause a bearish continuation minimum to the middle line of the channel formation marked in my chart. This scenario is possible when bitcoin increases bullish weakness further and should definitely not be kept aside in order to not get overwhelmed when it happens, as many people were extremely bullish only this is a fatality because what can rise strongly can also fall strong especially in this cryptocurrency market environment.

In this manner, thank you for watching, support for more market insight and have a good day!

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