Bitcoin, Here Is Why Bearish Declines May Not Ended Yet!

6 בספט׳ 2020

Hello Traders Investors And Community,

Welcome to this analysis where we are looking at bitcoin daily perspective, bitcoin has shown greatly high selling volatility within the last times, such high volatile movements either they occur in the bullish or bearish direction should not be kept by side in any case and it is not seldom that the market sets up move further in the established high volatile direction, in this case, I detected the important levels, ranges and possible outcomes on the daily perspective and what needs to show up that a bearish continuation will invalidate.

Looking at my chart you can watch their bitcoin established this important preliminary-support-channel where the price already confirmed several time bullish with consolidation movements touching the lower boundary of the channel and marking it as support, this channel together with the 300-EMA in red are from significantly salient to hold because when bitcoin closes below this support this will cause the next bearish declines as it is marked in my chart. Although more declines are possible within bitcoins destiny of next times there are scenarios which can possibly invalidate this incoming continued bearish which is when bitcoin manages to move above the 100-EMA marked in black sustainably and then to close above the upper boundary of the channel, this will invalidate the bearish outcomes solidly and bitcoin can stabilize above this zone to move further.

When determining the next outcomes the bullish scenario is definitely possible when bitcoin manages to somewhat hold the range and move above resistance this however is currently not the most possible scenario, more likely is that bitcoin follows the path to the downside to create a new accumulation either in the 38.2% Fibonacci-support or the 50% Fibonacci-support, in the first one there is the CME-gap lying where sometimes also reversals can happen. Overall these two levels are important to watch when bitcoin breaks bearish below the suggested zones, when the bearish continuation shows up this does not necessarily mean bitcoin is completely bearish as the bigger picture has already still bullish signs in the layup, therefore let's see how bitcoin proceeds further here and manages a possible stabilization in the ranges.

The established bearishness bitcoin shows here matches with the global market dynamic where many markets like for example stock are also in a decline which was in view of the big divergence between real economy and market expected this can also affect cryptocurrency however it does not necessarily have to as the spread is not onehundred percent the same, the digital gold bitcoin and cryptocurrency can be a serious hedge similarly to real gold especially in times of rumors which still have not ended yet since corona established this year.

In this manner, thank you for watching, support for more market insight, good weekend 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.