Bitcoin, In The Channel-Formation, These Are Important Zones!

9 mar 2021

Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin, we are looking at the 4-hour timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. Bitcoin in recent times has managed to move above the previous resistance zones at the 51.800 USD level and moved some higher there is however not yet a complete bullish reversal marked this is why Bitcoin is still in an indecisive and in this case I detected an interesting formation that will be worthwhile in the upcoming determinations, therefore I discovered all the important levels and likely destinies we should consider with Bitcoins established structure and the upcoming movements ahead.

Structural Developments:
As when looking at my chart now we can watch there Bitcoin is developing this major ascending-channel-formation marked with the boundaries in blue, besides that Bitcoin has a coherent wave-count within this channel in which it already almost fully completed waves A and B and is now moving with the determination of wave C directly into the upper-boundary that is still resistance and therefore likely to show up with the wave D in the structure from where the wave E can set up in the lower boundary and supports lying there, this wave E will finalize the whole wave-count with testing the upper-resistance anew from where a pullback is likely to show up and after that the actual crucial direction-decision will be shown.

Upcoming Determinations:
Upcoming times when Bitcoin completes the wave-count in the schedule and pulls back initially from the upper-resistance it will first move into the decision-zone within the lower-boundary marked in my chart in orange, when Bitcoin then manages to bounce decisively to the upside within this zone it can lead to testing of higher levels and potentially to stabilization with further continuations otherwise when this does not happen and Bitcoin increases with bearish pressure further to close below the lower-boundary it will indicate a bearish continuation and movements to lower-levels, these scenarios need to be elevated and explicated on how Bitcoin approaches there before finally moving into the right direction.

Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, all the best!
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Information provided is only educational and should not be used to take action in the market.