Bitcoin, Fundamental Decisions Incoming, Potential Scenarios!

12 gru 2020

Hi my friends,

Welcome to this analysis about Bitcoin, we are looking at the 12-hour timeframe perspective, the recent events, the current formational structure, what we can expect the next times and what are likely scenarios to assess to finally move into the right direction when validations show up. As Bitcoin already formed this double-top-structure Bitcoin is still trading in a crucial situation where there is not only one fixed scenario given as it is often the case within the market, which is important to notify here because we need to keep patient and look for the proper confirmations to finally develop, therefore I detected all the important levels, likely scenarios and upcoming perspectives we should consider with Bitcoins established structure and the upcoming destinies.

Formational Structure:
When looking at my chart we can watch there how Bitcoin initiated this double-top-structure from where it already showed up with serious bearish movements to the downside to the point where it recently tested once already this ascending-trend-line marked in dashed grey in my chart which for now is still holding the bullishness to the downside however as Bitcoin has this descending-resistance-line and also other bearish formation building on the more local timeframes Bitcoin will look forward to pullback bearishly here and finally move below the ascending-trend-line to firstly point into the blue zone marked in my chart between the two dashed blue ascending-trend-lines which will be the key decision-zone for the upcoming movements possible to illuminate one of the two major scenarios as they are marked.

Upcoming Perspectives:
Basically, there are two possible scenarios to expect after Bitcoin dropped into the blue zone as it is shown, in this case, it is from high importance to anticipate if either the first or the second scenario finally show up before moving in the right direction and take the appropriate handling of the market. The first and more likely scenario is scenario A where Bitcoin increases with bearish pressure further to finally more below the double-top-neckline and point to the double-top-drop-target as it prospects within my chart, this scenario is not mainly unlikely because Bitcoin has already settled with the double-top-structure and besides that is still overbought on the higher timeframes. The second scenario, scenario B will develop when Bitcoin manages to bounce within the cluster with a decisive and volatile bullish move to finally manage to move above the strong resistance-zones and close above them with possible stabilization and continuation above.

In this manner, thank you for watching the analysis, have a great day and weekend, all the best!
"There are many roads to prosperity, but one must be taken."

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