Bitcoin, Approaching Upper Levels Again, Important Measurements!

28 wrz 2020

Hello Traders Investors And Community, Welcome to this update-analysis, we are looking at bitcoin, the 12-hour timeframe perspective, the recent events, the current formational structure and what outcomes are likely the next times. As bitcoin has established decent bullishness on the short-time-frame this was a first preliminary step into a more bullish picture within the short-time-frame, nevertheless, there are still strong resistance layers lying above as well as on the short-time-frame as on the bigger timeframes like the 12-hour timeframe or the daily perspective which we should not keep by side at the moment. Therefore I detected in this update the important levels and possible outcomes we need to consider now and what bitcoin has to show up with to confirm a bullishness further and do not pull back to lower levels as well as extend the correction.

Looking at my chart you can watch the huge orange descending-channel in which bitcoin is trading and in which the upper boundary already confirmed severely to the downside as you can see already in the past bearish down move putting bitcoin to test the remaining support anew, currently, bitcoin is approaching the same level again and as there the horizontal resistance, as well as the upper boundary lying as resistance bitcoin, is form a serious resistance cluster here marked in my chart with the red circle. When bitcoin will approach this level now it is not likely that it will go directly through it, more likely is firstly a bounce back which can happen to the 100-EMA marked in grey and when this does not happen also to the remaining support at the 10.000 USD psychological mark where also the 300-EMA coming together marked in my chart.

Bitcoin is in a situation where it is approaching remaining strong resistance and the question if the pullback is a smaller one or it extends into a bigger one, when bitcoin can not hold the remaining support marked in blue it can continue to the rising blue trendline, these levels need to hold considering a strong bullish breakout of the upper ongoing otherwise when bitcoin does not manage to show the proper bullish action it will increase with bearish pressure in the pull-back-extension-zone marked in my chart where bullish reversal and stabilization gets more difficult, however, it can be more expected currently that bitcoin manages to stabilize either at the remaining psychological 10.000 USD support or rising support to form the next bullish price action and continuation to higher levels, when bitcoin shows up with a great breakout of the upper boundary this will be fully activated.

In this manner, thank you for watching, support for more market insight, good day to you, and all the best!
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Information provided is only educational and should not be used to take action in the markets.