So Far Is Bitcoin Following The Accumulation-Schematic-Channels!

19 cze 2020Hello, Traders Investors And Community, welcome to this update-analysis where we are looking at the current fundamental underlying price-cycles within bitcoins global perspective and what we can expect the next weeks and months. As bitcoin is still consolidating below huge resistance-levels and it seems like it is not going anywhere there are important factors in the structure that we need to take into consideration before placing a trade either in the bullish or bearish direction with the given possibilities. The whole cryptocurrency-space is either in such a local consolidation or in a more bearish state with serious signs for a possible bearish breakdown. So far is bitcoin following the accumulation-schematic-channels established with the accumulation-phases within them on the weekly-timeframe in the past which I detected and need to be considered in the further outcomes we can expect bitcoin to establish in destiny.

When examining the huge cyclical movement bitcoin is trading in you can see marked in my chart with the upper global-contraction-line and the lower accumulation channels we can state that bitcoin is currently still trading within the second accumulation channel which is on the one side a good sign that can indicate a break to the upside and a expansion-phase similar to these seen in the past where bitcoin made a significant increase in price after confirming the second accumulation-channel to the upside. On the other side, it can indicate that bitcoin is not ready to provide this confirmation and that the consolidation in which bitcoin is currently can hold on longer or even provide some more lower highs or lower lows in the structure this is a mechanism that should definitely be kept in mind because there are still strong levels of resistance in the second accumulation channel.

A clearer outlook will be provided from bitcoin when we see a definite break of one of the support/resistance levels with the ongoing and logical continuation of these levels. On the bullish side, it is the break of the 10850 level which you can see marked in my chart where we have three layers of resistance together building a triangular resistance-confluence-zone therefore when we take out this resistance it will be a serious bullish signal contemplating that bitcoin can move on to form its expansion phase to test the higher boundary of the global-contraction-line, before that sign is not given on the bullish side and bitcoin shows weakness in the second accumulation-channel it can still retest the first accumulation-channel which was a mechanism seen in the past but this channel must definitely held otherwise bitcoin will show increasing bullish pressure with a fall below the lower boundary of the first accumulation channel.

The current situation is a situation where bitcoin and the whole other cryptocurrency-market-landscape has to confirm its further outcome and show if the bullish growth seen developed the last weeks can hold, increase and convert into a solid expansion phase similar to what we have seen in the past or if bitcoin and other cryptocurrencies lying ground to cruise an honor-round with a test of the remaining support and accumulation levels. In either case, we should be prepared for the upcoming scenarios that we don't stand in front of a volatile situation and don't know how to handle it, therefore it is important to consider the market in the clearest light as possible to take the proper action out of opportunities arising. Currently, there is not much volatility in the market and therefore a marginal environment to trade on the higher timeframes, in this case, we should trade the lower timeframes or keep patients to upcoming volatility.

In this manner, thank you for watching, support for more market insight, and all the best!

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

19 cze 2020

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So Far Is Bitcoin Following The Accumulation-Schematic-Channels! But can it confirm like happened in the past? Please read the whole analysis to have a full-depth-overview.