Bitcoin, Trading Near A-T-H, Bullish Signs Despite Overbought!

20 lis 2020Hello Traders Investors And Community,

Welcome to this analysis where we are looking at Bitcoins 4-hour timeframe perspective, the recent events, the current formational structure, what we can expect over the next times and how to possibly handle the upcoming situations. Since the corona crisis established this year with initial heavy breakdowns in all global markets Bitcoin has managed to recover after these breakdowns fully emerged and the bottom was developed, now Bitcoin somewhat magically managed to move into the all-time-high region which is a historical point as Bitcoin only spend few days within this region, the market is overbought and the fear-and-greed-index near its all-time-high also, normally such conditions are good to prepare possible shorting within the market however as I detected Bitcoin is still sending bullish signs here which should not be underestimated and as Bitcoin approaches this meaningful area I detected the important zones and likely outcomes we should consider over the next days.

When looking at my chart you can watch there Bitcoin is trading within this huge ascending-channel-formation marked in blue where it already tested severely the upper-boundary, normally what is seen after this kind of trading within such a channel is a heavy breakout either to the up or downside and as Bitcoin established more bullishly signs the bullish breakout has more possibilities, it was also very significant that Bitcoin managed to complete the triangle and wedge-formation I already mentioned previously. The next times we can expect Bitcoin to continue bullish when it manages a decisive breakout above the upper-boundary as it is marked in my chart, when this happens the way for a new all-time-high is there which will possibly emerge when Bitcoin increases in bullish price-action above the boundary. When Bitcoin finally completes a new all-time-high this will be crucial as the indicator conditions are still overbought with Bitcoin and what normally comes after such overbought-phases is minium a correction to the downside which we should not underestimate in terms of realization of the overbought-conditions.

In this manner friends, thank you, everybody, for watching, supports for more market insight will be great, have a good day and good weekend as well!
"Miracles tend to happen outside the usual experiences."

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