Bitcoin, Since Bearish Declines Set In Major Tests Remain!

٨ نوفمبر ٢٠٢٠

Hello Traders Investors And Community,

Welcome to this analysis where we are looking at Bitcoins 4-hour timeframe perspectives, the recent events occurred, the current formational structure, what we can expect the upcoming times and how to possibly handle the situation. The bearish declines Bitcoin has shown up with were not surprising in the light of the strong overbought regions Bitcoin was trading in and the remaining resistance levels Bitcoin approached also on the higher timeframes as I mentioned in the previous analysis, now as this heavy bearishness has shown up there are preliminary contemplation meaningful to anticipate now, it is not seldom seen that after such bearish decline further follow as it was already seen not only in Bitcoins past but also on other global markets, therefore I detected all the meaningful levels and likely destinations we should consider with Bitcoin in the actual situation and upcoming destinies.

Looking at my chart you can watch there Bitcoin bounced within the 40-EMA in green which is also matching with the ascending-trend-line marked in dashed grey, these levels are the origin for a more protracted upside which will lead into the strong resistance-cluster lying above marked in my chart in red and consisting of the Fibonacci-resistance in red, the volume-profile-resistance and the horizontal-resistance lying there all coming together and forming this strong resistance-layer where Bitcoin will unlikely move directly above, therefore a pullback after approaching this structure has a great likelihood and will show up when Bitcoin pulls back within the cluster to test the remaining supports again, when Bitcoin does not hold the ascending-trend-line in dashed grey and also the 40-EMA in green it will continue bearishly to the downside as there is not much support below, the first meaningful support will come within the blue ascending-trend-line which is highly important to hold, this trendline is also matching with the point-of-control from the volume-profile where Bitcoin has support and needs to bounce to the upside otherwise protracted bearish pressure ending in a pull-back-extension will show up when moving below this level.

The recent events have one more time shown that the volatility and swift changes in direction within the cryptocurrency market should not be underestimated in any case, as it was often seen already in the past such changes in direction and volatility can show up faster as expected and as sophisticated traders it is essential to be prepared for such swift changes in direction which we realized within the elite channel taking advantage of the bearish declines on the short-side, in such situations it is imperative to not get overwhelmed by circumstances and not overspeculate the market in one direction only as this is happening to often these times, rather it is compulsory to assess the market in the right manner to take the proper actions at the end of the day, in this case, we need to not keep the bearish perspective out of sight within Bitcoins current developments.

In this manner, thank you, everybody, for watching, have a good day as well as good trading, all the best!
“Prospect is the ingredient of good fortune.”

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