These Establishments Will Be Extremely Essential For Bitcoin!

٢٠ أكتوبر ٢٠٢٠Hi Traders Investors And Community, Welcome to this analysis where we are watching the Bitcoin daily timeframe perspective, bitcoin came to a point where it is testing several resistance-layers together in which it already got rejected once, a key point in this whole structure is the neckline of the previously established head and shoulder formation which confirmed bearishly to the downside, now as bitcoin tests this crucial level it will determine the next outcomes and it has to be noted that we can either expect the pullback to be happening right away or bitcoin manages to take out this strong resistance and continue upward before showing a pullback, both scenarios will be confirmed properly and it is important to look at the signs when each of them is confirmed before taking speculative assumptions happening too often these times, therefore I detected all the important levels and likely outcomes we should consider now.

Looking at my chart you can watch there that bitcoin besides testing the upper boundary of the ascending-channel-formation also tests this strong neck-line-resistance which is an important reference point here because when this strong resistance is taken out properly we can expect a continuation within the bullish-continuation-zone marked in green in my chart which will also lead to a c-wave-extension of the formerly established wave-count. On the other side when bitcoin fails to move above this resistance and pulls back anew this will lead to a testing of at least the 10-EMA marked in red in my chart and when bitcoin closes below this pivotal EMA a continuation to the back-up-cluster is likely to happen. What is also important to consider in this situation is that stochastic is showing more bearish signs as the K and D-line consolidating at the top which is normally seen before a bearish reversal shows up.

Taking all these factors into consideration as a sophisticated trader we should look for the proper confirmation as suggested before going in the right direction. At the moment many other cryptocurrencies showing mixed signals with either bearish formations forming at the bottom or on the verge at highly important turning points which will be decisive for the further outcome, as already mentioned a bullish continuation has the possibilities given within bitcoin however this needs to confirm properly and a pullback should not be underestimated here especially when bitcoin testing these strong resistance layers still existing above. The next times will be interesting to watch how bitcoin furthers direction and where it will lead, for now we need to anticipate if either the bullish scenario with a decisive move above the upper resistance or the bearish one with the close below the EMA fulfills further destinations.

In this manner my friends, thank you everybody for watching the analysis, feel free to support, have a good day and 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 markets.