Bitcoin, Since Exaggerated Bullishness More Room Moving Forward!

١٧ ديسمبر ٢٠٢٠

Hi my friends,

Welcome to this analysis in which we are looking at Bitcoin's fundamental recent events, the current formational structure, and what to expect within the upcoming times here therefore we are looking at the 30-minute timeframe perspective. The new all-time-high region fully confirmed now and Bitcoin has shown up with strong upside volatility almost exploding within the new region, therefore I detected all the important levels and likely outcomes we should consider here.

As when looking at my chart we can watch there Bitcoin now builds this channel-formation determined as a bull-flag with the boundaries marked in blue, such a formation can show up with great potentials when it completes righty. Besides that Bitcoin is forming this coherent wave-count within the formation already completing waves A to C and now setting up to form the further waves D and E with the final wave E ending within the lower-boundary and the breakout-origin-cluster marked in my chart in blue which is also matching with the 35-EMA in green and the 45-EMA in red and therefore has great possibilites to bounce properly when Bitcoin visits this area. When Bitcoin shows up with the right price-action here and completes the wave-count rightly to bounce strongly this will point to the breakout and proper setup as it is seen in my chart, in this case it is from high importance that Bitcoin does not move below the lower-boundary again as such price-action will validate the flag as a fake-bull-flag however this is at the moment a quite marginal possibility.

Bitcoin is in a situation where it has still room to move higher when the formation forming develops under the suggested circumstances especially after such strong movements it is not seldom seen that the market continues with such a pace till supply is entering anew which should be considered firstly when Bitcoin reaches the upside targets after the flag completed, for now, we need to see and look how the flag completes, it will be an interesting journey ahead.

In this manner, thank you for watching the analysis, have a great day and weekend, all the best!
"Good luck is when opportunity meets preparation."

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