Bitcoin, Approchements As Expected, These Are Important Zones!

١٣ نوفمبر ٢٠٢٠Hello Traders Investors And Community,

Bitcoin has formed the breakout above the dynamic-trend-line as expected and also managed to complete the bullish formation as a bull-flag on the 1-hour timeframe, if you did not seen this analysis where I prospected the upcoming movements I highly recommend you watch it to have a full-depth-overview. Now as these meaningful steps have shown up Bitcoin has shown up with new signs in the structure I detected confirming the previous expectations but also adding on them, therefore I detected all the important levels and likely outcomes we should consider with Bitcoins current structure and upcoming destinations.

When looking at my chart you can watch there Bitcoin now forming a new very significant formation here as it manages to move above the middle line of the channel and stay there Bitcoin is now forming this ascending-wedge-formation within the structure where the waves A-C already formed and touched the boundaries of the formation, currently Bitcoin is testing the middle-line of the channel and also the lower boundary of the wedge which can be a proper origin of the final wave E which will complete the whole formation and directly leads into the strong resistance-cluster lying above there marked in red where Bitcoin is likely to produce a pullback as this is also matching with the wave-count finalization, when Bitcoin now forms a pullback within this strong resistance-cluster the formation will finally complete when Bitcoin crosses below the lower boundary, closes there and moves on with bearish price-action, such price-action will activate lower targets till Bitcoin has found support which will be in this case between the 30-EMA in blue and 60-EMA in orange where Bitcoin already had support, when Bitcoin approaches this level it has to be elevated how a possible stabilization or nor can establish there.

The price-action Bitcoin has formed recently provided some good confirmations nevertheless Bitcoin has still some strong resistance layers lying there this is why we should not underestimate the bearish scenario here as the market is also slightly overbought and the trend begins to slow more down which is often seen before a reversal establishes, in this case we should be prepared for possible changes in direction here to take the proper precautions when these finally establish, when Bitcoin firstly confirms the resistance bearishly it does not mean Bitcoin has no bullish potential on the long run, this is what needs to be developed then.

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.

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Initial Analysis: