BITCOIN WEEKLY, Breakdown Occurred In Schedule, Next Terms!

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Hello Traders Investors And Community,

Welcome to this update-analysis looking at bitcoin weekly timeframe-perspective, as expected bitcoin confirmed the massive resistance-cluster it had between the 11600-12500 as expected, this level, this move was outstanding awaiting in the schedule and other fundamentals confirmed this also as indicators got very overbought the pull-back scenario was to expect. Now as bitcoin has shown exactly this move and did not manage to form higher highs above the strong resistance-cluster there are some possible next outcomes we should consider here, currently, bitcoin found some support at the first trendline level, nevertheless, there are still downside possibilities with bitcoin, therefore, I detected the next possible steps and outcomes.

Bitcoin Situation:
When looking at my chart you can watch there that bitcoin is currently approaching the first falling trendline range where the trendline is marked in grey in the chart, this is a first important support level which can hold in the structure and where bitcoin can bounce as the outlines are marked in the chart, this bounce, however, will run into resistance which bitcoin established here, together with the supply entered the market this will provide an overall setup for the next leg to the downside which can move bitcoin into the back-up-cluster marked in blue in my chart, where bitcoin has the possibility to back-up and gain strength before stabilizing, it is the cluster where many supports coming together and also building on the smaller timeframes.

Outlook:
Considering bitcoins serious and strong established bearishness which was awaited as there where more than one resistance coming together the possibility for continuation is currently extremely high, this continuation to the downside will pursue till there is significant support found that can reverse the whole dynamic, in this case, the back-up-cluster will be a preliminary reference point in which bitcoin can stabilize, back-up and move to the upside again as it did before. In this scenario, it is from high importance that the support we have in the cluster really holds and that bitcoin does not fall below this levels again, when this happens bitcoin will increase the bearish pressure further.

-> Conclusion:
As many people became completely bullish and stated bitcoin will never visit lower levels again this was an important fundamental mechanism now showing up in the market, what we should remember in such situations is that high volatile markets like cryptocurrency can change within times and that it is not the best option to just think into one direction that everything goes well as this is what smart money operators on the other side just waiting for. It is important to not get overly speculative and wage the possibilities and opportunities correctly, a meaningful factor also for the profits in the elite channel. Now as bitcoin came up with this established bearishness this does not mean that it will go on forever, we will see how the scenarios and mechanism play out mentioned and when bitcoin can have an alteration.

In this manner, thank you for watching, support for more market insight, good day to you and all the best!
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Information provided is only educational and should not be used to take action in the markets.

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It will be great when you read the whole analysis.

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Initial Analysis: