Bitcoin, The Crucial Determinations Upcoming The Next Times!

12. Okt. 2020

Hi my friends,

Welcome to this analysis where we are looking at bitcoins daily timeframe perspective, the recent events, the current formational structure and what we can expect the next times. Since bitcoin managed to somewhat form a reversal and develop the breakout above important levels there are still remaining resistances in the structure and as bitcoin has shown some upside volatility yet but did not already confirm a final trend the bearish perspective can not be kept by side at the moment and bitcoin needs to show the proper signs in the structure that the bullish perspective can be anyhow considered further, therefore I detected the important levels and possible outcomes we should consider with bitcoin and its current structural developments.

Ascending-Channel And Development:
As you can watch now in my chart bitcoin is forming this preliminary bigger ascending-channel-formation where the upper and lower boundary marked in blue, besides that bitcoin is forming a coherent wave-count here were the major waves A and B already formed, the final wave C now will directly run into this resistance-cluster marked in my chart with the red level, where several resistances coming together, once it is the upper boundary of the ascending-channel, second it is the horizontal resistance 11700 there coming together and forming this resistance-cluster between 11570-11780, besides that this move will also complete the wave B of the bigger wave-count, all these factors making this range a strong resistance where a pullback can not be underestimated.

Outlook:
When bitcoin pulls back from the strong resistance lying there which is a very likely scenario at the moment as the trend begins already to struggle this will generate a smaller or bigger pullback firstly testing the lower levels in the structure, these are given within the blue back-up-cluster marked in my chart in the 10850-11050 level where bitcoin has the solid support which can form into stabilization and finally back-up, here it is really important that bitcoin holds this level because when it falls below it this will firstly be a bearish sign and can indicate a further continuation of bearishness which will fully come into terms when bitcoin also does not hold the ascending-trend-line which is lying there as bitcoin will increase with the bearish pressure within the bullish-invalidation-zone marked in my chart, when considering the bullish perspective this scenario should not be kept out of sight here.

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