Bitcoin, Local Ascending-Wedge, Important Zones!

30. Juli 2021

Hello,

Welcome to this analysis about Bitcoin and its 4-hour timeframe perspectives. Bitcoin reached important resistances in the structure and besides that is forming an important and decisive formation in this structure. This formation is an ascending-wedge-formation marked in my chart with the blue boundaries. In this formation, Bitcoin has the coherent wave-count with the waves A to E almost already completed and with the final wave E recently moving into the upper-boundary from where an initial pullback is likely and the beginnings already show up, when Bitcoin then continues with the pullback to test the lower boundary of the formation this will be crucial, when Bitcoin moves below the boundary the wedge will be completed and the target-zone marked in my chart in blue will be activated. Once these zones have been reached Bitcoin has the ability to stabilize again. For now, we should not underestimate the possibility for this local pullback however as there are solid supports in the structure there is still the potential for a stabilization back-up given, it will be an interesting development ahead.

In this manner, thank you for watching my update-analysis about BITCOIN and its local ascending-wedge-formation, great when you support it with a like and follow or comment for more market insight!

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