Bitcoin, Jumps Above 35.000 And Forms New Uptrend-Channel!

6. Jan. 2021

my friends,

Welcome to this analysis about Bitcoin, we are looking at the hourly timeframe perspective, the recent events, the current formational structure, and what we can expect in the upcoming times. Bitcoin the last times showed up with bullish moves managing to breakout above its established range and mark above the 35.000 USD level, now as these events happened the bullish edge continues to increase and besides these events, I discovered an important formation here that can be worthwhile determining Bitcoin next developments, therefore we are looking at all the meaningful levels and likely perspectives we should consider with Bitcoins developed structure and upcoming movements.

As when looking at my chart we can watch there Bitcoin has now clearly formed this major uptrend-channel marked in my chart in blue, furthermore, Bitcoin has developed this coherent wave-count within the channel already with the completion of the waves 1 to 3 and now about to develop the wave 4 in the range as it is marked in my chart, this wave 4 will run directly into the great confirmational-bounce-cluster marked in my chart in blue where several supports coming together and therefore has a good ability to bounce to the upside and be the origin of the wave 5 that will finalize the whole wave-count and move into the upper ranges where the elevation can alter which is important here.

When Bitcoin moves on within the near future to form wave 4 and bounce from the cluster Bitcoin with a high likelihood will protract into the upper-boundary and the resistance-cluster lying there as it is marked in my chart in red in that also the Fibonacci-extension is lying, as Bitcoin will reach several finalizations there the pullback-possibility within this zone should not be underestimated and especially when Bitcoin moves below the lower-boundary this can move Bitcoin into a more protracted continuation to the downside. For now, it will be important to elevate the further development in the uptrend-channel however then also be prepared for a possible pullback with Bitcoin reaches

In this manner, thank you for watching the analysis, have a good start into the New Year 2021, many thanks for all people supporting, 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 markets.