Bitcoin Setting Up To Test The 10K Another Time!

23. Juli 2020

Hello, Traders Investors And Community, welcome to this update-analysis where we are looking at the major cryptocurrency bitcoin 4-hour timeframe perspective, the recent events, the current price-structure, and what to expect the next times. As recently mentioned bitcoin has confirmed the symmetrical-triangle-formation bullish and has now pushed into the first upside targets which we by the way traded in the elite trading channel where we entered before the huge volatility showed up. As bitcoin is still in a sideways range the full bullish confirmation is still not confirmed yet and while there are already resistance levels above such as the 10.000 USD mark these factors should also be taken into consideration, therefore, I detected some valuable and meaningful signs which can affect the further outcomes.

As you can see now in my chart bitcoin has moved above the important key-level marked orange which is also a support/resistance level for further price-action and currently, it is support, therefore it is within the possible spectrum that bitcoin confirms this level around 9400-9450 as support when visiting again otherwise when it not does and falls below with a bearish move this can be seen as firstly bearish signs entering the environment when bitcoin falls below the rising dashed grey trendline and below the 45-EMA in red this will invalidate the direct bullish consolidation but when these levels hold there is a solid possibility given that bitcoin sets up and forms a move to test higher resistance levels where the 10.000 USD mark will still be a huge barrier and therefore a consideration worth for a reversal in this range as you can watch it marked in my chart.

When bitcoin manages to hold the suggested support and moves higher to test the 10.000 USD mark this can be considered as a possible short-zone as there is still high supply in the market but this does not mean bitcoin will completely break down it can mean that bitcoin shows minimum a correction to either stabilize in this sideways range or move on to show more bearish pressure signals. For a continuation of bitcoin established bullishness it is highly important that bitcoin holds the 9500 range level and from there set up for a possible bullish continuation and take out of higher levels when bitcoin doesn't show this the bullish scenario will be invalidated when bitcoin moves below the bullish invalidation level you can watch marked in my chart at around 9020.

The current situation is a situation where bitcoin has to show and prove if the established bullishness can hold sustainable or there comes a correction when not a bigger pull-back before. In such an environment it is important to keep in mind that bitcoin is still in this long-lasting consolidation range where it has not shown a breakout either to the up or downside, technically speaking the breakout can still occur also on the downside, therefore, it is important to not fall for the speculative approach seen too often these days thinking bitcoin has already confirmed long-term-bullishness and move on to a new all-time-high the next week, for now, bitcoin has shown some good and solid bullish moves in the short-term but only a successful move above the 10.000 USD mark and development above it can confirm the bullishness also in the middle and long term substantially.

In this manner, thank you for watching, support for more market insight, have a great day, and all the best to you!
All progress takes place outside the usual expectation.

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

26. Juli 2020

Anmerkung

The Roadmap Came Around As Expected So Far.