Bitcoin, Trading Within The Channel, These Levels Are Crucial!
Hi my friends,
Welcome to this analysis about Bitcoin, we are looking at the 45-minute timeframe perspective. Bitcoin recently has shown up with highly volatile movements to the downside as it already somewhat recovered from this downside and bounced back, now besides these fundamental conditions, as I discovered Bitcoin is forming a decisive formation here that will be the determining source once the proper price-action develops, therefore I detected all the important levels and likely outcomes we should consider here.
As when looking at my chart we can watch there how Bitcoin is now about to form this massive descending-channel-formation marked with the boundaries in black and besides that Bitcoin established this coherent wave-count to the downside in that it already completed waves A to B in the schedule and now is about to form the final wave C that will finalize the whole wave-count, this wave C is divided into the sub-waves and has strong resistance in the zone giving the edge for the continuation to the downside till there is support found in that Bitcoin has the ability to reverse and fully complete this wave-count, this is possible to happen within the lower support at 26680.
Taking all these factors into consideration it will be highly important how Bitcoin the next time reacts to this strong resistance-cluster marked in red in my chart when Bitcoin shows up with a stronger pullback from there the wave C is likely to follow in the schedule. Such Descending-channels have the ability to break out when bulls have enough strength however this first needs to be validated as the bearish perspective is still omnipresent and the bearishness can also gain in strength when it moves below the lower boundary, therefore it will be necessary to elevate how Bitcoin reacts within the lower supports and then take up further alignments, it will be an interesting journey ahead.
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!
"There are many roads to prosperity but one must be taken."
Information provided is only educational and should not be used to take action in the markets.
Welcome to this analysis about Bitcoin, we are looking at the 45-minute timeframe perspective. Bitcoin recently has shown up with highly volatile movements to the downside as it already somewhat recovered from this downside and bounced back, now besides these fundamental conditions, as I discovered Bitcoin is forming a decisive formation here that will be the determining source once the proper price-action develops, therefore I detected all the important levels and likely outcomes we should consider here.
As when looking at my chart we can watch there how Bitcoin is now about to form this massive descending-channel-formation marked with the boundaries in black and besides that Bitcoin established this coherent wave-count to the downside in that it already completed waves A to B in the schedule and now is about to form the final wave C that will finalize the whole wave-count, this wave C is divided into the sub-waves and has strong resistance in the zone giving the edge for the continuation to the downside till there is support found in that Bitcoin has the ability to reverse and fully complete this wave-count, this is possible to happen within the lower support at 26680.
Taking all these factors into consideration it will be highly important how Bitcoin the next time reacts to this strong resistance-cluster marked in red in my chart when Bitcoin shows up with a stronger pullback from there the wave C is likely to follow in the schedule. Such Descending-channels have the ability to break out when bulls have enough strength however this first needs to be validated as the bearish perspective is still omnipresent and the bearishness can also gain in strength when it moves below the lower boundary, therefore it will be necessary to elevate how Bitcoin reacts within the lower supports and then take up further alignments, it will be an interesting journey ahead.
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!
"There are many roads to prosperity but one must be taken."
Information provided is only educational and should not be used to take action in the markets.
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