Bitcoin, Prospective Triangle, Key-Determination When Confirmed!

17. Juni 2020Hello, Traders Investors And Community, welcome to this update-analysis about the recent events, the current price-formation and what we can learn and expect from it the next days and hours. Since we got this high volatile move to the upside the last times the overall market condition has altered on the short-term and when this goes long enough it alters also on the middle and possibly in the long-term. In my observations, I detected some important and significant signals that can determine the further price-movement and which are worthful to look at the moment to profit out of possible opportunities arising out of it therefore we are looking at the local 4-hour timeframe.

When looking at my chart you can examine that bitcoin is building two descending trendlines here which are marked in blue, together these trendlines building a descending triangle formation which is in the very much occasions a bullish reversal formation marking the stopping of the prior established downtrend, however, to succeed with this formation and complete it sustainable there are some technical tasks which need to be fulfilled in order to have the upside targets activated resulting out of the triangle and don't deactivate the triangle to the downside which can happen when other technical factors playing into the situation such as an exaggerated supply-increase.

As bitcoin touched the higher resistance and confirmed it we can highly possibly expect minimum a correction to the downside before considering the breakout-scenario on the upside. In this case, we have the first important support-level at the 9180 support you can see marked in my chart with the first arrow, when this level does not hold we have the next critical support at the 8990 levels which is also matching coherently with the 400-EMA you can see marked in orange, these levels are of high importance for bitcoin to hold, establish as solid support and in the continuation bounce up from there because when this does not happen and we just get marginal upside bounces in this area it can provide more bearish pressure which will increase when the 400-EMA as important support is crossed definitely to the downside.

Considering the support is holding properly and bitcoin manages to provide the bullish breakout within the schedule it can confirm above the upper boundary and therefore activate the upside targets fully in advance, this target is the overall level at 10120 where we have still an important resistance which is the psychological 10.000 USD resistance mark. After the triangle scenario has confirmed properly we can either expect a confirmation of the upper boundary immediately after the breakout or after some time has passed and bitcoin advances higher as you see in my chart. It will be interesting to watch how this possible scenario plays out and how we can profit out of the occasions arising within it.

In this manner, thank you for watching, support for more market insight, good day, and all the best!
Even the smallest shift in perspective can bring about the greatest prosperity.

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