BTC, Finalized BROADENING-WEDGE, Continuation-Determinations!

19. Aug. 2021

Hello,

Welcome to this analysis about Bitcoin, we are looking at the 4-hour timeframe perspectives. As mentioned in the previous analysis already Bitcoin was likely to form a main initial reversal on the local perspective as there is strong resistance and Bitcoin already moved on to pullback as well as develop the formation in the structure. For people and traders who want to gain a hold in the market, it is necessary to realize that the market is not always complete bullish or completely bearish, there are always several ways on where the market can go and what price-action-developments can finally emerge, therefore it is highly important to do not look into a single direction rather we should keep the different directions in mind and integrate them into a full-depth-approach to finally look on the different layers and possibilities of establishments within the price-action.

Structural Developments:
As when looking at my chart we can watch there how Bitcoin has formed this main broadening-wedge-formation marked with the boundaries in blue, within this formation Bitcoin has completed the coherent wave-count reaching from A to E, and with the final second pullback from the 48400 USD mark has predetermined this whole formation to complete which finally happened with the breakout below the lower boundary of the formation, this breakout has activated lower targets and continuations to the downside. As for now, Bitcoin continued to test the 100-MA marked in grey in my chart which is pivotal reference support as it has held the bullishness to the upside before. Now Bitcoin is about to consolidate above this moving average and it can be the appropriate setup for the further continuations to the downside when Bitcoin moves finally below it.

Upcoming Determinations:
Taking all these factors into consideration now it is likely that we will see a continuation in Bitcoins bearish developments as the main broadening-wedge-formation has completed. The first activated target-zone, in this case, is the main-structure-support marked in my chart in blue, when Bitcoin has reached it it has to be elevated if it manages to markup from there substantially or just sets up to form a further continuation to the downside. When Bitcoin manages to stabilize and markup to finally breakout above the descending-trend-line this can be the origin of the bullish reversal confirmation and continuation to the upside otherwise the next support will be below at the 40545 level. For now we should not keep the bearish perspectives out of sight and Bitcoin needs to show how it approaches the main targets with the given suggested developments.

In this manner, thank you for watching my analysis about BITCOIN and the main broadening-wedge-formation with the upcoming determinations to consider, support the analysis with a like and follow or comment for more market insight!
"The most substantial way to forecast the future is to try to understand the present."

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