Bitcoin, Develops Decisive Triangle, These Levels Are Important!

21. Feb. 2021

Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin on the hourly timeframe perspective. Bitcoin the last times has shown up with some serious bearish pullbacks in the structure moving below previous support-points which served important within the bullish trend-development, the fact that Bitcoin fell below these levels with this initial bearish volatility should not be underestimated, this is why we should not keep this bearish possibility by side to do not overspeculate the market into one direction only as it is happening these days, this means anticipating the market rightly to do the proper decisions and take the appropriate action finally facilitating into consistent sophisticated trading over the time because this is where the true magic happens.

As when looking at my chart we can watch there how Bitcoin now pulled back to this very very important ascending-support-line marked in my chart in black, with these pullbacks Bitcoin has formed a triangular-cluster-formation marked in my chart in orange with the coherent wave-count within the formation almost already completing waves A and B within the schedule and now Bitcoin is about to form the wave C that will move and test the triangle-support marked in blue within the lower boundary which is highly important to hold considering a bullish breakout to the upside of the triangle, therefore it is inevitably important that Bitcoin rightly bounces within this zone and forms the breakout above the upper-boundary completing the triangle bullish and activating further continuation, otherwise when this does not happen and Bitcoin falls below this will indicate the wave-C-extension as it is shown, these final confirmations need to be contemplated upcoming times.

Bitcoin now is in a situation in which it has reached high levels that are also running into serious overbought conditions as the main monthly relative-strength-index also shows, in such a situation it is necessary to assess the market from the right angle and do not move on with unrealistic approaches like people saying Bitcoin will reach the market cap of gold in one or two weeks, this is not logical because history has shown otherwise and this is why as sophisticated traders we need to keep a fundamentally solid approach and anticipate such changes in direction to not get overwhelmed by circumstances and proceed in the market rightly as we have also managed in the channel, especially in volatile cryptocurrency this plays a key-role for further advancements.

In this manner, thank you for watching the analysis and for everybody supporting it is great contentment, have a good day and trading!
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Information provided is only educational and should not be used to take action in the markets.