Bitcoin, Aligning Correction And Rescheduling, Likely Scenarios!

13 de fev. de 2021

Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin, we are looking at the hourly timeframe perspective, the recent events, the established formational structure and what scenarios are there awaiting on Bitcoin. Since Bitcoin managed the strong volatility and protracted bullish moves above the previously established range it has shown initiated some pullbacks in the structure that should not be underestimated in terms of the determination these pullbacks are going to and where Bitcoin can back-up and stabilize again, in this case, I discovered the underlying structure and what scenarios Bitcoin is likely to show up within the upcoming times, therefore, I detected all the important levels and likely destinies we should consider.

Structural Developments:
As when looking at my chart now we can watch there Bitcoin is forming this major ascending-channel-formation marked in my chart with the blue boundaries and the coherent ABC-wave-count within the formation currently about to form the wave C within the schedule, furthermore, Bitcoin has this descending-resistance-line within the channel marked in my chart in black, this is an important line as Bitcoin needs to move above it finally confirming the bullishness to increase further with a continuation given. As Bitcoin currently develops two underlying ABC-wave-counts, firstly the major ABC-wave-count marked in orange and the sub-wave-count in grey these wave-counts can either complete normally or form a protraction to lower levels firstly.

Upcoming Determinations:
Taking all these factors into consideration Bitcoin is in a situation where it will show the final conclusions within the next times, therefore it is necessary to explicate the two potential scenarios upcoming here, the first scenario will complete when Bitcoin manages the stabilization within the blue support-cluster in the ascending-channel to finally bounce there and mark above the resistance and the second scenario will show up when Bitcoin does not hold this level and finally moves below the lower-boundary, such a price-action will lead to the protraction of the underlying wave-counts and will point to the dynamic zone marked in my chart, this does not mean the bull-flag is over here, it will be like an extension of the flag with a new alignment which is sometimes given.

In this manner, thank you for watching the analysis, many thanks for everybody supporting, have a good time and trading, all the best!
"The high destiny of the market is to explicate rather than to speculate."

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