Bitcoin, Since Bearishness Developed, Important Considerations!

26 de nov. de 2020

Hi my friends,

Welcome to this preliminary important analysis where we are looking at Bitcoins 4-hour timeframe perspective, the recent events, the current formational structure, what we can expect the next times, and how to possibly handle the situation in an appropriate manner. Bitcoin recently shown up with heavy bearishness to the downside almost exaggerating after it completed the broadening-wedge-formation, now Bitcoin found some marginally support however there are some other crucial perspectives to consider therefore I detected all the important levels and likely outcomes we should consider within Bitcoins current structure and the ongoing movements.

As when looking at my chart we can watch there Bitcoin now fully completed the broadening-wedge-formation it has formed marked in my chart in orange with the coherent wave-count within the wedge, now Bitcoins bearish declines shows up and moved into the preliminary support marked in my chart in blue where Bitcoin found some marginal support in the structure and bouncing there, this movement can show up with some more bullishness and establishing a little bounce to the upside with Bitcoin nevertheless this move will directly run into strong resistance layers above as you can watch in my chart marked with the resistance-cluster in red where several resistance-levels coming together consisting of the lower-boundary-resistance, the dashed ascending-trend-line and also importantly the 65-EMA marked in light-blue in my chart, taking all these factors together Bitcoin will highly likely pullback when approaching this cluster the big question then will be how strong the pullback will be, the first zone to consider after this next bearish pullback shows up is the preliminary support when this support does not hold Bitcoin will increase with bearish pressure within the bearish-continuation-zone marked in red in my chart.

The developed events show one more time how swiftly and fast-moving the cryptocurrency-market still is and that the underlying volatility should not be underestimated, as Bitcoin approached a historical level supply showed up and bearish pushed the price to the downside, now it is not the time to fully keep the bearish perspective out of sight here as Bitcoin has still strong resistance layers above as suggested therefore we should be prepared for a possible second bearish move to the downside and do not estimate to speculate that the market will directly recover and move on bullishly again, for now we need to elevate how Bitcoin reacts within the resistance.

In this manner, thank you for watching the analysis, have a good day and also good trading, all the best!
"The eyes only see what the mind is ready to comprehend."

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