BITCOIN, This CRUCIAL FORMATION Will Be THE Determining Factor!

6 de dez. de 2021

Hello,

Welcome to this analysis about BITCOIN and the weekly timeframe perspectives. In recent times volatility in Bitcoin and the whole cryptocurrency space increased heavily and led to important pullbacks in Bitcoin and other pivotal altcoins in the market, we have seen the bearish news side increasing significantly with the Bitcoin ETFs approvals getting rejected by the SEC and old economy people such as Charlie Munger yelling against Bitcoin and Cryptocurrency, besides that we have seen scientific studies released that mentioned Ethereum with a better use-case than Bitcoin. All these events lead to increased turmoil in Bitcoin and Cryptocurrency and are an additional source of these heavy volatilities, in this case, now Bitcoin is forming a highly crucial formation that should not be underestimated, especially in the middle-to-long-term-basis this can lead to an even bigger pullback as we have seen it recently already, therefore, I discovered all the important levels and upcoming determinations we need to consider in this case.

As when looking at my chart now we can watch there, Bitcoin forms this gigantic ascending-triangle-formation marked with the boundaries in black. In this triangle-formation Bitcoin has a coherent wave-count with the waves A to D already completed, now as Bitcoin tests the lower boundary of this gigantic ascending-triangle-formation this is a likely origin for a bounce to the upside and Bitcoin approaching the upper-boundary of the main ascending-triangle and completing the wave-count within there. When Bitcoin finishes this it has to not be kept from the side that Bitcoin has a huge resistance-cluster in this region where several resistances coming together which is marked in red in my chart, when Bitcoin approaches this zone a pullback will likely establish from where Bitcoin is set-up to complete this whole giant ascending-triangle-formation which will happen when Bitcoin finally breaks out below the lower boundary, such a breakout will be the origin for further bearish pressure and activation of lower levels ahead in the structure.

Taking all these factors into the consideration here in any case it will be important to be properly prepared on possible upcoming volatilities even higher as we have seen it recently, especially when this whole formation completes in the structure this can become very real. Therefore we need to not keep the bearish perspective from the desk here and once this whole formation has been completed we can project further conclusions, in this case when the targets have been reached it has to be shown if Bitcoin manages to hold this zone and properly bounce off it or just sets up for a continuation. Taking this further if Bitcoin shows up with these establishments this does not mean Bitcoin will move on forever with this as there are still solid supports in the structure there is still potential for Bitcoin stabilizing however as this increased volatility now determined the Bitcoin way as traders it is important to catch such volatilities and do the best of it to consider the market on the long- as well as on the short-side, it will be an important journey ahead.

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