Bitcoin, Targets Riched In Schedule, Testing Remaining Levels!

16 de jun. de 2020

Hello, Traders Investors And Community, welcome to this update-analysis where we are looking at the recent events, the current price-structure and what we can expect the next time. As I mentioned in past analysis bitcoin has confirmed the bear-flag to the downside and riched its target mentioned at the 8900 level this was a good opportunity for us in the elite channel to enter a long-position after bitcoin bounced at the bear-flag-target, so far the targets riched and we are in good profit. Now there is still remaining resistance in the structure and other technical signals which need to be elevated therefore we are looking at the 4-hour locals timeframe.

Initial Analysis According The Subject (4-Hour Timeframe):

Now bitcoin provided some good volatile movement to the upside yesterday where it is already trading above the resistance established at the 9555 level but as there are still some important resistance levels in the structure which is one time the 50% Fibonacci-resistance of the initial downtrend and the lower boundary of the huge bear-flag that we confirmed to the downside there is a decent possibility given that when bitcoin tests these levels it confirms them as resistance firstly and secondly bounces back to visit some lower levels in the structure. It is possible that bitcoin just shots above the resistance to move higher but this possibility is at the moment really marginal.

When they bounce back to visit lower levels confirms accordingly we have the first important and significant support level at the falling trendline you can see in my chart this level can also match with the 50-EMA which is marked in brown in the chart, therefore building a coherent confluence-cluster there, this means that bitcoin can bounce in this area when visited if this scenario does not happen which can play out when there is not enough support given bitcoin can fall lower to test the 400-EMA in the structure which you see marked in black. From that point on we need some crucial support there, when this can't sustain it is within the likely spectrum that bitcoin shows some more downside.

The situation right now is a situation where the whole cryptocurrency definitely is sending some mixed signals in which it has to decide where the journey is arriving and where destiny will move the market not only on the short-term but also in the middle and longer timeframes. There are cryptocurrencies that showing some good potential to the upside while others looking rather weak. The next times will show us where cryptos fortune will determine and if we can arrive at saver heavens or fall back into purgatory abyss. In those situations, it is important to not get too overly speculative and to consider the situation in the best way possible, this means to trade what one is seeing and not what one is thinking.

In this manner, thank you everybody for watching, you can support for more market insight here or in a telegram, will be great to see you there, good day and all the best!
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Information provided is only educational and should not be used to take action in the markets.