Bitcoin, Is Building Major H-S-Formation, Upcoming Scenarios!

15 de dez. de 2020

Hi my friends,

Welcome to this analysis about Bitcoin, we are looking at Bitcoins 12-hour timeframe perspective, the recent events, the current formation forming, and what we can expect the next times ahead. For now, it is important that we elevate that Bitcoin is still trading in an indecisive range since it formed the bull-traps above its all-time-high, this is why a confirmation to the up or downside will happen sooner or later and validate the further movements, besides that, I discovered a decisive formation Bitcoin is establishing here which will be the leading source in the upcoming finalization of confirmation in the proper direction, therefore I detected all the important levels and likely outcomes we should consider with Bitcoin in its current structure and the upcoming perspectives ahead.

Structural Developments:
As when looking at my chart we can watch there how Bitcoin has moved on with this major head-and-shoulder-formation marked in my chart in orange with the blue neckline, Bitcoin already fully completed the left shoulder and the head and is now about to form the right shoulder which will finalize the whole formation and therefore point to the proper breakout. Besides, that Bitcoin has supports lying within the 45-EMA in green, the 55-EMA in red, and the neckline where Bitcoin is building the decision-zone marked in my chart with the orange box. What is also important in this structure here is the upper-resistance and the lower-support which are the crucial reference points for each direction to confirm as it is marked in the chart also.

Upcoming Perspectives:
Taking these technical factors into consideration, in upcoming times we can expect a pullback as it is marked in my chart as Bitcoin is approaching the still remaining strong upper-resistance layers, this pullback will also coherently match with the head-and-shoulder and right shoulder forming and this pullback will move into the decision-zone from where either the bullish or bearish confirmation shows up, the bullish one is at the moment the more likely one with a possibility of 65% compared to the bearish with a possibility of 35%. Each of these confirmations will show up above the reference zones as marked in my chart and for now it is important to keep patient and wait on the full validation before moving into the confirmed direction.

In this manner, thank you for watching the analysis, have a great day and weekend, all the best!
"There are many roads to prosperity, but one must be taken."

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