Bitcoin, Trades In Flag-Formation, Potential When Completed!

8 янв. 2021 г.

Hello Traders Investors And Community,

Welcome to this analysis about Bitcoin, we are looking at the 30-minute timeframe perspective, the recent events, the established formational structure, what we can expect the upcoming times and how to possibly handle the situation appropriately. Bitcoin has developed a strong uptrend with protracted bullish volatility and it was great to secure our profits, now it will be a big question of how the market continues within the given circumstances, in this case, I detected an interesting formation that is likely to be the determining source in the upcoming times and will prove worthwhile when it completed, therefore I detected all the important levels and likely outcomes we should consider here.

As when looking at my chart we can watch there how Bitcoin is now trading within this descending-channel-formation marked in my chart in blue, furthermore Bitcoin has developed a coherent wave-count within the formation with the waves A to C already fully completed and with the wave D now about to develop the next times, this wave D will directly run into the strong resistance-cluster marked in red in my chart where several resistances are lying and therefore likely to show up with a pullback from there which will then be the origin of the final wave E to the downside that will finalize the whole wave-count and therefore also a possible source of the bull-flag-formation, therefore it is necessary that Bitcoin bounces within the confirmational-bounce-cluster.

Bitcoin is in a situation where it has formed a decisive formation that lies ground for the next determinations. The next times will show how Bitcoin develops under the suggested circumstances and when Bitcoin manages to bounce within the cluster to form a strong bullish move to the upside from there the next step will be that Bitcoin marks above the upper boundary and stay there as it is shown in my chart, such price-action will fully confirm the bull-flag and activate the upside targets seen in my chart within the 42.500 level, when Bitcoin reaches these targets it has to be elevated how Bitcoin reacts there and if there comes a pullback which is not unlikely or an immediate bullish continuation to the upside, it will be an interesting development.

In this manner, thank you for watching the analysis, have a good day and of course good trading, all the best!
"Good luck is when opportunity meets preparation."

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