Bitcoin, Trading In Channel, This Price-Action To Watch Now!

12 сент. 2020 г.

Hi my friends,

Welcome to the analysis we are looking at the 1-hour timeframe, the recent events, the current formational structure building up with bitcoin here, and what are possibilities in the outcome. As bitcoin is trading in its range and will have a greater decision next times either it should break below the range or stabilize bullish in its structure there are some ongoing price-actions which are important to watch now. Therefore I detected the levels and possible outcomes in bitcoin we should consider assessing the market in the wrong way as it is happening too often these day.

Looking at my chart you can watch bitcoin trading in this preliminary ascending-channel formation which is meaningful in the current structure as it will determine further developments, besides that bitcoin has this strong falling resistance line marked in red where it has a decent probability to confirm it anew time bearish to the downside, furthermore, the momentum in the channel is not the best and price has difficulties to advance, such movement is normally seen before a bigger volatile move to establish and at the end of the day bitcoin has the strong resistance at the 200-EMA marked in blue. Taking all these weighty factors into consideration bitcoin has a greater possibility of 65 % to break to the downside than to the upside, this will confirm when bitcoin moves below the lower boundary of its channel and closes there to continue till there is significant support reached which can possibly reverse the situation, this support is at 9980-9960 marked in my chart where bitcoin can back-up and move higher till then the bearish scenario should be much more expected as the signs telling it.

Bitcoin is in a situation where it has to show how long its range can behold and what will happen after it, in such situations it is important to not get overly speculative as this is what smart money operators just waiting for, we should wait on proper confirmations to show up to follow up with also in the middle or long term, till then the most possible scenario currently as mentioned is to the short-side till the chart speaks something different, it will be interesting how bitcoin shows up with the more possible outcome and what will happen after it.

In this manner, thank you for watching, support for more market insight, good day to you, and all the best!
"The market is a forecaster looking forward."

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

12 сент. 2020 г.

Заметка

Bitcoin moved into the bearish zone marked in my chart.