Bitcoin, These Are Important Factors In The Established Range!

24 авг. 2020 г.

Hello Traders Investors And Community, welcome to this update-analysis where we are looking at bitcoin 12-hour timeframe perspective, the recent events, the current formational structure, what to expect the next times where the journey can go and how to handle upcoming situations in the right manner. Bitcoin now established since a while an overall sideways range where it confirmed above the huge channel formation mentioned was a decisive factor to be taken out, this move above resistance confirmed an overall bullish pace for bitcoin and other currencies, in this current situation I detected the importances of bitcoins structure and what further price-action can wait on us here, therefore it is important to not get overly speculative and wage opportunities, as well as possibilities appropriately and not fall for the speculative approach as this, is happening too often these days.

Looking at my chart you can watch there that bitcoin several times tested the EMA structure where it is trading above now and forming some marginal up-moves where we can expect the upper range resistance to be tested next times, this resistance is lying at the 11250 to 12275 level and is marked in red within my chart, this is also a possible short-zone as the bearish scenario is still more realistically, when bitcoin approaches these levels there is a high possibility to confirm bearishly and firstly move bitcoin to test the EMA-structure again before deciding the further directions when bitcoin does that there are basically two possible outcomes either bitcoin moves up in the structure to form a new high above in the range where the danger for a possible bull-trap increases or bitcoin falls below the EMA-structure and into the bearish-zone to test remaining support at the upper boundary of the channel marked in my chart.

The next times it is important how bitcoin reacts to resistance here and if it is a sudden pull-back or a smoother one where it tends to further its consolidation, the next times will show how this plays out nevertheless as bitcoin has this huge resistance and did not complete its wave count yet the increased bearish pullback is more likely which is also confirming with structures bitcoin has on the higher timeframes. This does not mean bitcoin is completely bearish however we should not ignore this tendency that bitcoin will show up the bigger pull-back sooner or later here, this means anticipate this to be ready when circumstances changing. It will be interesting how bitcoin reacts in the bearish resistance zone to further the next possible outcome rightfully we need to be prepared on a stronger bigger pull-back in order to not get overwhelmed where smart money operators take advantage of these days.

In this manner, thank you for watching, support for more market insight, all the best!
"Prospect is the ingredient of good fortune."

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