Welcome to this analysis about Bitcoin and its 4-hour timeframe perspectives. Bitcoin reached important resistances in the structure and besides that is forming an important and decisive formation in this structure. This formation is an ascending-wedge-formation marked in my chart with the blue boundaries. In this formation, Bitcoin has the coherent wave-count with the waves A to E almost already completed and with the final wave E recently moving into the upper-boundary from where an initial pullback is likely and the beginnings already show up, when Bitcoin then continues with the pullback to test the lower boundary of the formation this will be crucial, when Bitcoin moves below the boundary the wedge will be completed and the target-zone marked in my chart in blue will be activated. Once these zones have been reached Bitcoin has the ability to stabilize again. For now, we should not underestimate the possibility for this local pullback however as there are solid supports in the structure there is still the potential for a stabilization back-up given, it will be an interesting development ahead.
In this manner, thank you for watching my update-analysis about BITCOIN and its local ascending-wedge-formation, great when you support it with a like and follow or comment for more market insight!
Information provided is only educational and should not be used to take action in the market.
Good idea if you look it technicaly , but honestly unless some whale decides to dump billions right now it will be hard to go down not that bicoin sudently had some major demand , shorts are stacking right now on binance and okex on level's that are simillar to bottoms actually there is almost no selling on spot exchanges the only thing that is stopping the market going up is the shorts opening , there will be a huge short squize again in my opinion even larger that the one above 35k
biominer
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@gyanev, Hi, whales are waiting when it hit 36000k
@maggie_b, Definetly the entire setup is bearish right now 4H bearish divergence in major resistance zones technicaly is bearish and due to correction right now, but it has simillar short/long ration like on most bottoms . I am not in a trade right now and not planning to go in due to mixed signals at the moment , if you planning to buy long turm definetly wait for a pull back even if it goes up dont buy untill you see a correction there will be one 35-36k is a good accumulation zone
zhous
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@gyanev, Agree with you. He has drawn Bitcoin's prediction again and again. I have to say he's right at the beginning but then, drafts. Maybe good for him.