BITCOIN, Completes MAIN H-S-FORMATION, These Are OBJECTIONS!

31 Ogo 2021

Hello,

Welcome to this analysis about Bitcoin, we are looking at the 4-hour timeframe perspectives, the recent events, the established formational structure and what we should consider in the upcoming times. As already mentioned in previous analysis Bitcoin has developed a structure where it is forming a decision-phase between the 46000 to 50000 Usd area, that being said that Bitcoin after completing the pattern here is likely to increase volatility and as the indications show up at the moment the initial bearish breakout to the downside has a higher possibility, this does not mean Bitcoin is completely bearish however in any case the bearish perspectives should not be kept by side here, therefore I detected the underlying formation and upcoming determinations we should consider with Bitcoins established structure and the price-actions to expect in the incoming terms.

Structural Developments:
As when looking at my chart we can watch there how Bitcoin has moved on to form this main decisive formation in this whole structure, this formation is a head-and-shoulder-formation and it is in most occasions a formation that indicates a bearish reversal to the downside when completed in a way that it is not invalidated again. In this manner, Bitcoin already completed the vast majority of the technical parts of this formation with the left shoulder, the head, and the right shoulder. Recently Bitcoin continued with a crucial price-action as it bounced below the neckline with this increased volatility spike on high volume and bearishness, this means the whole formation is completed technically, also playing into this development is the fact that Bitcoin is now trading below the 100-EMA which was a significant support-base previously.

Upcoming Determinations:
Taking all these factors into the consideration here now what we should expect in the upcoming times is that Bitcoin continues with the bearish developments as Bitcoin also activated the downside targets. Therefore Bitcoin is about to form this confirmational bearish pattern below the neckline which can complete as a bear-flag or just a retest of the neckline to setup and continue further bearishly. In some occasions such a formation can also invalidate to the upside, this is when the asset manages to increase bullishness in such a manner that the price-action has the ability to back-up and bounce above the neckline again to continue further bullishly. Such a price-action should be watched here however when it does not happen Bitcoin is likely to reach its downside-target-zone marked in my chart in blue from where the situation needs to be elevated again, it will be an important development ahead.

In this manner, thank you for watching my analysis about BITCOIN and its main head-shoulder-formation with the upcoming determinations crucial to consider, support the analysis with a like and follow or comment for more market insight!
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