BITCOIN, Decisive CHANNEL-FORMATION, Important Determinations!

8 Nov 2021

Hello,

Welcome to this analysis about Bitcoin and the daily timeframe perspectives. In recent times major developments happened in the Bitcoin field as volume and other fundamental indicators increased showing an overall positive long-term-sentiment and other news such as the broader acceptance of Bitcoin taking place however on the other side Bitcoin is still in a decisive position as it did not yet continue to print several new highs after the pullbacks of the new all-time-high developed. In this case, there are two main scenarios that I discovered important to consider, each of these will alter the bitcoin destinies in a diverging manner, in this case, it is necessary to elevate which one of these Bitcoin comes around with before continuing with further conclusions.

As when looking at my chart we can watch there how Bitcoin in very recent times managed to bounce several times from the 20-EMA marked in green to the upside and has formed this massive ascending-channel-formation with the boundaries in blue, within this channel-formation Bitcoin already once completed this bullish-EMA-bounce with the 20-EMA not touching and bouncing of above the 100-EMA in black, this means that the overall trend is still up however Bitcoin is now struggling to maintain a proper breakout out of the range into a new all-time-high this is why a pullback here should not be kept from the side especially when Bitcoin firstly reverses from the level as it is seen in my chart a continuation of the pullback should be considered.

Taking these factors into the consideration if Bitcoin should continue with this determination as suggested it will be highly central on how Bitcoin actually approaches the main support in this whole structure marked in my chart in blue between the 52450 and 55250 USD level. If Bitcoin manages to bounce sufficiently in this region there is the potential given for a breakout into the new all-time-high region and development of the wave E in this massive wave-count. However when this does not happen and Bitcoin closes below the support it will mark the bearish continuation to the downside and will be the origin of the main impulse downward, these are the paramount scenarios to elevate here.

In this manner, thank you for watching the analysis, it will be great when you support it with a like, follow and comment for more upcoming market analysis, all the best!
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Information provided is only educational and should not be used to take action in the markets.