Bitcoin, Triangle Or Double-Top, Upcoming Possibilities!

2 Sep 2021

Hello,

Welcome to this analysis about Bitcoin and the 12-hour as well as 4-hour timeframe perspectives. Bitcoin in recent times moved on to test a second time the important psychological level of 50000 which can confirm as resistance or also as support when Bitcoin manages to bounce above it however at the moment it is still resistance and in this case, it is necessary to elevate how Bitcoin proceeds further here. Basically, there are two formations forming of which one can show a bullish breakout and the other complete a bearish formation, as I discovered there are the underlying possibilities given with a higher bearish scenario possibility when considering also the oscillator conditions and other technical factors nevertheless these possibilities can change also again, therefore I detected all the important levels, upcoming determinations, and potentials we should consider with Bitcoin.

12-Hour Chart Left Side / Divergence Indications And Diverging Possibilities:
As when looking at the 12-hour timeframe-perspective chart on the left side we can watch there how Bitcoin is now still above this main ascending trend-line marked in black and the 30-EMA marked in red, these elements holding the bullishness to the upside for now and above the ascending-trend-line Bitcoin is now showing up with the attempt to form an ascending-triangle in the structure marked in orange in my chart however Bitcoin is also forming a potential double-top-formation here as Bitcoin already rejected initially off the 50100 resistance a second time it is also the approach to form a double-top here. Besides that what increases the bearish scenario possibility is Bitcoin has developed a bearish divergence in the RSI as well as the MACD together, this is why the bearish scenario possibility with Bitcoin completing the double-top has a higher possibility of 65% as for now.

4-Hour Chert Right Side / Higher Likelihood Bearish Double-Top Scenario:
Now as when looking at the 4-hour chart on the right side we can watch there the currently more likely double-top-formation scenario, as Bitcoin firstly has the resistance within the structure, secondly has the bearish divergences on the oscillator-side and thirdly already rejected off the resistance this scenario has a higher possibility to complete. Basically the double-top will complete with two confirmations before that the double-top will not have been fully confirmed and the possibility for the triangle-completion will still be given. Therefore the first confirmation of the double-top will happen when Bitcoin breaks out below the 100-EMA in red and the ascending-trend-line, once this is done the second confirmation will happen with Bitcoin finally breaking out below the neckline at 46750, this will be the full completion of the double-top and Bitcoin will look for the target-zone from where Bitcoin needs to show how to proceed further.

In this manner, thank you for watching my analysis about BITCOIN and its current possibilities to consider, support the analysis with a like and follow or comment for more market insight!
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Information provided is only educational and should not be used to take action in the market.