Bitcoin, Within The Channel, Important Considerations!
Hi my friends,
Welcome to this analysis about Bitcoin, we are looking at the 4-hour timeframe perspective and actually, this timeframe has many similarities with the situation on the hourly timeframe perspective I mentioned before, therefore this analysis is building up coherently on the previous one. There are however also important signs I discovered adding additionally into the structure and therefore worthwhile to look at when determining Bitcoins established movements and the likely upcoming perspectives ahead.
As when looking at my chart we can actually see there Bitcoin has developed this massive ascending-channel-formation with the coherent wave-count established within the formation and the waves A to C almost already finished, the amazing thing with the wave C here is that it is actually also ending with the ascending-triangle-formation into the upper-resistance as it is marked in my chart, besides that this still bullishness is held to the upside by the conversion line of the Ichimoku cloud and when this line is broken to the downside which is a likely consideration it will give the indication for the next wave D to develop in the wave-count and move into the lower levels where some solid supports are lying consisting of the back-up-cluster there marked in blue in my chart where Bitcoin has several supports, this zone has a high likelihood to be the source of the final wave E to the upside that will finalize the whole wave-count.
In the next times, we will see how Bitcoin completes this ascending-triangle-formation completing the wave C in the structure and potentially moving on with a breakout to the downside that should not be kept by side when considering these circumstances. Overall we can expect the wave-count to move on here till higher levels are tested from where Bitcoin will do further decisions and alignments, it should be expected that when Bitcoin finishes the wave-count a pullback firstly develops testing lower levels in the structure.
In this manner, thank you for watching the analysis, have a good start into the New Year 2021, many thanks for all people supporting, all the best!
"There are many roads to prosperity but one must be taken"
Information provided is only educational and should not be used to take action in the markets.
Welcome to this analysis about Bitcoin, we are looking at the 4-hour timeframe perspective and actually, this timeframe has many similarities with the situation on the hourly timeframe perspective I mentioned before, therefore this analysis is building up coherently on the previous one. There are however also important signs I discovered adding additionally into the structure and therefore worthwhile to look at when determining Bitcoins established movements and the likely upcoming perspectives ahead.
As when looking at my chart we can actually see there Bitcoin has developed this massive ascending-channel-formation with the coherent wave-count established within the formation and the waves A to C almost already finished, the amazing thing with the wave C here is that it is actually also ending with the ascending-triangle-formation into the upper-resistance as it is marked in my chart, besides that this still bullishness is held to the upside by the conversion line of the Ichimoku cloud and when this line is broken to the downside which is a likely consideration it will give the indication for the next wave D to develop in the wave-count and move into the lower levels where some solid supports are lying consisting of the back-up-cluster there marked in blue in my chart where Bitcoin has several supports, this zone has a high likelihood to be the source of the final wave E to the upside that will finalize the whole wave-count.
In the next times, we will see how Bitcoin completes this ascending-triangle-formation completing the wave C in the structure and potentially moving on with a breakout to the downside that should not be kept by side when considering these circumstances. Overall we can expect the wave-count to move on here till higher levels are tested from where Bitcoin will do further decisions and alignments, it should be expected that when Bitcoin finishes the wave-count a pullback firstly develops testing lower levels in the structure.
In this manner, thank you for watching the analysis, have a good start into the New Year 2021, many thanks for all people supporting, all the best!
"There are many roads to prosperity but one must be taken"
Information provided is only educational and should not be used to take action in the markets.
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