Bitcoin Is Building The Crucial Head And Shoulders Formation!

18 Sep 2020Hi my friends,

Welcome to this analysis looking at bitcoins 1-hour locally timeframe perspective, the recent events, the current formational structure, and what is possible to be expected next times in bitcoins outcomes. As bitcoin established this still marginally uptrend bouncing at the support established it is a big question a the moment if bitcoin manages to somewhat form a solid uptrend or if it fails and breaks bearishly to the downside, in this case, I detected the important levels and possible outcomes we should consider in bitcoins current situation, overall bitcoin is in a significant decision searching at the moment where it needs to establish its further movements, what is important in such cases is to wait and look for the proper confirmations rather than rushing into trades which is happening to often these days, it is important to concentrate of the main goals and don't fall apart to the smart money operators definitely also available in cryptocurrency, not as much as for example in the stock-market however it is a factor that should be calculated.

Looking at my chart you can watch there bitcoin moving in this blue uptrend channel where it established its uptrend which is still somewhat weak and not the strongest overall, such uptrends just by the low volatile movements can reverse swiftly in the reverse direction or the price manages to stabilize in the range to set up and form stronger movements. Besides that, you can watch the head and shoulder formation forming here marked in orange in my chart, such formations normally break out to the downside as they confirm a top nevertheless as bitcoin has still some solid support levels here coming together with the 100-EMA marked in red and the lower boundary of the blue descending-channel the upside breakout is within the likelihood spectrum and should be more considered for now compared to the bearish breakdown where bitcoin firstly needs to go through these strong supports, overall we need to elevate and see how bitcoin develops further here then both breakouts can be traded after confirmation.

In this manner, thank you for watching, support for more market insight, good day to you, and 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.