BITCOIN, Channel-Breakout Emerged, Further Determinations!

17 Okt 2021

Hello,

Welcome to this analysis about Bitcoin and the daily timeframe perspectives. As mentioned in the previous analysis Bitcoin formed this major ascending-channel-formation, if you did not see this analysis already I highly recommend to watch it having a full-depth-overview. In recent time, Bitcoin formed the breakout above the upper-boundary as expected which is now fulfilling one fundamental groundstone for the all-time-high to finally complete. In this case now I discovered further important determinations that are necessary to consider here, therefore I detected all the important levels, structural formations and upcoming determinations we need to consider with Bitcoins established structure.

When looking at my chart now we can watch there how Bitcoin moved on with the breakout above the upper-boundary and advanced further in this area. Now as Bitcoin approaches the local resistance a pullback from there on has a higher likelihood, once this pullback has completed it will be important on how Bitcoin approaches the levels in the structure mainly the confirmational-bounce-cluster that is marked in blue in my chart. In this cluster several supports coming together such as the horizontal support, the upper-boundary of the ascending-channel and the 20-EMA, this level is important to hold and bounce off and when Bitcoin shows up with it this will lead to the origin-formation to complete a new all-time-high.

Taking all these factors into consideration there is good potential to consider a confirmational formation above the upper boundary here which can take the shape of a bull-flag or a triangle-formation, once this formation completed and bullish continuations show up it will lead to the breakout into the new all-time-high. In this case it is necessary that Bitcoin really shows up with the bullishness and does not increase bearish signs that can invalidate the formation and lead to a pullback again. As always it is pivotal to await the final confirmations before moving into a proper direction rather than over-speculating the market into a one-sighted direction and rushing into trades that do not satisfy.

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.