- January 12, 2021
- Posted by: virtualxstore
- Category: trading
Welcome to this analysis about Bitcoin , we are looking at the 45-hour timeframe perspective, the recent events, the established formational structure, and what we can expect in the upcoming times. As Bitcoin has shown up with these strong protracted to the downside after moving into the 41000 USD zone and pulling back there it has somewhat recovered marginally for now and it is a big question if Bitcoin manages to recover right away within this zone or if Bitcoin just sets up to form the next to the downside, therefore I detected all the important levels and likely outcomes we should consider with Bitcoin in the established structure and upcoming movements.
As when looking at my chart we can watch there how Bitcoin now bounced from the 30600 levels to the upside and formed these initial up moves in the structure, for now, this is not a concrete reversal and besides that Bitcoin is trading within this ascending-channel-formation marked in my chart in black where it is currently testing the lower-boundary, furthermore, Bitcoin has developed this coherent wave-count within the channel with the wave A and B almost completed in the structure and with the bounce into the lower boundary and the 600-EMA lying there found good support that can be the origin for the next wave C to the upside which will complete the whole wave-count and run into the strong resistance-layers remaining.
Taking all these factors into consideration the completion of the wave-count within the channel will be extremely crucial as Bitcoin will run into the strong upper resistance-cluster marked in my chart in red from where a pullback is highly likely when Bitcoin moves into this cluster, when the pullback then finally moves below the lower boundary of the channel and closes there as it is marked in my chart it will complete the channel as a bear-flag and activate lower levels to be reached, in this case, Bitcoin will first move into the bear-flag-target in blue which will be extremely important to hold because when this does not happen bearishness will increase further within the bearish-continuation-zone, for now, it will be determining how Bitcoin develops further within the channel-formation.
In this manner, thank you for watching the analysis, have a good day and of course good trading, all the best!
“Prospect is the ingredient of good fortune.”
Information provided is only educational and should not be used to take action in the markets.