Hello Traders Investors And Community,
Welcome to this analysis about Bitcoin, we are looking at the 45-minute timeframe perspectives, the recent events, the established formational structure, and what to expect in the upcoming times. Bitcoin now technically has reached overbought conditions not only on the global perspective but also at the local perspective, it has reached a high value and levels within the monthly RSI only seen three times in history, now this does not mean Bitcoin is completely bearish nevertheless I discovered significant signs that should in any case not be kept by side here especially when Bitcoin shows up with further conclusions it is important how the situation develops, therefore I detected all the important levels and likely destinies.
Structural Developments:
As when looking at my chart now we can watch there how Bitcoin is now forming this very important and decisive head-and-shoulder-formation marked in blue within my chart where it is now still holding above the 100-EMA nevertheless Bitcoin moved into the EMA and firstly tested it, this EMA is a very important reference point in the structure and when Bitcoin closes below this will give the edge for the final completion of the formation. The next times we can expect Bitcoin to develop the right shoulder within the schedule which will run directly into this major resistance-cluster marked in red and where a pullback to the downside is likely to follow up completing the whole formation and activation of further continuation.
Upcoming Determinations:
Taking all these factors into consideration Bitcoin will likely complete this formation in the upcoming times and when it happens it will activate targets seen in my chart marked in blue, these levels are also potential recovery-zone and it is highly necessary for Bitcoin to back-up there considering any serious bullish continuation. This shows one more time that it can prove fatal when only have a one-sighted direction in the market especially these times it is always important to keep the reverse perspective also to do not get overwhelmed when markets change which is likely within the cryptocurrency market as it keeps being volatile as traders it is necessary to rightly line-up, therefore, it will be an interesting development ahead.
In this manner, thank you for watching the analysis and for everybody supporting it is great contentment, have a good day and trading!
"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 45-minute timeframe perspectives, the recent events, the established formational structure, and what to expect in the upcoming times. Bitcoin now technically has reached overbought conditions not only on the global perspective but also at the local perspective, it has reached a high value and levels within the monthly RSI only seen three times in history, now this does not mean Bitcoin is completely bearish nevertheless I discovered significant signs that should in any case not be kept by side here especially when Bitcoin shows up with further conclusions it is important how the situation develops, therefore I detected all the important levels and likely destinies.
Structural Developments:
As when looking at my chart now we can watch there how Bitcoin is now forming this very important and decisive head-and-shoulder-formation marked in blue within my chart where it is now still holding above the 100-EMA nevertheless Bitcoin moved into the EMA and firstly tested it, this EMA is a very important reference point in the structure and when Bitcoin closes below this will give the edge for the final completion of the formation. The next times we can expect Bitcoin to develop the right shoulder within the schedule which will run directly into this major resistance-cluster marked in red and where a pullback to the downside is likely to follow up completing the whole formation and activation of further continuation.
Upcoming Determinations:
Taking all these factors into consideration Bitcoin will likely complete this formation in the upcoming times and when it happens it will activate targets seen in my chart marked in blue, these levels are also potential recovery-zone and it is highly necessary for Bitcoin to back-up there considering any serious bullish continuation. This shows one more time that it can prove fatal when only have a one-sighted direction in the market especially these times it is always important to keep the reverse perspective also to do not get overwhelmed when markets change which is likely within the cryptocurrency market as it keeps being volatile as traders it is necessary to rightly line-up, therefore, it will be an interesting development ahead.
In this manner, thank you for watching the analysis and for everybody supporting it is great contentment, have a good day and trading!
"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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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
►✅JOIN THE BEST+ TOP TELEGRAM TRADING CHANNEL: t.me/VincePrinceForexGoldStocks
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.